India Will Definitely Get its Growth Back: PM Modi
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While addressing the 125th anniversary celebrations of Confederation of Indian Industry (CII), Prime Minister Narendra Modi claerly stated that India will get its growth back.
While on one hand strict actions against the virus need to be taken, on the other hand we also need to stablise the country’s economy, he stated during the video conference. “Yes, we will definitely get our growth back.”
Explaining the reason for his confidence in the country’s economy to bounce back, he said that he firmly believes in the countrymen’s capability and crisis management. “I have trust in talent, technology, innovation and intellect of Indians.”
India’s economic growth slipped at 11-year low of 4.2 per cent in FY20, as per data released bu the National Statistical Office (NSO). Rating agency Moody’s Investors Service downgraded India’s sovereign rating—from Baa2 to Baa3—to the lowest investment grade on 1 June in the wake of economic blow caused by Covid-19 national lockdown and sustained period of low growth.
The Five I’s of Economic Revival
PM Modi congratulated India Inc for prioritizing ‘getting growth back’ and said he trusts the country’s business leaders, farmers, Small and Micro Enterprises (SMEs) and entrepreneurs to revive the economy.
To get the country back on growth track and make it truly Atmanirbhar (self-reliant), he pointed five I’s for economic revival—intent, inclusion, investment, infrastructure and innovation. He further asserted that the bold steps taken by the government in the past few weeks are also based on these five tenets.
“The bold steps taken by the government have made various sectors future ready. India is ready to leap towards a growth-oriented future,” he said.
Reforms announced by the government are not scattered, instead they are systematic, planned, integrated, inter-connected and futuristic processes, PM Modi said. “Reforms for us mean the courage to make decisions and take them to their logical conclusion.” He counted IBC (Insolvency and Bankruptcy Code), bank mergers, Goods and Services Tax (GST) and faceless income tax scheme as some of the major reforms on the government’s part.