Praising Indian industry’s continuous effort to make the country better, Prime Minister Narendra Modi said on Wednesday, “New India ready to move forward with new world.” He was addressing a special session organised by Confederation of Indian Industry (CII). “It is the result of the country’s faith in our industry that today the ease of doing business is increasing, and the ease of living is increasing,” PM said.
“This is a huge opportunity, for new resolutions, for new goals of the Indian industry. Huge responsibility for the success of the self-reliant India campaign lies on Indian industries,” he further mentioned.
‘India which was once apprehensive of foreign investment, today it is welcoming all kinds of investment. There was a time when we used to think that whatever is foreign is better. What was the result of this psychology, industry veterans like you understand very well. Even our own brands, which we had built after years of hard work, were promoted under foreign names only,” PM Modi mentioned.
But the situation has changed over the years. “Today the situation is changing rapidly. Today the sentiment of the countrymen is with the products made-in-India. It is not necessary that the company should be Indian, but today every Indian wants to adopt products made in India,” he added.
PM Modi said his government took several reforms which have been stalled for decades. “We took those bold decisions, and continued making new reforms even during the pandemic. The country has stood with those reforms. For instance, commercial coal mining has been started, new reforms have been done in defence sector, space and atomic sector have been opened up for the private sector amongst a few. There’s a government in place that can take the boldest decisions keeping the nation in mind and not political benefits. GST wasn’t implemented by the previous govts because of its political risk. We did not just implement it, we’re also witnessing record collections,” he said.
On abolishing the controversial retrospective tax, PM Modi said that his government “undid mistake of the past,” adding, “The abolition of the retrospective tax will strengthen investors’ confidence”
Last week, the government brought in a bill, which seeks to nullify retrospective tax demands raised on companies. The bill proposes to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.
The theme of the meeting is India@75: Government and Business working together for Aatmanirbhar Bharat. The session, which is being held over a span of two days, will also be addressed by Heng Swee Keat, the deputy Prime Minister of Singapore.
A host of ministers senior officials, academics, and prominent representatives of India will participate in CII Annual Meeting 2021, according to a post on Prime Minister Narendra Modi’s official website earlier this week.
Founded in 1895, the CII is a non-governmental trade association and advocacy group that “engages in academic, business, political and other leaders of the society to shape regional, global, and industry agendas”.
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