PM Narendra Modi's assurance of working closely with industry will rejuvenate private sector: Rashesh Shah, President, FICCI

Jul 30, 2018

 

The Industry must do its bit now to re-affirm its capacity to take the country to higher growth path

 

NEW DELHI, JULY 29, 2018: FICCI welcomes Prime Minister Narendra Modi's recognition of the contribution of industry and industrialists in national growth and also his strong refusal to accept any ill-treatment to the industrialists just because a few of them have indulged in illegal activities.

 

"Along with the assurance to work closely with the industry, the Prime Minister�s strong message to the industrialists opting for illegal means to harm the nation and its economy that they will not be spared, will certainly help in removing any negative opinion in the public against industry in general, and will rejuvenate the private sector" said Mr. Rashesh Shah, President, FICCI.

 

"Prime Minister Narendra Modi's encouragement to the industry and his efforts to resolve industry�s problems has indeed helped in the revival of animal spirits in the economy already, and his statement in UP today will further boost industry�s sentiments," Mr. Shah added.

 

Without reviving the industry's confidence to invest, it will be difficult to attain 8% plus growth in coming years in a sustained manner, and by reminding that the nation is proud of its industrialists, Prime Minster Modi has strengthened industry's resolve to actively participate in the revival of the economy, said Mr. Shah.

 

"While there should be no leniency in dealing with the erring industrialists, the pre-dominant approach of the industrialists has always been to take a lead in nation-building. Reforms like, IBC, RERA and GST, have shown that the government is keen to help industry in this objective," he said.

 

Mr. Shah also stressed that, on its part, the private sector too has to work wholeheartedly to strengthen public confidence in its capacity to take the country to a higher growth path.