India’s quest to become Atmanirbhar is not just a vision but a well-planned economic strategy that aims to use the capabilities of our businesses and skills of our workers to make India into a global manufacturing powerhouse, Prime Minister Narendra Modi said on Saturday. Addressing the annual convocation ceremony of IIT Delhi, Modi asserted that “India is changing and for the better from fiscal responsibility to fiscal prudence, from high inflation to low inflation, from infrastructure deficit to infrastructure surplus, from mismanaged urban growth to holistic and balanced growth and from physical to digital infrastructure.”
Modi further stressed on the country’s move to recover from the Covid-led downturn that has so far infected nearly 9 million people. The Prime Minister said that India was able to give a strong fight to the virus while due to the “stability of our policies” and that it has emerged as one of the world’s preferred investment destination. “It is because of the strength of our system that we could provide food grains to around 800 million people, money to 420 million people, and free cooking gas to around 80 million families.”
Addressing the students of IIT Delhi, Modi said that India is committed to providing ease of doing business to its youth. “Our youth can change the lives of crores of citizens with their innovations. The country will give you the ease of doing business, you have to focus on the ease of living of your countrymen.” He further urged them to focus on quality with compromising, ensuring scalability and making innovations work at mass scale, assuring reliability, and building long term trust in the market.
Just like India’s strategy for strengthening the manufacturing base and for building world-class infrastructure, the strategy for the financial sector has also been holistic, Modi said. Some of the major steps, he highlighted, include comprehensive banking sector reforms, strengthening of financial markets, unified authority for the international financial service sector, one of the most liberal FDI regime, a benign tax regime for foreign capital, suitable policy rating for investment vehicles like infrastructure investment trust and real estate investment trust, implementation of insolvency and bankruptcy code, financial empowerment through direct benefit transfer and fintech based payment system like Rupay card and Bhim UPI. “Initiatives around innovation in digital has always been at the center of government policies and reforms,” Modi said.