Government approaches India Inc in its effort for a $ 5 billion economy and promises reforms

MUMBAI: The message of the three main ministers of the Union, Amit Shah, Nirmala Sitharaman and Piyush Goyal, to India Inc was clear: tell us your problems and we will solve them while we are driving the reforms.

Since this was perhaps the first time a high-powered team from the Modi government was talking about the economy amid a slowdown, India Inc attended the Corporate Times Magazine Awards on Saturday. Union Interior Minister Amit Shah said at the meeting: You represent 60% of India's GDP. Without your support, the dream of a $ 5 billion economy cannot be achieved. The great weapons of India Inc in the awards function included Mukesh Ambani, N Chandrasekaran, Kumar Mangalam Birla , Sunil Mittal Rahul Bajaj Uday Kotak and Anil Agarwal.

According to Shah, the government had undertaken a detoxification of the economy in the past five years, and the next five will see a series of reforms that would make India one of the most powerful economies in the world. Noting the measures taken by the Center to make India an economy of 5 billion dollars, Shah said a series of labor reforms are in sight. As for the ease of doing business, he said that India rose to 77th place this year from 142 in 2014. And by 2024, it would be in the 30s, Shah added.

Highlighting 10 of the 36 steps that the government had taken to revive the economy, Finance Minister Nirmala Sitharaman said that the measure to reduce the corporate tax rate to 25% has boosted India's efforts to attract companies that They leave China. She said 12 of those companies have transmitted what it would take for them to move to India.

In welcoming the guests, the managing director of the Times Group, Vineet Jain, said: “In general, there is no doubt that the government has implemented many key structural reforms in the recent past. We expect more steps in the areas of infrastructure, ease of doing business, health and education. ”

The Minister of Commerce and Railways of the Union, Piyush Goyal, appealed to Mumbai's entrepreneurial spirit, saying: The buzzword across the country is that Mumbai dares to dream. Quoting the legendary value investor Warren Buffett, he added: Let's not talk about ourselves in a recession and lose the 'mojo'. ” Goyal said he had met with businessmen and asked them to identify the stress points they face, either with the central or state government or even with local agencies.

Accepting the Commercial Leader of the Year award, Sanjiv Mehta, president of Hindustan Unilever, said: “We have shown that India is one of the most fertile destinations for investments. But most people try Hindustan Unilever As a local company And the reasons are very simple. Our thoughts are Indian, we innovate for India, our hearts beat for India and we align ourselves with the national agenda. ” He highlighted the company's participation in Swachh Bharat Abhiyan, working in more than 5,000 villages, democratizing water management, providing a sense of dignity to many slums and supporting women.

The subway man E Sreedharan, who first appeared in the 1990s for executing the 760 km Konkan Railroad project through one of the most difficult terrain, said such massive infrastructure projects cannot be carried out by a single individual. “There is a team behind him. Therefore, with all humility, I wish to accept this award (Lifetime Achievement) on behalf of a large number of my colleagues, contractors and suppliers who helped me in these two (projects), said Sreedharan.

Upon accepting the Business Reformer of the Year award, Devendra Fadnavis said: “When this award was announced, I was a chief minister. But by the time I receive this award, I am ready to be the leader of the opposition. He added: But let me assure you, whether that paper or this paper, I will continue doing what I have. been doing for the past five years to improve the business environment, to make infrastructure happen in Mumbai and Maharashtra .”