CII annual event: PM Modi calls for cut in imports; says export more

New Delhi, June 02: Prime Minister Narendra Modi who attended Confederation of Indian Industry (CII)'s 125th anniversary annual general meeting, said that one of our topmost priorities to strengthen the economy amid the ongoing coronavirus pandemic.

Indian economy is hit hard by the ongoing coronavirus pandemic, with last year's GDP growth falling to a mere 3.1%, fiscal deficit overshooting the target by 80 basis points, and this fiscal year's GDP expected to shrink.

PM Modi said that online events are likely to become new normal. He said,''As the country remians under a lockdown due to coronavirus, events and meetings have gone online. Today, on the one hand we've to save lives of our countrymen & on the other hand, we've to stabilize country's economy. In this situation, CII has started the talk of "Getting Growth Back"& I congratulate all the people of Indian industry for this.''

Speaking at the CII event, PM Modi said that India will definitely get the growth back.

Stating that India will get its growth back, PM Modi said that he is confident India will be on growth trajectory soon becuase of its entrepreneurs, industry leaders.

Modi also congratulated CII for completing 125 years since inception. 'It is a very big thing to be in existence for 125 long years. You must have faced many challenges along the way.'

''We have to save lives from coronavirus, but on the other hand, we also have to stabilise and speed up the economy. It is one of our topmost priorities to strengthen the economy amid the ongoing coronavirus pandemic. We have taken several decisions which will help the economy in the long run'', he added.

PM Modi has said that five things are utmost important to make India a self-reliant economy. These are Intent, Inclusion, Investment, Infrastructure and Innovation.

''We have made decisions to make our economy and sectors future-ready. Our reforms are not scattered; rather, our reforms are planned, futuristic. For us, reforms mean taking it to the logical conclusion,'' Modi said.

'Now the government is doing things for which people had given up all hopes. We are also undertaking labour reforms, as well as agriculture reforms. 9 strategic sectors opened up where private industries were not allowed earlier'. -- PM Modi

Explaining government's efforts for MSMEs, Modi said,''MSMEs will be able to grow without any concerns or fears. Now our MSMEs will not have to find 'other ways' to keep their 'MSME' status. The industry's demand for updating MSME definition for a very long time. This demand is now fulfilled.''

Modi said that now the industry has a clear path - self-reliant India. "This means that we embrace the world with even more strength. Self-reliant India will be integrated more with the global ecosystem," he said.

;;Self-reliant India is about -- Strong enterprises; generating employment; empowering people to come out and find solutions. Now, the need is that we make those products that are made in India, but made for the world. We have to cut our imports,'' says PM Modi.

The virtual online meeting at the annual session of the CII assumes significance as companies are resuming operations after the government has allowed gradual phasing out of the lockdown.

The CII is an industry association in India and is completing 125 years of its journey this year. Founded in 1895, CII has more than 9100 members, from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 300,000 enterprises from 291 national and regional sectoral industry bodies.