Asserting that investors’ mindset has changed from “Why India?” to “Why not India?, Prime Minister Narendra Modi on Saturday said his Government’s reforms had changed the world perception and the farm reforms brought by his Government six-month ago have begun to deliver benefits to the farmers.
Speaking at industry association Assocham’s Foundation Week event here, Modi said, “From a non-existent culture for innovation to a new ecosystem promoting and nurturing startups has given the world confidence to say ‘why not India’.”
The Prime Minister also presented the “Assocham Enterprise of the Century Award” to Ratan Tata, who received the award on behalf of the Tata Group. He said that the Tata Group had contributed to the development of the country under the able leadership of Ratan Tata.
Ratan Tata thanked the Prime Minister for the award and appreciated his strong leadership during the coronavirus pandemic.
“There was a situation in the past when investors would question ‘why India’ (for investing in the country). With reforms (of past six years) and their effects, its proposition has changed to ‘why not India’,” Modi said.
He cited scrapping of 1,500 old and obsolete laws and farming new ones that in tune with the changing investment order as an example of his Government’s outlook.
“Red tape previously made investors say ‘why India’ but a red carpet is now making them say ‘why not India’,” he said.
In the backdrop of farmers’ protests on the outskirts of Delhi, the PM said agriculture reforms brought by his Government six months back have started benefiting farmers.
He asked industry to link today’s goal with that of future of the country saying “coming 27 years will not only set our global role but also test dreams and dedication of Indians”.
The Prime Minister said, “This is the time for you to show your capability, commitment and courage to the world.”
Looking out the change brought about by his Government over the years, Modi said there was so much Government interference that investors said ‘why India’. Today the faith reposed by the Government in the private sector and encouragement of foreign investors have made the same people say ‘why not India’, he said.
Modi stated that new India is pushing towards Aatmanirbhar Bharat (self-reliant India).
The Government’s main focus is on manufacturing and production linked incentives have been given to boost domestic capabilities and capacity, he said.
“The world trusts the Indian economy. Record FDI and FPI during pandemic testimony of that”, Modi said.
The Prime Minister asked the industry to adopt the best corporate governance and profit-sharing practices.
He also said investment in research and development (R&D) must be increased and the private sector must scale up investments.
“There is a great need to increase investment in R&D. In the US, 70 per cent of investments in R&D is done by the private sector, in India the same is done by the public sector. A big chunk of this is in the IT, pharma and transport sectors. Today the need is of increasing the private sector share of investment in R&D,” he said.
“Today when we are on mission mode to make local-global, we have to react fast to geopolitical developments.
A mechanism has to be developed to see how India can meet any sudden spurt in demand in the global supply chain,” he said adding there was a need for better coordination between the Ministry of External Affairs, Commerce and Trade, and industry associations.
Sunday, 20 December 2020 | PNS | New Delhi
