Prime Minister Narendra Modi on Tuesday at the 125th anniversary of the Confederation of Indian Industry (CII) listed five things that will help India reduce the impact of COVID-19 nd 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.
“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.
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. The Prime Minister offered the industry a new mantra of "Made in India, Made for the World" to focus on while developing new products and new ideas. Describing MSMEs (Micro, Small and Medium Enterprises) as the country's economic engine, he outlined steps taken for small industries hit by the pandemic and also listed measures to boost farmers -- like ending the policy of trade with only fixed people.