Time to change size and scale of Indian industry: Shah

The PHD Chamber of Commerce and Industry (PHDCCI) will have to create an ecosystem so that youths, women and MSMEs can get maximum benefits from the policies of the government, he said.

Home Minister Amit Shah said on Friday that the time has come to change both the size and scale of the Indian industry and the need of the hour is that companies should go multinational.

Addressing the 118th annual session of the PHD Chamber of Commerce and Industry (PHDCCI), he said the network of small industries along with big industries will have to be strengthened, and the chamber will have to come forward strongly to provide guidance and infrastructure in this.

The chamber will have to create an ecosystem so that youths, women and MSMEs can get maximum benefits from the policies of the government, he said.

Shah said the PHDCCI has a decisive role in taking the country's industries to new heights in the Amrit Kaal of the next 25 years, i.e., the period between the 75th anniversary of Independence and the centenary.

He said the biggest achievement in these 75 years has been that India as a country has succeeded in deepening the roots of democracy, adding the country has shown the world that governance in terms of policy is a continuous process.

Shah said that according to the principle of 'Vasudhaiva Kutumbakam', India is leading the world in solving global problems across all sectors.

Now the world is looking towards India in all areas including fight against terrorism, solar alliance, green energy etc. and many of our initiatives are guiding the world today, he said.

Shah said Prime Minister Narendra Modi has worked with a vision to lay a strong foundation for India in all areas affecting the world economy for the coming 25 years.

'The time has come to change both the size and scale of the Indian industry, and the Chamber of Commerce should think in the direction of this initiative. Our companies will have to work towards becoming multinational, and now the need of the hour is for Indian companies to become multinational,' he said.

Shah said India has secured its place in all the sectors like green hydrogen, semiconductors, electric vehicles, solar energy, defence, drones, space, mining and green fuel ethanol, which are going to impact the world economy for the next 25 years.

Citing the pole position that India has attained in the production of pulses, milk, jute production, and railway engines. the Home Minister said we will have to increase investment in research and development.

'Apart from this, today we are in second place in the world in mobile handset production, cement, steel and cotton production, and we have also reached second place in tea production. We have reached the third position in startups and motor vehicles. This shows that if we decide, we deliver,' he said.

The last nine years have witnessed decisive policies, political stability, democracy and teamwork in the federal structure that led the country out of the 'policy paralysis' which was prevalent during 2004-14, Shah said.

The period 2004-14 'shook the country', which was also the 'last period' of political instability, while the last nine years have seen the result of performance, he said.

'The last nine years have been that of political stability and decisive policy-making... our GDP has grown from USD 2.03 trillion to USD 3.75 trillion during the period, which is almost double. Per capita income has grown from Rs 68,000 in 2013-14... to Rs 1.80 lakh,' he said.

Shah said Modi has tried to change India in every field in the last nine years and has also been successful.

After the G20 meeting in India, a new energy has been infused not only in trade and industry but across every sector in the country, he said.

He said the success of G20, Chandrayaan, Mission Aditya and 33 per cent reservation for women in Lok Sabha and state assemblies have infused new energy in the entire nation.

The home minister said trade and industries are the centre of the country's economy, where the economy gets energy.

'Due to the changes brought about by policies, today 'India's Moment' is talked about everywhere, and India is known as a vibrant spot all over the world,' he said.

Shah said whenever a company wants to shift base around the world, India emerges as the bright spot to relocate.

'Our country is the youngest, and we also have the largest number of engineers, doctors and technocrats. There is democracy here, there is teamwork, and the policy formulation is also clear under the leadership of Modi ji. Therefore, now no one can stop India from establishing itself at the first place in every field in the Amrit Kaal,' he said.

The home minister said the Production Linked Incentive (PLI) scheme has fulfilled the dream of Make in India in 14 sectors within the country.

He said that because of the new education policy brought by the Modi government, India is going to become the best destination in the world for students in the next 10 years.

Shah said that we live in a federal structure, and unless the concept of Team India is followed, comprehensive development of this country is not possible.

Modi has promoted the concept of Team India, and the Union government has increased the allocation to the states from Rs. 30 lakh crore, during 2004 to 2014, to Rs. 100 lakh crore in the nine years from 2014 to 2023, he said.

'Every farmer of the country and every small and big industry together form Team India, and only then will we be able to reach our goal in 2047. He said that today, Amrit Kaal is beginning; it is time to take a resolution and make a road map for Sankalp Se Siddhi; that is why this is the time, the right time,' he said.