Industry is a strong medium for creating a Viksit Bharat: Prime Minister Modi at CII Conference

India’s growth and stability is an exception in this uncertain world: PM Modi

Amidst a challenging global environment, with many uncertainties, India stands as a beacon of growth & stability, continuing to remain a ‘High Growth, Low Inflation’ country. The strong macroeconomic fundamentals of the Indian economy make us confident that it will indeed become a developed nation by 2047, highlighted Hon’ble Prime Minister Shri Narendra Modi while addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25’ Conference organised by the Confederation of Indian Industry (CII) here at New Delhi today. The Conference was aimed at presenting the outline for Government’s larger vision for growth and industry’s role in this endeavour.

The Prime Minister credited the industry for being wealth creators and a strong medium for creating a Viksit Bharat.

Highlighting India’s role on the global stage, Hon’ble Prime Minister stated, “India’s fiscal prudence has become a role model for the rest of the world.” He also reiterated the Government’s continued focus on improving the quality of life for its citizens by promoting ease of living measures. Focus on skill development and employment along with Industry 4.0 are the other critical focus areas of the present government, he stated. The PM Package announced in the Budget aims to make India’s manpower and products globally competitive in terms of quality and value, he added.

Underscoring the transformation witnessed by the manufacturing sector over the years, the Prime Minister alluded to measures like Make in India and simplification of FDI rules in various sectors along with multimodal logistics parks, and PLI schemes for 14 sectors, all of which are helping India become a global manufacturing hub. “The investment-ready industrial parks announced in the Budget near 100 cities of the country are expected to become the new hubs of Viksit Bharat,” he added.

Recognising the role of the MSME sector in the economy as a significant employment generator, Prime Minister said the Government has addressed the challenges faced by them along with providing them with the required facilities. Launch of the Credit Guarantee Scheme for MSMEs announced in the budget will boost competitiveness of the sector, he stressed.

Further, he also called upon the industry and entrepreneurs to increasingly partake in the opportunities presented by the sunrise sectors such as Semiconductors, Electronics manufacturing, and Green Jobs sector among others. Referring to the work being done on small nuclear reactors, the Prime Minister said that it will not only benefit the industry in the form of energy access, but the entire supply chain related to this sector will also get new business opportunities.

In his welcome remarks, Mr Sanjiv Puri, President, CII lauded the Union Budget for laying emphasis on inclusive growth and outlining a roadmap toward Viksit Bharat. Noting that it is an exciting and unprecedented phase in India’s economic history, Indian Industry looks forward to working together with the Government on all fronts.

New Delhi

30 July 2024