Take risk, invest more: PM to India Inc

Prime Minister Narendra Modi today asked the Indian industry to take risk and invest more as his government promised a broad range of steps including stepping up of investment in infrastructure and improving ease of doing business to attract global investment.
A meeting of the industry and business leaders, bankers and economists at Prime Minister's residence brainstormed over how to convert the global turmoil into an opportunity for India.
In a nutshell, the participants felt the global situation, especially the volatility in the capital and currency markets, is a transient phase and that steps should be taken to strengthen the real economy.

India Inc pitched for an interest rate cut as well as hastening the approval process.
In his concluding remarks at the end of over three-hour meeting, the Prime Minister referred to the global economic situation and urged the captains of industry to take risks.
"Since you regard this as a great opportunity for India, it is for India's private sector also now to increase their own investments.

"Conventionally, compared to others, the private sector has greater risk taking ability because their entrepreneurship emanates out of risk taking," Modi said.
Prime Minister laid thrust on low cost manufacturing and felt the strength of economy lies in its huge human resource, size of domestic market and that it is not entire export dependent.

He suggested that small and medium enterprises sector and using MNERGA funds can become a possible tool for skill development. The new Mudra Bank can support unorganised sector. Transparency in governance will lead to early decisions, he added.
"What we are looking at is different steps to strengthen the Indian economy," Finance Minister Arun Jaitley told reporters after the meeting called to discuss 'Recent Global Events: Opportunities for India'.