business

Updated: Jan 07, 2020 06:34 IST

Prime Minister Narendra Modi on Monday tacitly acknowledged the depressed sentiment and reached out afresh to India Inc to revive the economic momentum in the country.

“At the beginning of the new year, today from this platform, I will again tell the Indian industry not to let disappointment pass with you. Go ahead with new energy. Whichever corner of the country you go to, for your expansion, the Indian government will walk with you,” the Prime Minister said speaking at the centenary celebration of the Kirloskar Group in New Delhi.

Slowing down the anti-corruption drive, Modi said that a company, if not successful, may not be necessarily involved in any conspiracy or greed. Hence, it was crucial to prepare a way for such entrepreneurs in the country and the Insolvency and Bankruptcy Code (IBC) set the basis for this, he said, urging the industry to move ahead without any fear.

In a similar tone,the Prime Minister had last month said that his government has corrected past weaknesses of the economy, and urged industrialists to “invest boldly”, promising protection against wrong actions in genuine commercial failures.

Modi’s comments assume significance amid a deep downturn in the economy, led by sluggish consumption, and subdued private investment in the country. While the Centre has taken slew of measures in the last five-six months to being India back to a high growth trajectory, including a sharp cut in corporate tax, steps are yet to yield significant results.

The government has undertaken several reforms in the last five year and has continued to listen to the industry and address their concerns he said, adding that Indian tax system has witnessed massive reforms, which includes ending Inspector Raj as well as the implementation of Goods and Services Tax (GST). Right now, the government is trying to increase efficiency, transparency and accountability by ending human interface between tax departments and human interface.Besides, in case of not adhering to ‘tiny’ provisions under the companies’ law, offences have been decriminalized.

“Indian industry, in a transparent environment without fear, without hindrance, move ahead, create wealth for the country, create wealth for ourselves, this has been the endeavour of all of us. It has been a constant effort to liberate Indian industry from the trap of laws,” he said.

Modi urged the industry to produce world-class products, such that India is able to invest more and with the rise in the number of young entrepreneurs, business culture, the government will continue to support innovation.

“Now if such a club is formed today, it will be called Bharat Club, in which different sectors, different sectors, old veterans and new entrepreneurs will all be represented” Modi said.

As far as innovation is concerned, he said real-time payments system Unified Payments Interface (UPI) and LED bulb scheme UJALA has gained immense popularity.

“In the last five years, there has been an environment in the country to work with integrity, to work with integrity, to work with complete transparency. This environment has given the country the courage to set big goals, and achieve on time” the Prime Minister said, indicating the government’s goal to become $5 trillion economy by 2024-25.