‘Golden chance for country… investors keen to come to India’: PM Modi at post-Budget CII event

The Prime Minister further said that investors are eager to come to the country and world leaders are full of positivity for India. “Yeh Bharat ki industry ke liye behtareen mauka hai, golden chance hai. Humein is mauke ko ganwaana nahi hai (this is a wonderful opportunity and a golden chance for India’s industry. We don’t have to lose this chance),” he said.

Making mention of the recent NITI Aayog meeting held with states, Modi said an investor-friendly charter should be prepared by all regions and there should be “healthy competition” between states to attract investment. No state should be left behind, he said.

“Nivesh ke liye nitiyon mein aur spashta laayein, behtar mahaul banaye (policies should be clear for attracting investment, atmosphere should improve for investors),” he said, adding that good governance should be witnessed at every level so that investors can go to every state in the country.

Noting that post-Budget discussions often miss out details in the Budget, Modi said there have been some important changes, including an increase in allocation for nuclear power generation, proposal to have digital public infrastructure for agriculture and Bhu-Aadhaar card for land parcel numbers to farmers, along with Rs 1,000 crore venture capital for space economy. The government will soon hold the first round of auctions for offshore blocks in mining. These announcements will pave the way for development and opportunities, he said.

Modi said that India will become a leader for the sunrise sectors. “Our government has no lack of political will. For us, the aspirations of the country and its citizens are paramount,” he said, adding that industry and private sector will be a strong medium for Viksit Bharat.

“I consider the industry and also the private sector of India as a powerful medium to make India a developed India,” Modi said, adding that industry leaders and wealth creators are the main driving force of India’s growth story.

The Prime Minister said that the government is highly focused on skill development and employment keeping in mind Industry 4.0 standards. Giving examples of Mudra Yojna, Startup India and Stand Up India, Modi said that more than 8 crore people have started new businesses. He said India is home to 1.40 lakh startups, employing lakhs of youth.

Referring to the employment package worth Rs 2 lakh crore in this year’s budget, the Prime Minister said that it will benefit more than 4 crore youth. “PM Package is holistic and comprehensive. It is interlinked with end-to-end solutions,” he said. It aims to make India’s manpower and products globally competitive in terms of quality and value.

The internship scheme announced in the Budget will enhance skill and exposure for the youth, thereby boosting their chances of employment, while at the same time incentivising those generating employment on a large scale, he said.

The Prime Minister said that the government’s intent and commitment are very clear and there is no diversion in its direction. He also said that the government has addressed the challenges faced by them. “We have been working continuously since 2014 to ensure that MSMEs get required working capital and credit, their market access and prospects are improved and they are formalised,” he said, adding that they have further ensured tax reduction and less compliance burden for them.

Noting the uncertainties of the current global scenario, the Prime Minister said India is in a position of exception with growth and stability. India’s foreign exchange reserve witnessed robust growth and India is showing high growth and low inflation in a low-growth and high-inflation global scenario, he said.

The Prime Minister also said that pre-2014, the nation belonged to the list of fragile five economies and was marred by corruption and scams worth lakhs of crores rupees. Without going into the specifics of the economic conditions outlined by the government in a white paper, the Prime Minister urged industry leaders to review the document and compare it to past economic situations. He said the current government has elevated India’s economy to new heights and rescued it from dire straits.

The Prime Minister compared the current Budget of Rs 48 lakh crore with Rs 16 lakh crore Budget of 2013-14, an increase of three times. He also said that capital expenditure, the biggest measure of resource investment was Rs 90,000 crore in 2004, which was taken to Rs 2 lakh crore in the 10 years upto 2014, a two times increase. In comparison, capex has now reached beyond Rs 11 lakh crore this year, a more than five times increase.