Indian Prime Minister Narendra Modi on Thursday urged industry to take bold decisions on investment ditching a "conservative approach" due to the pandemic.
Modi also said the era of "command and control" is now gone and the Indian economy is in a "plug and play" mode.
Addressing business leaders at the annual plenary session of the Indian Chamber of Commerce, Prime Minister Modi said, "It is not time for a conservative approach. It is time for bold decisions and bold investments. Industry must work on a globally competitive domestic supply chain. Industry needs to help stakeholders in the supply chain and handhold them in the value chain".
Modi told the captains of industry that the country is fighting multiple challenges along with COVID-19, including floods, a locust attack, and earthquakes. He said the country has to turn this crisis into an opportunity to make India self-sufficient and to reduce its dependence on imports.
“India’s goal of self-reliance has been paramount in the policy and practice of the country. The COVID-19 crisis gave us lessons on how to speed up efforts in that direction", he stated in a virtual address to members of the Chamber in Kolkata.
India went into lockdown mode starting midnight on 24 March and the lockdown was partially lifted on 1 June in a bid to mitigate the spread of COVID-19. But the viral infection tally has climbed to close to 300,000, with over 8,000 deaths.