New Delhi: A day after Moody’s downgraded India’s credit rating to a notch above junk status on growth concerns, Prime Minister Narendra Modi asserted Tuesday that the country will definitely get back its economic growth. Narendra Modi said reforms undertaken during the lockdown will help the economy in the long-run.
Pledging to undertake more structural reforms that will change the course of the country, Modi chartered out his vision for an ‘Atmanirbhar’ Bharat or Self-reliant India. A country that is not dependent on any other nation in strategic sectors and one that embraces the world on its own strength.
Speaking at CII’s Annual Session, Modi called on India Inc to rise to the occasion and partner rural India in these testing times.
“On the one hand we have taken tough steps to fight the virus and on the other, we have taken care of the economy,” Modi said. “We have to save the lives of citizens while also stabilise the economy and speed up growth,” the prime minister added.
As the government winds down the world’s most expansive lockdown, Indian industry has started talking about ‘getting growth back’.
“I will go beyond getting growth back to say ‘Yes! we will definitely get our growth back’,” Modi said. He expressed confidence in Indian farmers, small businesses, and entrepreneurs for helping achieve that.
India was already in the midst of a protracted economic slowdown before the virus hit due to a festering crisis among shadow lenders and on declining consumer demand and private investment. The country’s GDP grew by 4.2 per cent in 2019-20, the slowest pace in 11 years.
After more than two months of the world’s most expansive lockdown, the country has entered ‘Unlock Phase 1’. A large part of the economy has been opened up and more will open after June 8.
Modi said the government will stand shoulder to shoulder with industries in their endeavour to help India get ahead on the path of self-reliance.
“The world is looking for a trusted, reliable partner and India has the potential, strength and ability. Today, all of you, including all industries must benefit from the trust that has developed for India all over the world,” Modi asserted. “If you take two steps, the government will be four steps ahead in supporting you. As the Prime Minister, I assure you that I will stand with you,” he added.
Modi addressed the meeting through a video conference. He laid out his vision for ‘Atmanirbhar Bharat’ – one that is less reliant on imports and makes products for the world.
“It is about creating a strong enterprise in India, enterprises that can become global forces. It is about generating employment, empowering people to create solutions. It is about building robust and local supply chains which can strengthen global supply chains. We should Make In India for the world,” he added.