Prime Minister Narendra Modi on Thursday said the coronavirus crisis has taught the country the lesson to become self-reliant holding that the time has come to take bold decisions rather than remaining conservative.
Addressing the annual session of the industry lobby Indian Chamber of Commerce, Modi said time has come to take Indian economy from command and control to plug and play. “This is not the time for conservative approach rather to take bold decisions and bold investments going forward. This is the time to build a globally competitive domestic supply chain. For this, industry has to help all its existing stakeholders of its supply chain to come out of the crisis and handhold them for greater value addition,” he added.
Modi said self-reliance means India has to reduce its dependence on other nations to the least possible. “India should manufacture all those products that it is forced to import and make efforts to become an exporter of those products in future. We have to work in this direction at a faster pace. We have to adopt restrain on our habit of importing such items that India’s SMEs and self- help groups produce,” he said.
Speaking at the annual meeting of CII earlier this month, Modi had pledged to accelerate structural reforms to boost growth prospects as the Indian economy heads into a recession that some forecasts say will be the deepest since Independence.
S&P Global Ratings on Wednesday retained India’s lowest investment grade (BBB-) credit rating with stable outlook as it expects the country’s economy and fiscal position to stabilize and begin to recover from 2021 onward. The rating agency said while risks to India’s long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country’s growth rate ahead of peers.