PM Modi urges industry to focus on R&D, raise investment

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Narendra Modi

New Delhi: Calling on the Indian industry to make more efforts towards making India self-reliant, Prime Minister Narendra Modi on Saturday urged the country’s private sector to contribute more towards research and development (R&D) and come up with more investments.

Speaking at an ASSOCHAM event virtually, Modi said that in order to achieve the goal of ‘Atmanirbhar Bharat’ or self-reliant India, manufacturing should be given special focus.

“We are coming up with continuous reforms to enhance manufacturing,” he said.

Citing, the high inflow of foreign institutional investments along with other global investments, into India amid the pandemic, the Prime Minister said that the approach of foreign investors and industry has changed and those who questioned the need for investing in India earlier, saying “why India” now want to invest in India and their perception has changed to “why not India”.

He noted that at a time when the world is moving fast towards the fourth industrial revolution, new technologies will bring both challenges and their solutions.

Modi also stressed on the need for adopting the best practices by the Indian industry in terms of corporate governance and profit sharing.

On the agriculture sector, especially at a time, when farmers in north India are agitated over recent reform bills, Modi urged the industry and ASSOCHAM to promote Indian farm products globally.

He also said that that recent farm reforms have started yielding benefits.

During the event, the Prime Minister presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, the Chairman Emeritus of Tata Sons.