PM Modi Calls on Private Sector to Lead India's Economic Transformation
In an exclusive interview with PTI on Sunday, Prime Minister Narendra Modi underscored the critical role of the private sector in propelling India's next phase of economic growth. He emphasized that bold investments in innovation and capacity building are essential to achieving the vision of a developed nation, or Viksit Bharat.
Reforms and Governance as Catalysts for Progress
Modi highlighted that reform has been a core commitment of his government, implemented "in letter and spirit". He pointed to policy continuity and decisive governance as key drivers behind the large-scale progress witnessed in recent years. According to the Prime Minister, this approach has restored investor confidence, contrasting it with the previous UPA government's record, which he criticized for achieving "little real substance" despite lengthy negotiations.
Key Demands from the Private Sector
The Prime Minister outlined specific expectations for private enterprises:
- Decisive Response: Modi urged the private sector to play a decisive role in economic transformation, moving beyond mere profit protection.
- Investment in Innovation: He called for aggressive investments in research and development, supply chains, and quality improvements to enhance global competitiveness.
- Fair Worker Benefits: As productivity increases, Modi stressed that private sector owners must share gains equitably with their workers.
Defence Modernization and Government Support
Modi also addressed national security, stating that the government has a duty to modernize the defence sector in alignment with current realities. He affirmed, "The government will do whatever it takes to support the country's defence forces and strengthen them," underscoring a commitment to bolstering India's military capabilities.
Contrast with Previous Administration
In a sharp critique, Modi contrasted his government's achievements with the UPA era, noting that under the previous rule, talks often began only to break down, resulting in minimal tangible outcomes. He attributed the current economic momentum to restored political stability and predictability, which have fostered a more conducive environment for investment and growth.
Overall, Modi's message was clear: the private sector must step up with decisive actions and long-term investments to drive India's leap towards becoming a developed nation, supported by a reform-oriented and stable government framework.
