PM: Reforms continue out of conviction not compulsion
New Delhi
He also said taking reforms is a matter of conviction for the government, which is ready to take all risks in the national interest.
“We have taken bold decisions. Reforms continued even during pandemic. The government is doing reforms not out of compulsion but out of conviction,” he said while addressing the CII’s annual meeting.
Assuring all support to the industry, Modi said that India is receiving record foreign direct investment (FDI) because of reforms done in the last few years.
He added that now Indians want made in India goods irrespective of the origin of the company that is producing the goods.
On growth of startups in the country, he said India now has 60 unicorns, 21 of them reaching that status in the last few months.
Meanwhile, Singapore’s Deputy Prime Minister Heng Swee Keat who also spoke at the CII meet, said India has an important role to play in contributing to the diversification of the global supply chain and making it more resilient, while urging New Delhi to consider greater economic integration with Southeast Asia to unlock its vast potential.
“Indian companies have the capability, scale and resources to serve more than just its domestic market, huge as it is,” Heng said.
He also underlined the importance of India-Singapore Comprehensive Economic Cooperation Agreement, a broad base free trade agreement, as per a media report. The South-east Asian region and India have many complementary strengths, adding that the jurisdictions should build on these to restore connectivity and enhance supply chains in the post-pandemic era.
The session was moderated by Dr Naushad Forbes, co-chairman of India-headquartered engineering firm Forbes Marshall and former president of CII.
Heng said it is important for the ASEAN and India to enhance digital connectivity, and reiterated that the door remains open for India to join the Regional Comprehensive Economic Partnership (RCEP) when the country is ready.
The RCEP came into force last November, with Singapore ratifying the agreement in April this year.
Though India has pulled out of the 15-member country partnership in 2019, the country is rated as an important market of 1.38 billion people and a trading partner in the Asia Pacific economies.
The RCEP, which is the world’s largest trade pact, involves all 10 members of the Association of Southeast Asian Nations along with Australia, China, Japan, New Zealand and South Korea.
Heng noted that Singapore is keen to partner India to better integrate their digital economies and collaborate in new areas like fintech and sustainability.
“As more activities go digital as a result of the pandemic, there is even greater impetus to accelerate our efforts to integrate our digital realms, and enable the more seamless flow of data, services and payments,” it quoted Heng conveying the tech message to the Indian business community.
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