Prime Minister Calls On Industry to Increase Domestic Investment Drastically

Prime Ministe Narendra Modi delivered the keynote address at ASSOCHAM Foundation Week 2020, today via video conferencing. Addressing the gathering the Prime Minister commended the business community for their contribution to nation-building. He said now the industry has complete freedom to touch the sky and urged them to take full advantage of it, put your full strength in the coming years for a self-reliant India, he said. The Prime Minister said the country today is with Enterprise and Wealth Creators giving opportunities to crores of youth. The Government is continuing efforts to build an efficient and friendly Ecosystem. He urged the industry to ensure that its benefits reach the last mile by bringing reforms within the industry like more inclusion of women and young talent, adopting the best practices of the world as soon as possible, corporate governance and profit sharing.

The Prime Minister said even during the pandemic, when the whole world is troubled for investment, record FDI and PFI have come to India as the world trusts the Indian economy now. He gave a call for the industry to increase the domestic investment drastically in line with the increased confidence of the world. He lamented the poor investment in Research & Development by Indian Industry, comparing with America where 70% of the investment on R&D is from the private sector. He asked the Indian industry to increase their investments in R&D especially in sectors like agriculture, defense, space, energy, construction, pharma and transport sector. He further said in every sector, all the companies should earmark a certain amount for R&D.

The Prime Minister remarked that the world is moving rapidly towards the fourth industrial revolution, challenges will come in the form of new technology and many solutions will also come. The Prime Minister remarked that there was never so much positivity in the world about India's success before. He owed this positivity to the unprecedented confidence of over 130 crore Indians. Now India is making new avenues to move forward, moving ahead with new energy. He said the reforms in the country have influenced in changing the sentiment of the industry from 'Why India' to 'Why not India' in investing.

Powered by Capital Market - Live News