new Delhi. Prime Minister Narendra Modi on Monday addressed the program of Industry Association CII. He said that the economy will accelerate, we have to take strict measures against Corona. Today the biggest truth of the country is that India has left lockdown and entered in unlocked phase-1. A large part of the economy has opened up in this phase. A large portion opened up after eight days. That is, the beginning of getting growth has started.
Important things about Modi's speech
I have full faith in talent and technology
I would congratulate whoever contributed to strengthen CII in 125 years. I will pay respectfully to those who are not among us. In this time period of Corona, online events like these are becoming new normal. This is the greatest strength of man. We also have to save people's lives and strengthen the economy. All of you industry people deserve congratulations. I would go beyond gating growth back and also say yes… we are getting growth back. You must be wondering how I am speaking with such confidence in this hour of crisis. There are several reasons for this. I trust India's talent and technology.
Take the right steps at the right time in the right way
Comparing with other countries, it shows how much benefit of lockdown in India. Now the question is what next? As an industry leader, this question will definitely be on your mind, what are we going to do. I am also sure about the self-reliant India campaign that you will have questions. This is very natural. Re-strengthening the economy against Corona is our prime priority.
Decisions that need to be taken immediately are being taken. Also, take decisions that will help in the long term. Pradhan Mantri Garib Kalyan Yojana helped a lot in providing immediate benefits to the poor. Rationed to the house of 4 crore people. Free ration is also being provided to migrant workers. Has helped more than 53 thousand crore rupees financially.
Reform means courage for us to take decisions
In our decisions, there will be a glimpse of inclusion, investment, innovation and infrastructure. Today India is ready for a new growth flight. Reform for us means courage to take decisions. Be it IBC, bank merger or GST, we have always tried to reduce the interference of the government.
The government is also reforming such a policy today, which the country had given up hope for. In the agriculture sector, the rules that were made after independence, left the farmers in the hands of middlemen. Our government showed the will to remove the injustice done to the farmers for decades. With the change in the law, now the farmers will get rights. They can sell their crop wherever they want and whenever they want. The grains stored in the warehouse can now be sold through electronic trading as well. With this, how many avenues are going to open for Agro Business. Along with this, labor reforms are being done to increase employment.
GDP growth at 11-year low
The government released GDP growth figures last Friday. The growth rate in the fourth quarter (January-March) declined to 3.1 percent. At the same time, it was 4.2 percent in the entire financial year. This is the lowest level of 11 years. Earlier in 2009, GDP growth was close to this level.
The government announced a package of 20 lakh crore last month.
The country's economy, already struggling with difficulties, has suffered a further setback due to Corona infection and lockdown. To protect the economy from the impact of Corona, the government announced a package of Rs 20 lakh crore last month, including the RBI announcements. The Modi cabinet on Monday also approved schemes related to raising the Minimum Support Price (MSP) of Kharif crops and small-medium industries (MSME). Modi has also launched the Champion Portal to help MSMEs.
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