New Delhi
The government is ready to take more structural reforms to make India self-reliant, Prime Minister Narendra Modi said while outlining his vision for an Atma Nirbhar Bharat at the 125th annual session of the industry body Confederation of Indian Industries (CII) on Tuesday.
“I request you to come with a detailed study across sectors, we will take up more structural reforms, that will change the course of the country to make India self-reliant,” said Mr. Modi.
Outlining the five ‘I’s for Atma Nirbhar Bharat — Intent, Inclusion, Investment, Infrastructure and Innovation — Mr. Modi, said that he was confident that India would get its growth back very soon.
“Trust me getting growth back is not so difficult. As self-reliant India, we will embrace the world’s economy with full integration and support. In strategic sectors, we don’t want to be dependent upon others. We need to invest in robust local supply chain to integrate with the global supply chain.”
While announcing the relief package during the novel coronavirus crisis, the government took a long-term view of the economy and announced several far-reaching measures to reform the economy.
“The reforms announced have been systematic, planned, integrated, interconnected and futuristic and are all about creating strong enterprises, generating employment, robust supply chains,” said Mr. Modi.
Relief measures
To provide immediate relief to the disadvantaged sections of society in the wake of the COVID-19 crisis, the Prime Minister’s Garib Kalyan Yojana provided free rations to 74 crore beneficiaries. In addition, the government provided financial assistance of ₹53,000 crores and over 8 crore gas cylinders to the poor. Over 50 lakh beneficiaries of the Employees Provident Fund Organisation saw the government deposit 24% of their EPF contributions into their accounts, he said.
For reforming agriculture, the government had amended the Agricultural Produce Market Committee Act to allow greater freedom to farmers to sell their products in the market. Electronic trading of food grains had also been allowed. This, in his view, would remove farmers’ dependence on middlemen.
Labour reforms
In addition, he mentioned that labour reforms were being undertaken to help provide a boost to employment. Investment in non-strategic areas had been opened up for private sector participation. The coal sector was deregulated to private sector investment and reduce dependence on imports.
Stressing on the need to boost the Make in India–Make for the World campaign, the Prime Minister stated that there were several sectors, such as air conditioners and mobile phones, which could go in for manufacture in India and reduce dependence on imports. He pointed out that within three months, Indian industry created manufacturing capacities for three lakh PPE kits. This industry, he said, had never existed in India before.
Highlighting the role of the MSMEs in the economy, the Prime Minister said that the definition of MSMEs had been changed to foster growth in this sector. The government would not float global tenders for procurement up to ₹200 crores. This would enable more MSMEs to participate in these tenders and promote an Atma Nirbhar Bharat.
