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PM Modi tells India Inc to ignore pessimism, says govt stands with industry

Congratulating the Kirloskar Brothers Ltd (KBL) for their centenary celebrations, PM said India's entrepreneur is impatient to expand his capabilities and successes

twitter-logoBusinessToday.In | January 7, 2020 | Updated 20:06 IST
PM Modi tells India Inc to ignore pessimism, says govt stands with industry
Prime Minister Narendra Modi

Prime Minister Narendra Modi on Monday said that his government's action against a few corrupt entities should not be seen as government crackdown on the corporate sector.

Modi was speaking at a centenary celebration event of the Kirloskar Brothers in Delhi. He said his government had taken steps to allow the industry to create wealth fearlessly in a transparent environment where there were no obstacles. The government was attempting to rid the industry of a web of laws, the Prime Minister said, adding his government has worked honestly.

"Reform with Intent, Perform with Integrity, Transform with Intensity' has been our approach in the last few years. We have tried for a governance that is professional and process driven. In the last five years, there has been an environment in the country to work with integrity and complete transparency. This has given the country the courage to set big goals and achieve them on time," he said.

He said that the corporate tax rate has been cut to lowest levels to propel corporate investment.

The PM asked India Inc to ignore pessimism, saying the government will stand shoulder to shoulder with them in its attempt to expand business in any nook and corner of the country. Modi's comments assume significance as the government is looking at solutions to revive the economy, which has witnessed a downturn in recent quarters, falling over six-year low to 4.5 per cent in July-September quarter.

Congratulating the Kirloskar Brothers Ltd (KBL) for their centenary celebrations, PM said India's entrepreneur is impatient to expand his capabilities and successes. The PM also released a postage stamp to commemorate 100 years of KBL.

"Today, when we are entering a new year, we are entering a new decade, I have no hesitation in saying that this decade will be for Indian entrepreneurs," Modi said.

He also highlighted the government's achievements.

"In the Financial Year 2018-19, there was a transaction of about 9 lakh crore rupees through Unified Payments Interface (UPI). In this financial year till December only about Rs 15 lakh crore have been transacted through UPI. You can guess how fast the country is adopting digital transactions. The Ujjwala scheme has completed 5 years only yesterday. It is a matter of satisfaction for all of us that more than 36 crore LED bulbs have been distributed throughout the country," he said.

"Similarly success stories of Make in India campaign are the strength of our industry. I want success stories from every field of Indian industry," the PM added.

Earlier in the day, PM Modi met India's top business stalwarts and discussed economic growth and job creation. The meeting was attended by top businessmen including Ratan Tata (Tata Sons), Mukesh Ambani (Reliance Industries), Anand Mahindra (Mahindra & Mahindra), Gautam Adani (Adani Industries), Sunil Mittal (Bharti Airtel), Anil Agarwal (Vedanta), N Chandrasekaran (Tata Sons), AM Naik (L&T), Sajjan Jindal (JSW Group), Baba Kalyani (Kalyani Group) and Venu Srinivasan (TVS Group).

By Chitranjan Kumar

(With PTI inputs)

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