Economic indicators have shown encouraging indicators of recovery of the Indian economy post-pandemic, Prime Minister Narendra Modi stated on Saturday as he vowed to maintain government controls to a bare minimum and encourage private capital. In this time of pandemic, he stated, the government has accorded highest priority to saving lives of Indians and the way India has handled the crisis via concerted work has shocked the planet. Compared to February when the pandemic began, points have changed in December, he stated, adding, there is a road map to deal with this now. “Even the economic indicators are encouraging,” he added.
Various measures taken by the government in the final six years has instilled self-assurance amongst international investors, he stated. As a outcome, he stated, “India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment inflows during the pandemic.” Addressing the FICCI Annual Convention, he stated, a decisive government often strives to eliminate obstacles for other folks and often tries to contribute towards the society and the nation.
Recalling the time when government was in all the sectors, he stated, a visionary and decisive government, on the other hand, encourages all the stakeholders to realise their prospective. Modi pointed out that in the final six years, the government has encouraged stakeholders in all sectors and this is reflected in the all-round reforms in sectors ranging from manufacturing to MSME agriculture to infrastructure from tech market to taxation and from genuine estate to regulatory easing.
Talking about several reforms undertaken by the government in the final six years, he stated adjustments have been brought in manufacturing, MSMEs, agriculture, infrastructure and regulatory easing. As a outcome of taxation reform, he stated, India has got competitive benefit in corporate tax price and initiated faceless assessment and faceless appeal leaving behind the scar of tax terrorism and Inspector Raj.
Pointing out that the old polices protected inefficiencies even though ‘Aatmanirbhar Bharat Abhiyan’ is guided to market efficiency in all the sectors, he stated the government has introduced Production Linked Incentive (PLI) scheme to market sunrise sectors and technologies primarily based industries. This scheme is for these industries which are on path to make India a international champion and these who would execute would be entitled to incentive, he added.
The government final month authorized the scheme for 10 sectors like telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to almost Rs 2 lakh crore more than a 5-year period. Earlier, the government had announced PLIs for the telecom, APIs and healthcare devices.