CII Annual Session 2021: PM Modi talks about economic recovery, FDI and more, check key takeaways

Exuding confidence in Indian Inc, Prime Minister Narendra Modi said that the government stands by industry. “We have taken bold decisions, reforms continued even during the pandemic,” he said. 

The PM pointed out that the number of unicorn startups in our country is increasing at a rapid pace, signalling how the startup ecosystem has matured in the past few months. 

"Several unicorns are becoming the image of the nation... 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India. Out of these 60, 21 have been developed in the last few months," Modi said. For those uninitiated, a unicorn is a privately owned startup company valued at over $1 billion.

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PM Modi also noted that India is currently receiving record FDIs. He cited the recent reforms in the last few years as the reason behind the surge in foreign investments in India. 

During his speech, PM Modi reiterated that India’s ranking in ease of doing business is improving rapidly. "The New India is ready and committed to growing with the new world. India, which was once apprehensive of foreign investment, is today welcoming all types of investments. India is taking major leaps in ease of doing business ranking today," he added.

Prime Minister Modi said that Indians today have faith in products that are `Made in India.’ Notably, the PM had launched the Make in India scheme in 2014 to promote domestic manufacturing to lower imports from nations like China. 

"It is not necessary for it to be an Indian company, but every Indian now wants to use products that are made in India. The nation has made up its mind," PM said.

He also pointed out that India’s forex reserves are currently at an all-time high. "Today, India is receiving record FDIs. FPI investment is also making new records due to several efforts of the government. Today, the country's forex reserve is on an all-time high," said Modi. 

In the past few years, the government has taken several key steps to promote ease of doing business in India. Modi highlighted that the government is doing reforms not out of compulsion but out of conviction.