India

"Yes, India Will Get Its Growth Back": PM Pushes For Self-Reliance

PM Modi said said for his government, reforms meant having the courage of taking bold decisions.

New Delhi:

India will make an economic recovery after the coronavirus lockdown and is already on that path with "Unlock 1", Prime Minister Narendra Modi said today, addressing a gathering of economists. "Yes, we will get the growth back," the Prime Minister said.

"You might wonder how I am so confident of this... I have faith in India's talent and innovation, its hard work and dedication, its entrepreneurs and workforce," PM Modi said in his speech to mark 125 years of the Confederation of Indian Industry (CII), delivered online.

"On one hand we need to be safe and ensure we control the spread of the virus, but at the same time, on the other hand, we need to keep the economy going," said the PM.

"Today, we have moved from lockdown to Unlock phase 1. So, in a way, the path to bring growth back has already begun."

He said "Intent, inclusion, investment infrastructure and innovation" were needed to make India self-reliant.

Assuring Indian industry that he stood by them, PM Modi said: "Trust me, getting growth back is not that difficult." For the industry, this was the time to rise to the occasion, he said, urging industry leaders to be "champions of indigenous inspiration".

"We need to manufacture products that are Made in India and Made for the World," he said.

The Prime Minister said for his government, reforms meant having the courage of taking bold decisions and then ensuring that it is implemented in a time-bound manner.

"We have been working continuously to create a favourable ecosystem for investment and business."

The PM described the MSME (Micro, Small and Medium Enterprises) sector as the country's economic engine. Their contribution, he said, was 30 per cent.