August 11, 2021
The rescinding of retrospective tax and Atmanirbhar Bharat initiative are expected to increase investor interest.
Promoting local talent and enhancing the remunerative potential of the agriculture sector are on the anvil.
Intellectual property, Finance, Infrastructure and Manufacturing were identified as key sectors of growth.
Closing gaps across value chains and focusing on nurturing end-to-end data management capabilities were recommended.
While delivering the virtual keynote address at the Confederation of Indian Industry (CII) meeting on Wednesday, Prime Minister Narendra Modi said India’s economy is picking up pace once again and there is a newfound confidence in Made-in-India initiatives. The Prime Minister highlighted that the nation’s path towards economic prosperity was anchored in well-integrated policy provisions and the impetus provided by the Atmanirbhar Bharat initiatives. He said that India has been receiving a record FDI inflow and FPI investments thereby making the case for increased investor confidence in the nation’s potential. Additionally, the rescinding of the retrospective tax will strengthen investors’ confidence, said PM Modi.
In his address, PM Modi stressed on the importance of bolstering the confidence of Indian talent across diverse industries and sectors. Making the agriculture sector a more remunerative sector and creating the demand for Indian products in newer and existing markets was one of the examples presented during his address.
The plenary session also featured speakers including Uday Kotak (Managing Director, Kotak Mahindra Bank), Baba Kalyani (Managing Director, Bharat Forge), SN Subrahmanyan (CEO at Larsen & Toubro) and N Chandrasekaran (Chairman, Tata Group) served as a space of reflection on the pathways towards industrial and sectoral development. The speakers advocated for the removal of hurdles in the Finance, Infrastructure, Manufacturing and Intellectual Property domains to enhance India’s innovative potential and fill gaps in existing value chains. Some of the solutions proposed by the speakers included:
Increased cooperation between government and industrial stakeholders coupled with timely policies can help accelerate economic recovery.