PM Modi lists 5 things to build a self-reliant India, says govt reforms show intent

PM Modi lists 5 things to build a self-reliant India, says govt reforms show intent

Prime Minister Narendra Modi on Tuesday listed five things that will help India mitigate the impact of the coronavirus pandemic and bring back the country to a high growth trajectory.

“To bring India on the path of rapid development again, five things are very important to build a self-reliant India-intent, inclusion, investment, infrastructure and innovation,” the PM said during his first major speech on the Indian economy since the announcement of Unlock 1.

“You will get a glimpse of all these in the bold decisions we have taken recently,” he added.

PM Modi made the comments while delivering the inaugural address at CII Annual Session 2020, Getting Growth Back, through video conference.

“For us, reforms are not any random or scattered decisions. For us, reforms are a systemic, planned, integrated, inter-connected and futuristic process. For us, reforms mean having the courage to make decisions, and taking them to a logical conclusion,” he added.

As PM Modi congratulated the industry body on completing 125 years of the organisation, he also assured them that getting the country’s economy back on track is among one of the government’s highest priorities.

The government has made a slew of policy reforms and announced a revival package of Rs 20 lakh crore to help India cope with the Covid-19 pandemic and the impact of the lockdown imposed to fight it.

The Centre had on Saturday released details of the first of a three-phase plan—Unlock 1.0—to lift stringent restrictions imposed over two months ago to stop the spread of the Covid-19.

And on Monday, the Union Cabinet approved the expanded definition of micro, small and medium enterprises (MSMEs) and finalised modalities for the Rs 20,000 crore subordinate debt for stressed units, and Rs 50,000 crore fund to boost the growth of the sector.

These are moves that will help more companies benefit from a package announced for small and medium companies, and also relieve the financial stress on them.

The upward revision of MSME definition is broadly on the lines of that detailed in the Rs 20 lakh crore Atmanirbhar Bharat (Self-reliant India Initiative) package announced on May 13, but for one change – the turnover limit of medium manufacturing and service units have been further raised to Rs 250 crore, according to an official statement.