Modi calls for more investment in Research and Development
Prime Minister Narendra Modi has called for more investment in Research and Development. Delivering the keynote address virtually at ASSOCHAM Foundation Week 2020 today, the Prime Minister asked the Indian industry to increase their investments in Research and Development especially in sectors like agriculture, defence, space, energy, construction, pharma and transport.
Mr Modi also urged all the companies to earmark a certain amount for Research and Development in every sector. He said, the world is moving rapidly towards the fourth industrial revolution. He said, challenges will come in the form of new technology and many solutions will also come.
The Prime Minister said this is the time to show Capability, Commitment and Courage of Indian industry to the world. He called upon industries and businesses to put all their energies in the coming years to establish a self-reliant India. He said, in 27 years the country will be celebrating its centenary of Independence and what the country is going to deliver in the coming 27 years will not only determine India’s global role, but will also test both the dreams and dedication of Indians.
The Prime Minister said, from corporate governance to profit-sharing, the best policies of the world must be adopted as early as possible and a profit-centric approach should be made purpose-oriented and more integrated with the society.
Mr Modi said, the country stands beside enterprises and wealth-creators that will give India’s youth a lot of opportunities. He said, India’s youth is making its name in innovation and the start-up sector.
The Prime Minister said, the Government is constantly doing reforms to promote manufacturing in India and more than 10 sectors have been brought under production-linked incentive (PLI) scheme. He said, positive results have been witnessed in a very short period. Mr Modi said, the reforms in the country have influenced in changing the sentiment of the industry from ‘Why India’ to ‘Why not India’ in investing.
The Prime Minister said even during the pandemic, when the whole world is troubled for investment, record FDI and FPI have come to India as the world trusts the Indian economy now. He gave a call for the industry to increase the domestic investment drastically in line with the increased confidence of the world.
Mr Modi stressed on the need to have an effective mechanism for how India will meet any sudden demand in the global supply chain. The Prime Minister said, India is also capable of helping the world while meeting its needs.
The Prime Minister said that the Government is engaged in providing broadband connectivity to every village in the country so that the reach of the village farmer is also up to Digitally Global Markets.
On the occasion, the Prime Minister presented the ASSOCHAM Enterprise of the Century Award to Industrialist Ratan Tata, who received the award on behalf of the TATA Group.
The Prime Minister said, for the past 100 years, ASSOCHAM and TATA Group have been involved in improving the economy of the country and the lives of crores of Indians.
ASSOCHAM was established in 1920 by promoter Chambers representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India, ASSOCHAM has emerged as the fountainhead of knowledge for Indian industry.