During the pre-budget deliberations with corporate leaders, PM Modi assured Indian companies that the government would focus on reducing the compliance burden while exhorting the top companies to make full use of the production-linked incentive (PLI) scheme.
According to the PM, the government is fully committed to taking initiatives with the view of giving a boost to the economic progress of the country.
Stressing on the inherent strength of the country, displayed during the battle against COVID-19, the PM said that India needs to see its industries among the top five in the world in every sector, and this is something for which we should collectively work towards.
He thanked the industry leaders for their input and suggestions, and exhorted them to make full use of policies like PLI incentives. The government has come up with the PLI scheme to spur manufacturing in various sectors and also promote exports. The Prime Minister said the corporate sector should invest more in areas like agriculture and food processing, and talked about the shifting focus on natural farming.
He also spoke about the focus of the government towards reducing the compliance burden and sought suggestions on areas where undue compliance needs to be removed.
The industry representatives gave their feedback to the prime minister and also expressed their commitment towards contributing to the Aatmanirbhar Bharat vision of the PM. Heads of corporates also spoke about steps that can be taken to further boost the ease of doing business in the country. They also talked about India’s commitments at COP26 and how the industry could contribute towards achieving the goals outlined.
Sanjeev Puri of ITC gave suggestions to further boost the food processing industry. This is one of the many interactions being conducted by the Prime Minister ahead of the budget to receive inputs and suggestions from the private sector. The Finance minister is due to present on February 1 the budget for the next fiscal year that starts on April 1, 2022.