Seeing a major opportunity for India in the global economic turmoil, Prime Minister Narendra Modi today asked the Indian industry to show "greater appetite" for risk taking and to invest more.
He made this call at a meeting of the industry and business leaders, bankers and economists at his residence to brainstorm over how to convert the global turmoil into an opportunity for India.
At the three-hour long interaction, the government promised steps to boost investment in infrastructure and make it easier to do business so as to attract global capital.
The Prime Minister urged the Indian industry to show greater appetite for risk-taking and to boost their contribution to domestic investment.
"At today's meeting, we agreed that we should look at the scenario today as an opportunity for India that must be seized," Modi tweeted calling the meeting "productive".
"We had insightful & constructive discussions on economic issues," he said outlining the steps taken by his government towards facilitating start-ups, boosting skill development and MUDRA bank.
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.
He also stressed on the steps being taken by the Union Government to boost skill development for the 65 percent of the population below 30 years of age.
The Prime Minister urged the Captains of Industry to take the lead in setting up "innovation and skill hubs" which could boost start-ups in their respective sectors of business.
