India getting record FDIs, forex reserve at an all-time high: PM Modi

Wednesday 18th August 2021 06:41 EDT
 
 

Prime Minister Narendra Modi said that India is receiving record foreign direct investments (FDIs) and the country’s forex reserve is at an all-time high. Speaking at an annual session of the Confederation of Indian Industry (CII), PM Modi said Indian start-ups have the same level of self-confidence as displayed by Indian athletes and sportspersons at Tokyo Olympics.

“When today's youth of India come out on the field, they don't have any hesitancy in their minds. They want to work hard and take risks. They want to yield results. Yes, we belong to this place - we see this emotion in our youth today,” he said.

PM Modi highlighted the collaboration between the government and the Indian industries to make available face masks, PPE kits, and other essential supplies needed to fight the coronavirus disease (Covid-19) pandemic. Citing the reports of "record hiring" in the IT sector, the prime minister said it was only possible due to the growth of digitisation and demand.

PM Modi told the industry veterans that the psychology of “foreign is better” forced Indian brands, built after years of hard work, to promote under foreign names only.

“Today the situation is changing rapidly. Today the sentiment of the countrymen is with the products made in India. It is not necessary that the company should be Indian, but today every Indian wants to adopt products made in India,” the prime minister said.

Govt an active participant: Sitharaman

Addressing the CII meeting later, Finance Minister Nirmala Sitharaman said that the Indian economy benefited from the collective thinking and coordinated efforts of all the stakeholders. She said that the government is an active participant in the economic recovery. She said that the public spending during the pandemic ensured that the core sector grew at nearly 9 per cent and also added that consumption has been given all the boost that is required. The finance minister said that FDI has been flowing into the country nonstop, it is because there was this confidence about the macro-economic fundamentals.

She said that the exports are growing and steel and certain core industries have themselves said that the growth is phenomenal. The infrastructure investments are at one of the highest in India’s history.

Speaking about disinvestments, she said “our commitment to disinvestment and privatisation is firmly ingrained in policy. There is no discretion & there is a calendar.” Sitharaman noted that the Indian industry is moving into totally new areas and added that “I invite you all to take the bull by the horns and help the Govt. Govt is with you,” she said.


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