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Prime Minister Narendra Modi has issued a clarion call to India Inc, urging them to play a pivotal role in shaping the country's vision of becoming a 'Viksit Bharat' (developed India) by 2047, the 100th anniversary of India's independence. Addressing a post-budget meeting organized by the Confederation of Indian Industry (CII), Modi exuded confidence in India's trajectory towards becoming the world's third-largest economy within the next five years, attracting global investor interest.
The government, Modi asserted, is firmly committed to a 'nation-first approach' in its policymaking, and is steadfast in its ambition to transform India into a developed nation. He recognized Indian companies as the architects of the nation's economic progress, hailing them as 'wealth creators' and the driving force behind India's growth story. The recent budget, the first of the new government, has prominently highlighted employment generation and skilling, while maintaining fiscal consolidation as a core principle.
Despite the global economic uncertainties, India has emerged as a beacon of stability and growth, remaining a 'high-growth, low-inflation' country, according to Modi. The country's robust macroeconomic fundamentals provide a strong foundation for its aspiration of becoming a developed nation by 2047. India's economy expanded by 8.2% in fiscal year 2024, and forecasts for the current fiscal year (FY25) anticipate growth nearing 7%.
This robust economic landscape has spurred keen interest from global investors, with Modi declaring that 'investors across the world are keen to come to India.' This presents a 'golden chance' for Indian industry, which should not be missed. The Prime Minister urged industry leaders and entrepreneurs to seize opportunities arising from sunrise sectors like semiconductors, electronics, and green energy, emphasizing their crucial role in propelling India towards a leadership position in these domains.
Modi highlighted the potential of small nuclear reactors to benefit not only industry through energy access but also generate new business opportunities across the entire supply chain. This aligns with the budget's emphasis on small modular reactors as a cornerstone of India's energy transition. Modi expressed unwavering confidence in Indian industry's commitment to the country's development, predicting their pivotal role in making India a global player in the sunrise sectors.
Further emphasizing the government's pro-investment stance, Modi mentioned initiatives such as the 'Make in India' program, simplification of foreign direct investment (FDI) rules across various sectors, the establishment of multimodal logistics parks, and the Production-Linked Incentive (PLI) schemes for 14 sectors. These initiatives, he believes, are strategically positioning India as a global manufacturing hub, attracting further investments and fostering economic growth.
Source: India Inc must play its part in scripting Viksit Bharat story, says PM Modi