IGI Logo

Exhibiting India's manufacturing potential, Prime Minister Narendra Modi said on Wednesday that Indians today have faith in products that are 'Made in India'.

Speaking at the CII annual conclave, Modi said that faster progress in the country and changing mindsets of the people have enabled greater confidence of Indians on products made in the country.

According to the Prime Minister, several steps taken by the Central government have led to record FDI inflows into India.

"We're also creating new records in FPI, while our forex reserve is at an all-time high," Modi said.

Besides, the Prime Minister said that startups are also showing more self-confidence now.

"Several unicorns are becoming the image of the nation... 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India. Out of these 60, 21 have been developed in the last few months," Modi said.

A unicorn is a privately held startup company valued at over $1 billion.

The Prime Minister also said that the reforms underatken by the Centre weren't easy as they were warranted for decades.

"However, these decisions were never taken before. We took some bold decisions, and continued making new reforms even during the pandemic. The country has stood with these reforms," he said.

For instance, he cited that commercial coal mining has started, while new reforms have been undertaken in the defence sector.

Modi also pointed out that the space and atomic sectors have been opened up for the private sector, among other measures.

"There's a government in place that can take the boldest decisions keeping the nation in mind, not thinking about political benefits," he said.

"GST wasn't implemented by the previous government because of its political risk. We did not just implement it, we're also witnessing record collections now," Modi added.

Besides, he also referred to the initiatives taken during the Parliament session such as the Factoring Regulation Amendment Bill, which will help small businessmen get credit.

Furthermore, he talked about the Deposit Insurance and Credit Guarantee Corporation Amendment Bill, which will protect the interests of the small depositors. Such measures will give boost to the government's efforts, he said.

The Prime Minister further said that by rectifying the mistakes of the past, the government has removed the 'Retrospective Taxation'.

In addition, he said the initiative will strengthen the trust between the Centre and the industry.