Prime Minister Narendra Modi will give the inaugural address at the Confederation of Indian Industry's (CII) annual session. PM Modi will give the speech at 11 am on June 2 to mark 125 years of the CII. The Prime Minister will share his vision on 'Getting Growth Back'. The address comes at a time when India's GDP growth has slumped to 3.1 per cent in the fourth quarter of 2019-20. The annual growth rate for 2019-20 dropped to 4.2 per cent -- the lowest in 11 years. The numbers announced by the government are in accordance with the expectations of economists and experts. The data also gave a glimpse into the impact of seven days of coronavirus lockdown on the economy. After a lockdown of two months, economic activities are resuming across the country. Some sectors including aviation, travel and hospitality have been impacted severely due to the coronavirus pandemic. The Modi government had already announced an economic stimulus package of Rs 21 lakh crore to revive the economy ravaged by the pandemic.
CII is a non-government, non-profit organisation that seeks to sustain an economic environment conducive to India's development through partnership with the government and civil society. It was founded in 1895 and marks 125 years of existence this year. The CII has more than 9,100 members from the private as well as the public sectors including SMEs and MNCs as well as indirect membership of over 3 lakh enterprises.
Follow PM Modi's inaugural address at CII live here on the BusinessToday.in blog:
11:38 am: I am very proud to say that within three months you have managed to erect a multi-million PPE industry in India, says PM Modi.
11:35 am: Prime Minister Modi congratulates CII for completing 125 years before concluding his inaugural speech.
11:33 am: All the needs that you have to ensure Atmanirbhar Bharat, the government will support you. I urge you to come up with a detailed study of all the sectors. We will build an Atmanirbhar Bharat together. The government is with you, says PM Modi.
11:30 am: It is important now that Make in India products become Made for the World. We have to increase productivity and set new targets in front of us, says PM Modi.
11:26 am: You will have to step up your role in a post-corona economy. You will have to become Champions of Indigenous Industries now, says PM Modi to CII.
11:25 am: As a Prime Minister, I assure you that I stand with you. Getting Growth Back is not difficult: PM Modi
11:21 am: Private players participating in strategic sectors has also become a reality now. Be it space sector or the atomic sector, opportunities are open for you, says PM Modi.
11:19 am: "The industry was urging us to define MSMEs -- this has also been done now," says PM Modi.
11:17 am: We are bringing in labour reforms as well, says PM Modi.
11:15 am: Reforms for us are not scattered or random. For us reforms are a systemic, planned, integrated, inter-connected and futuristic process. For us reforms mean taking decisions to a logical conclusions, says PM Modi.
11:10 am: "Five things are very important for Atmanirbhar Bharat. They are - intent, inclusion, investment, infrastructure, and innovation," says PM Modi.
11:07 am: About 74 crore beneficiaries have received ration due to PM Gareeb Kalyan Yojana. Rs 53,000 crore of financial assistance has been given to the poor families under this scheme. Around 8 crore of gas cylinders have been given for free, says PM Modi.
11:05 am: India has left lockdown behind and is now moving to Unlock 1. A lot of the economic activities have been started and some will be started in June 8. In fact, we have already made headway into Getting Growth Back, says PM Modi.
11:02 am: "I will go beyong Getting Growth Back and say -- yes, we will definitely get our growth back," says PM Modi
11:00 am: Online events like this will become the new normal, says PM Modi
10:59 am: Smriti Irani talks about PM Modi's speech
10:55 am:Address to begin shortly
Prime Minister @narendramodi will address #CIIAnnualSession2020 at 11 AM today— PIB in Maharashtra 🇮🇳 #MaskYourself 😷 (@PIBMumbai) June 2, 2020
PM will speak on the subject- “Getting Growth Back”
This would be the Prime Minister's first major speech on the Indian economy, after announcement of #Unlock1pic.twitter.com/OdIE9C699D