PM interacts with India Inc before budget; ensures that the government is committed to taking measures to stimulate economic progress

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NEW DELHI : Ahead of the Union budget, Prime Minister Narendra Modi met with leaders of India Inc. on Monday, amid fears that the economy will experience another setback if the Omicron variant of the coronavirus turns out to be lethal .

Leaders from various sectors such as banking, infrastructure, automotive, telecommunications, consumer goods, textiles, renewable energy, hospitality, technology, health, space and electronics have attended the meeting. Kotak Mahindra Bank CEO Uday Kotak, Tata Consultancy Services CEO (CEO) and Managing Director (MD) Rajesh Gopinathan, Maruti Suzuki CEO and MD Kenichi Ayukawa, Hindustan Unilever Ltd Chairman and Managing Director (CMD) Sanjiv Mehta, Tata Steel Ltd CEO and Among the attendees were MD TV Narendran, Tractors and Farm Equipment Ltd CMD Mallika Srinivasan, Chairman of ReNew Power and MD Sumant Sinha and Chairman of Avaada Vineet Mittal Group. Union Trade and Industry Minister Piyush Goyal was also present.

“This is one of many interactions PM @narendramodi has done ahead of the budget to receive input and suggestions from the private sector,” the Press Information Bureau said in a tweet.

During the interview, the Prime Minister spoke of the strengths inherent in the country, displayed during the battle against the covid. He thanked industry leaders for their contributions and suggestions, and urged them to take full advantage of initiatives such as production-related incentives.

He said that just as the country aspires for a podium at the Olympics, the country also wants to see its industries in the top five in the world across all sectors, and this is something that requires collective work.

He said the corporate sector should invest more in areas such as agriculture and food processing, and referred to the shift in focus towards natural agriculture. He stressed the policy coherence of the government, and said that the government is firmly committed to taking initiatives that will give impetus to the economic progress of the country. He also spoke about the government’s focus on reducing the compliance burden and asked for suggestions on areas where undue compliance should be removed.

Industry representatives provided comments to the Prime Minister, thanked him for his confidence in the private sector and expressed their commitment to contribute to his vision of Aatmanirbhar Bharat, and welcomed several steps taken by the Minister. government such as Prime Minister GatiShakti and the Bankruptcy Code.

They talked about steps that can be taken to further increase the ease of doing business in the country. They also spoke about India’s commitments at COP26 and how the industry could help achieve the defined goals.

TV Narendran, CEO and Managing Director, Tata Steel, and also chairman of industry body CII, said the government’s timely response led to a V-shaped recovery from covid, while the chairman and managing director of ITC, Sanjeev Puri, made suggestions to further boost food processing. industry.

Kotak Mahindra Bank CEO Uday Kotak said the Prime Minister has brought about revolutionary changes through simple but beautifully articulated reforms such as Swachh Bharat and StartUp India. He said now is the time for the country’s financial and banking sectors to fearlessly think about scale.

“I am very excited about the potential of India and Indian banking and finance and ready to support the industry in the areas of sustainability, inclusion, digital and infrastructure. We will grow, we will make India exist and the Indian financial sector will make India come true according to the Prime Minister’s dreams, ”Kotak said.

Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel, suggested that the recently announced vehicle scrapping policy could be made more comprehensive to allow for greater industry participation.

Kenichi Ayukawa, CEO and Managing Director Maruti Suzuki, said the industry is fully committed to contributing to PM’s vision of establishing a manufacturing hub, increasing exports and increasing localization. “Most foreign investors will like to invest in India because they have the confidence of the policies established with the Indian Prime Minister,” he said.

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