Prime Minister, Narendra Modi, Wednesday exhorted corporate India to pledge itself to the creation of a New India – an India that fulfils the aspirations of the poor and needy, gives fillip to domestic industry, big and small, where Micro, Small and Medium Enterprises (MSMEs) are hand-held by large corporates to serve the requirements of the people in every nook and corner of the country.
PM said that FICCI has to play a key role in sectors such as food-processing, artificial intelligence, solar power, healthcare etc.
Addressing captains of trade and industry while inaugurating the 90th Annual General Meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (FICCI) at Vigyan Bhavan in New Delhi, the Prime Minister said it now devolves on industry leaders to turn their attention to minimising imports to fuel domestic production, which has a direct bearing on creation of jobs and domestic wealth creation.
Narendra Modi said that a lot has been achieved since independence, but several challenges have arisen as well. He said the poor seemed to be struggling against the existing system for things such as bank accounts, gas connections, scholarships, pensions etc. He said the Union Government is working to end this struggle, and to create a system that is transparent and sensitive. He said Jan Dhan Yojana is one example of this, and increasing “ease of living” has been the focus of the Union Government. He also mentioned the Ujjwala Yojana, construction of toilets under Swachh Bharat Mission and Pradhan Mantri Awas Yojana.
The Prime Minister said that his Government was working to strengthen the banking system, while pointing out that, “the issue of NPAs is a legacy received by the current Government from the last government. It was open loot of people’s hard earned money”, he added.
He said, rumours are now being spread about the Financial Regulation and Deposit Insurance (FRDI) Bill. He said the Government is working to protect the interests of the account holders, but rumours that are being spread are the exact opposite. He said organizations such as FICCI have a responsibility to generate awareness about such issues. He said, that industry has a big role also now in making GST more effective so that its benefits are passed on to the consumers.
PM said the Government’s effort is to ensure that maximum businesses register for GST. He said the more formal the system becomes, the more it will benefit the poor. It will enable easier availability of credit from the banks and reduce cost of logistics, thereby enhancing competitiveness of businesses. “I hope FICCI has some plan to generate large-scale awareness among small traders”.