A visionary statement from PM Modi

The Prime Minister has delivered a visionary statement that truly captures the needs of the nation at this critical hour during the Coronavirus pandemic. He has promised a package of Rs 20 lakh crores which would be delivered to stressed sections of society, farmers, workers, and MSME. We truly appreciate his emphasis on strengthening MSME which support millions of jobs as well as his emphasis on competitiveness of Indian industry. Global supply chains, agriculture and agri supply chains, and local supply chains all found mention in this very important statement from the Prime Minister. Workers in organised and unorganised sectors can both be expected to receive benefits in the coming days.

We appreciate that the Prime Minister spoke about the areas of land, labour, liquidity and simplification of laws which are the key challenges of the economy. Reforms in these four areas will truly unleash the next wave of economic growth within this crisis situation. The Prime Minister’s high emphasis on self-reliance and strengthening India’s domestic manufacturing is indeed welcome.  He has rightly identified the five pillars of the economy as quantum jump of the economy, world-class infrastructure, technology processes, demography and strong domestic demand.

CII welcomes the statement and looks forward to the policy announcements to be made over the next few days by the Finance Minister.