Industry must live up to expectations: India Inc after PM's remarks

India Inc on Thursday said Prime Minister Narendra Modi's acknowledgement of the private sector's role in India's growth and enhancing the country's prestige globally is a much-needed shot in the arm

India Inc on Thursday said Prime Minister Narendra Modi's acknowledgement of the private sector's role in India's growth, national progress and enhancing the country's prestige globally is a much-needed shot in the arm for entrepreneurs, and the industry must live up to the expectations.

Industry chamber FICCI hoped that the statement by Modi will lead to a fresh new discourse towards the national consensus on the role industry and enterprise play in this country.

Industry leaders Anand Mahindra and Sajjan Jindal also took the PM's words as a great encouragement for the "community that has been creating wealth and jobs in the country".

FICCI President Uday Shankar said in a statement said, "At a time when the COVID-19-hit Indian industry is trying to pick up its rhythm of high growth, the prime minister's acknowledgement would be a much-needed shot in the arm for entrepreneurs and the business community."

They were referring to Modi's remarks praising the private sector on Wednesday during his reply in the Lok Sabha to the discussion on the Motion of Thanks to the President's address. Modi had stated that the public sector is essential but at the same time, the role of the private sector is also vital.

Shankar said, "We are grateful to him for the trust reposed in the private sector. While this speaks of the vision of the prime minister in the role played by the industry in nation building, it also puts enormous responsibility on the business community to rise up to keep national interest above everything else."

Expressing similar views, earlier in the day, Mahindra Group Chairman Anand Mahindra tweeted, "Welcome words of encouragement at a fragile time for private enterprise due to the pandemic. Now, we have to live up to the expectations...both in performance and governance."

Pitching for private enterprises, Modi in his address had also said there should be faith in the abilities of India's young population and everyone should get opportunities.

The prime minister had cited the examples of telecom and pharma sectors to note as to how the robust presence of private firms in these fields has helped people, with even the poor using smartphones, and mobile calls costing virtually nothing due to competitiveness.

Similarly, JSW Group Chairman and MD Sajjan Jindal tweeted, "For the first time ever, a prime minister of our country has publicly shared his respect for the Indian entrepreneurs. This is great encouragement for the community that has been creating wealth and jobs in the country."

Modi had said India is proud of the role of the private sector in national progress and in enhancing India's prestige globally.

"To use improper words against the private sector may have got votes for a few people in the past but those times are gone. The culture of abusing the private sector is not acceptable any longer. We cannot keep insulting our youth like this," he had said.

Stating that the private sector contributes as much as 87 per cent to the GDP and almost 60 per cent to the employment in the country, Shanka said, "If India has to lift its teeming millions out of poverty, we need to create a national consensus to ensure that those who create jobs, economic value and a culture of enterprise are recognised for their contribution."

He further said that every day, there is a surge in aspirations in the country and to meet those aspirations, the industry, civil society and political class will have to work together. "No single institution alone can work in a manner to give shape to the dreams of our youth.