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 while addressing the 125th annual session of the industry body Confederation of Indian Industries (CII) via a virtual online meeting on Tuesday.
Outlining the five ‘I’ for Atma Nirbhar Bharat : Intent, Inclusion, Investment, Infrastructure and Innovation. Modi said that he is confident India would get its growth back very soon.
“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 the PM,
Prime minister also insisted that returning on track is not that difficult “we can embrace the world economy with full integration and support. we don’t have to depend on the others,we need to invest in robust local supply chain to integrate into 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.
#Relief Measures by Prime Minister.
To provide immediate relief to the destitute sectors 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 Organization 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 Suggested
In addition, he mentioned that Labor 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 reduces dependence on imports.
In addition, he mentioned that labor 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 sectors were deregulated to private sector investment and reduce dependence on imports.
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.