PM’s address at the 93rd Annual General Meeting of FICCI
Speaker: Narendra Modi
Date: 12 Dec, 2020

Namaskar! FICCI President SangitaReddyji, Secretary General DilipChenoyji, friends in Indian industry, ladies and gentlemen!! In the match of 20-20, we have seen a lot of things changing rapidly. But the year 2020 has defeated all. The nation and the entire world went through so many ups and downs that when we’ll think of the corona period a few years later, perhaps we won’t believe it. But, it’s good that the situation which deteriorated so fast, is improving swiftly also. When this cycle of pandemic began in February-March, we were up against an unknown enemy. There were many uncertainties. Whether it’s the production, logistics, or revival of the economy, there were many issues. Everybody had this question in his mind: how long will it continue and how the situation will improve. The entire mankind of the world was grappling with these questions, challenges and concerns. But now in the month of December, the situation has changed a lot. We have the answer as well as the roadmap. The indicators of the economy are very encouraging. The lessons that the country learnt during the crisis have firmed up its resolve for the future. And, indeed, a huge credit for it goes to entrepreneurs, the young generation, farmers, industrialists and all the people of India. Friends, There is always a history and a lesson associated with global pandemic. The country which manages to save more and more of its citizens during such a pandemic has the power to rebound with the same speed. During this pandemic, India gave utmost priority to the lives of its citizens, saved the lives of most of the people and the result is there before the country and the world as well. The world is surprised at the way India has worked collectively in the last few months, made policies and decisions and brought the situation under control. The faith of the world towards India in the last six years has been further strengthened in the last few months. Whether it is FDI or FPI, foreign investors have made record investments in India and are continuously doing so. Friends, Today, every citizen of the country is committed to make the AtmaNirbhar India campaign a success and is working towards Local for Vocal. This is a living example of how much confidence the country has on the capability of its private sector. India’s private sector can not only meet our domestic needs, but can also establish its identity globally forcefully. Friends, The AtmaNirbhar India campaign is also a medium to make quality products in India and make Indian industry more competitive. And when I got the opportunity to address from the ramparts of Red Fort in 2014 for the first time, I had said that our goal should be zero defect; zero effect. Friends, Experience has it that the policies in the past have protected inefficiency in several sectors and have prevented new experiments, whereas, the AtmaNirbhar India campaign encourages efficiency in every sector. Emphasis is being given on sectors where India has long-term comparative advantage and sunrise and technology-based industries. We want that our infant industries also become more strong and independent in future. Therefore, you must have noticed, another important step has been taken. A production-linked incentive scheme has been launched in the country. This scheme is for the industries where India has the capacity to become a global champion. Anyone will be entitled to incentives who will perform, who will work with efficiency and who will make India self-reliant in the sector he is involved in. Friends, we often see a paradox whether it is in life or governance. A confident person does not hesitate in giving space to others. But the one who is insecure is afraid to give opportunities to the people around him too.This is often the case with governments. The government backed by the overwhelming support and confidence of the people has its own confidence and dedication, and,therefore, the government is committed to realize the mantra of SabkaSaath, SabkaVikas, SabkaVishwas. A decisive government always strives to remove obstacles for others. A decisive government always tries to contribute maximum towards the society and the nation. A decisive and self-confident government also does not want all the control with itself and does not let others do anything. You all have been witness to this approach of the previous governments and the country has been its victim. What was the thinking – the government will do everything. Whether it is the manufacture of watches, scooters, TVs, or even bread and cake, the government used to make everything. We have seen the ruin brought about by this approach. On the contrary, a visionary and decisive government encourages all the stakeholders so that they can realize their potential fully. Friends, In the last six years, India has seen the government which is only committed to realize the dreams of the 130 crore people of the country and is encouraging people in all sectors. Today, India is endeavouring to increase the partnership of every stakeholder in every sector. With this approach, the all-round reforms have been undertaken in sectors ranging from manufacturing to MSME; agriculture to infrastructure; from tech industry to taxation and from real