Economy picking up pace, industry needs to increase risk-taking appetite: PM Modi

Prime Minister Narendra Modi on Wednesday said that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite.

He also said that taking reforms is a matter of conviction for the government, which is ready to take all risks in the national interest.

"We have taken bold decisions. Reforms continued even during pandemic. The government is doing reforms not out of compulsion but out of conviction," he said while addressing the CII's annual meeting.

Assuring all support to the industry, PM Modi said that India is receiving record foreign direct investment (FDI) because of reforms done in the last few years.

He added that now Indians want Made in India goods irrespective of the origin of the company that is producing the goods.

On the growth of startups in the country, he said India now has 60 unicorns, 21 of them reaching that status in the last few months.

Prime Minister Narendra Modi also said today that his government’s move of amending Income Tax Act is likely going to boost confidence of investors.

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"We undid a mistake of the past by removing retrospective tax. It will increase trust between the government and the industry," PM Modi said in his online speech at Confederation of Indian Industry (CII) Annual Meeting 2021.

Earlier this week, the Centre passed the retro tax rollback bill in the Parliament that allows the government to withdraw all the tax demands made on asset transfers prior to May 28, 2012, and refund the money collected on this count without any interest, provided the parties concerned take back all their tax cases against the government.

(Disclaimer: Additional background information has been added to this PTI copy for context)