Work, compete with govt to make India developed: Modi to businesses

New Delhi: Prime Minister Narendra Modi on Tuesday urged businesses to work with the government and to compete with it in the efforts to make India a developed nation, describing industry as the driving force behind India’s growth story and assuring them that there is no dearth of political will for decisions as the aspirations of people are paramount. 

Modi also impressed upon business leaders at a post-budget conference organised here by the Confederation of Indian Industry (CII) about the government’s schemes aimed at creating jobs and incentivising internships, saying that the government was committed to work in a focused manner to make India a developed nation.

Modi appeals to work together for development 

Modi’s appeal to businesses about working together for development, two days after telling chief ministers at a meeting of NITI Aayog in the capital about improving business climate and the need for collective efforts for building a developed nation, indicates attracting investments is a priority for the ruling party as it would help create more jobs and add to incomes. 

The government is under pressure to create more jobs and skill the large working age population as the manufacturing sector, a job creator, is increasingly embracing automation even as technology is changing the nature of jobs.

Also Read: Employment schemes aim to shift workforce from informal to formal jobs

“This is my appeal to the industry that they should not only work shoulder to shoulder with the government to realise the dream of making India a developed nation but also compete with the government, excel and achieve success. We have to move ahead fast. I have full confidence in you,” Modi said at the event.

Economic Survey 2023-24 tabled in Parliament last week had said public investment has sustained capital formation in the last several years and that it was time the private sector received the baton from the public sector and sustained investment momentum in the economy.

Also Read: Time for private sector to take baton of investment: Economic Survey

Job creation for youth

The Prime Minister also told businesses about the package announced in the budget about creating opportunities for the youth. Finance minister Nirmala Sitharaman last Tuesday announced a ₹2 trillion employment and skilling package for the benefit of over 40 million persons, to be implemented over the next six years. It includes an internship scheme for 10 million people in 500 top companies with government assistance, over five years. Modi’s mention of the package to business leaders implies the government is keen to make it a big success with industry participation.

“We are working in a focused manner, whether it is our goal of becoming a $5-trillion economy, whether it is our intent to achieve saturation in welfare schemes, whether it is about ‘zero defect, zero effect’ (a scheme to make small businesses competitive and environmentally sustainable), whether it is achieving self-reliance or whether it is about becoming a developed country,” he said. 

Creating long term economic growth

The Prime Minister told businesses the government’s “intent and commitment are absolutely clear.” “No diversion in our direction. Nation first is our commitment,” Modi said, indicating that in spite of coalition pressures, the government is focused on creating long term economic growth.

CII president, and chairman and managing director of ITC Ltd, Sanjiv Puri, who spoke on the occasion, said the Indian industry was looking forward to working together with the government on all fronts.

Also Read | Private investments taking off; consumption growing: CII president Sanjiv Puri

“There is no dearth of political will…Industry and private sector are powerful vehicles to make India a developed country. I consider you—wealth creators as the driving force of India’s growth story,” Modi said in his speech delivered in Hindi.

Modi said he told chief ministers at the NITI Aayog meeting last week to make an investor friendly charter, that will promote healthy competition among states to attract investment. The federal policy think tank said on Saturday after its governing council meeting that Modi had asked it to develop an ‘investment-friendly charter’ detailing the policies, programmes, and processes needed to attract investments.