estate to regulatory easing.In India, the Corporate Tax is the most competitive in the world today. Today, India is among the few countries in the world that boast of faceless assessments and faceless appeals. Leaving behind the era of Inspector Raj and tax terrorism, India is moving ahead by relying on the capabilities of the entrepreneurs of our country. In a way, a tradition of countless opportunities has been created in mining, defence, space, andinvestment in most of the sectors. Emphasis is being given on Multimodal Connectivity to make logistics competitive in the country. Friends, When a sector grows in a vibrant economy it has direct bearing on other sectors. But can you imagine what will happen if a wall is created between the industries unnecessarily. No industry will be able to grow according to its strength. Even if an industry grows somehow, its effect will not percolate down to other sectors. Such walls in different sectors have caused tremendous damage to the people and the economy of the country. The reforms that are being undertaken in the country are meant to dismantle such walls. The recent agriculture reforms are part of this series. We have seen such walls in the agriculture sector and allied sectors like agriculture infrastructure, food processing, storage or cold chains. Now these walls are being dismantled and all obstacles removed. By removing these walls and after these reforms, the farmers will get new markets, new options, the cold storage infrastructure will become modern, and they will benefit largely from technology. It will entail huge investment in the agri-sector which will benefit the farmers of my country and who lives on small pieces of land. The economy of our country does not need walls in different sectors, but bridges so that they can support each other. Friends, There is an excellent example of how reforms have been undertaken in a planned and integrated approach to dismantle such walls in the last few years. It is the financial inclusion of millions of people of the country. From banking exclusion, we are now included in the most inclusive countries.You have also been witness to how Aadhaar was given constitutional protection in India by removing all barriers. We linked Unbanked to banks. We connected the poorest of the poor by making available cheap mobile data and cheap phones to them. Only then the country got the trinity of JAM – Jan Dhan accounts, Aadhaar and Mobile. Friends, Today, the world’s largest Direct Benefit Transfer system exists in the country. You must have read a recent report of an international journal which praised this indigenous system handsomely. During the Corona period, citizens of many countries were facing difficulty in transferring money as they were dependent on cheques and postal departments, whereas India could transfer money in the crores of accounts through a click of button in no time, and that too when banks were closed and there was lockdown in the country. Many prominent experts in the international world are now saying that other countries should also learn from this model of India. Who will not be proud to read and hear this? Friends, There was a time when some people doubted how India would be able to deliver technology to its ordinary citizens in an environment of illiteracy and poverty. But India has done this and done with a lot of success and it will continue to do so. Today, on the UPI platform alone, there are transactions worth about four lakh crore rupees every month.Transactions worth four lakh crore rupees and new records are being created every month. Today, digital payments have become possible in villages and even on small street stalls. India’s industry has to move forward by realizing this strength of the country. Friends, As we have grown up watching the atmosphere of villages and small towns in TV or films, it is natural to have a different perception about them. The physical distance between cities and villages has never been as much as the distance of perspective has been.For some people, the village means a place where it is difficult to commute, where there are very few facilities, very little development and backwardness is all around. But if you go to rural or semi-rural areas today, you will get a very different view, you will find a new hope, a new confidence. Today’s rural India is undergoing a major change. Did you know that the number of active internet users in rural India has exceeded cities? Did you know that more than half of India’s start-ups are in our Tier-2, Tier-3 cities? About 98 per cent of the settlements in the country have been connected with the PradhanMantriGraminSadakYojana. It means that the villagers are now increasingly connecting with markets, schools, hospitals and other facilities.The aspiration of the villagers is increasing; they want socio-economic mobility. The Government on its part is engaged in fulfilling these aspirations. Now, take for example, the recently launched PM-WANI scheme. Under the scheme, a network of public Wi-Fi hotspots will be created across the country. This will lead to a comprehensive expansion of connectivity in villages. I will urge all entrepreneurs to use this opportunity to participate in better connectivity efforts in rural and semi-rural areas.It is certain that villages and small cities will support