Modi’s five ‘I’s to make India self-reliant economy; tells industry to ‘trust me’, govt is supporting you

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Published: June 2, 2020 1:51 PM

The intent, inclusion, investment, infrastructure, and innovation are of utmost importance to make a self-reliant India.

modi 5I formula, economic measures, economic package, self-reliant inidaPM Modi also assured that the government will give full support to the industry and said that it is not that difficult to get the growth back as now the industry has a clear path towards a self-reliant India.

Prime Minister Narendra Modi today listed out five ‘I’s to make India a self-reliant economy. The intent, inclusion, investment, infrastructure, and innovation are of utmost importance to make a self-reliant India, PM Modi said in an address at a CII event held today. Highlighting the recent announcements made under special economic package worth Rs 21 lakh crore, the Prime Minister said that the government is doing things for which people had given up all hopes. PM Modi also assured that the government will give full support to the industry and said that it is not that difficult to get the growth back as now the industry has a clear path towards a self-reliant India.

Emphasising the government’s intent to help the industry, PM Modi added if the industry takes two steps ahead, the government will take four steps to support it. After opening a window for the private companies in strategic sectors, Narendra Modi today called the private sector an important partner of the government in its path to self-reliant India.

Also Read: Why India isn’t worried about Moody’s credit rating cut: Impact to be short lived; investments to keep up

The government has recently brought in major reforms in various sectors such as labour reforms, agriculture reforms, allowing private companies in strategic sectors, commercial mining of coals, etc. With these measures, the government is hopeful that the fundamentals of India’s economy will be more inclined towards growth.

Painting the roadmap for economic growth, PM Modi said that a self-reliant India is about strong enterprises, generating employment, and empowering people to come out and find solutions. He added that at present, the need is that India makes products for the world and cut its imports. Citing the achievement of the PPE manufacturing industry, he further said that it is a matter of pride that India has built an entirely new industry making PPE kits worth hundreds of crores of rupees in only a month.

Meanwhile, many economists and companies have called the government’s economic package unrealistic and said that the economy will not gain as much as the government expects. Further, clarifying on the same issue, the PM said that the government has made decisions to make India’s economy and sectors future-ready and the latest reforms are not scattered, rather, they are planned and futuristic. With the new policies and measures, India will embrace the world with even more strength and a self-reliant India will be more integrated with the global ecosystem, PM Modi underlined.

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