Prime Minister Narendra Modi Saturday asked industry to be the change it wants to see in the government and society by bringing about transparency and hand hold young entrepreneurs, women and smaller businesses.
"Industry must be purpose-oriented and not only profit-centric. You must strive to bring within yourself the spirit of inclusion, hand-holding and transparency that you expect from the government and the society,” Modi said in his keynote address at industry body Assocham’s foundation week celebrations.
Hailing their efforts during the Covid-19 pandemic, especially in the pharmaceutical sector, which helped India become the “pharmacy of the world” the Prime Minister asked industry to increase investment in research and development in sectors including agriculture, defence, energy, construction, information technology and pharmaceuticals to achieve the goal of self-reliance as soon as possible.
“In countries like the USA, about 70% investment in research and development is made by the private sector but in India, it is the government which spends the most on R&D and the private sector’s contribution is minimal,” he said asking them to set aside a definite amount for such a purpose.
Our challenge is not only self-reliance but how soon we achieve that, the prime minister said adding the world is now positive about India’s growth story and moved on from “why invest in India to why not invest in India”.
The government has been continuously making efforts to reform old laws, taxation system, labour laws and removing red tape. The industry, he said, also needs to plan and act in order to make India the leader when the world is moving towards the fourth industrial revolution.
The prime minister said that the next 27 years are critical for industry when they have to work with their fullest capacity and dedication to see a new India when it celebrates its 100th year of independence in 2047.
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