the growth of the 21st century India. Therefore, entrepreneurs like you should not lose the opportunity of making investment in villages and small towns. The investment that you make will open new doors to our agriculture sector, for the brothers and sisters living in our villages. Friends, India has been steadily working in the last few years to strengthen the agriculture sector of the country. Today, India’s agricultural sector has been more vibrant than ever before. Today, the farmers of India have the option to sell their crops outside the mandis as well. Today, not only the mandis are being modernized in India, the farmers are being given the option to buy and sell crops on digital platforms. The goal of all these efforts is to increase the income of the farmers and they become prosperous. When the farmers of the country prosper, the country will also prosper. I will give you another example of how the agriculture sector was being handled earlier. Friends, Earlier, ethanol was given the preference in our country and it used to be imported, whereas the sugarcane farmers were upset that they could not sell their sugarcane or they did not get the arrears of thousands of crores of rupees in time. We changed this situation.We have promoted the production of ethanol in the country itself. Earlier when sugar or jiggery was made, sometimes the prices of sugar would fall, the farmers did not get the money, sometimes the prices of sugar increased, the consumer suffered, that is, there was no system in place. On the other hand, we used to import petrol for our cars and scooters, which ethanol could also do. Now there is 10 per cent blending of ethanol in petrol in the country. Imagine the change it will bring about. This will not only increase the income of sugarcane farmers, but will also create new employment opportunities. Friends, Today, when I am among the senior industrialists, I would like to say categorically that unfortunately the private sector investment in agriculture in our country did not happen as much as it should have been. This sector was not explored as much by the private sector. We have had the problems of cold storage. The supply chains have been working in a very limited way without the support of the private sector. You have also seen that there is a shortage of fertilizer. You also know how much it is imported. The central government is continuously working to address several such challenges of the agriculture sector. But it requires both your interest and investment. I believe that many agriculture companies are doing a good job, but that is not enough.The less will be the loss to crops and the farmers income will also increase if more support of the modern technology, the modern business techniques are available to the farmers who grow crops, fruits and vegetables and the investment that we make according to their requirements. Today, there is a huge scope for agro-based industries in the rural sector. Whatever the earlier policies may have been, but today’s policies are very conducive to developing a rural agro-based economy. With policy and intentions, the Government is fully committed to the interests of the farmers. Friends, We have to invest energy in finding ways to make agriculture, service, manufacturing and social sectors complement each other. Organizations like FICCI have to be both a bridge and inspiration in this regard. MSMEs have been empowered by the government, you can multiply this strength.We all have to work together with a goal to strengthen the local value and supply chain and how to expand India’s role in the global supply chain. India has market, manpower and also the capability to work in mission mode.Even in this era of pandemic, we have seen how every step of India towards self-sufficiency benefits the whole world. Our pharma sector did not allow the global supply chain to be affected even in difficult times. Now that India is moving ahead in vaccine manufacturing, it will give a protective cover to millions of lives in India, and there is a new hope in many countries of the world. Friends, We are all familiar with one mantra and it is also necessary for our lives. It is said: तन्मे मन: शिवसंकल्प मस्तु, i.e., my mind should have exquisite resolutions. We have to move ahead with this spirit. The country’s goals, resolutions and policies are crystal clear. India’s intentions on reforms, whether it is infrastructure or policy, are firm. Whatever speed breaker came in the form of the epidemic, we are now going beyond that. Now, we all have to work harder than before with new beliefs. We now have to move forward in the new decade with trust and self-confidence. The country will celebrate its 75th years of independence in 2022. FICCI has also played a major role in the country’s march towards growth since the freedom movement. Even 100 years of FICCI are not too far away. At this important stage, you have to further expand and broaden your role of nation building.Your efforts will give momentum to the AtmaNirbhar India campaign. Your efforts will take the mantra of Local for Vocal to the entire world. Finally, I congratulate Dr. SangitaReddyji for her excellent tenure as President. At the same time, I convey my best wishes to UdayShankarji for the future. I thank you all very much for the opportunity to be with you. Thanks!