Prime minister Narendra Modi on Saturday indicated that the controversial farm laws would not be repealed, saying farmers have started getting benefits of agricultural reforms.
Addressing an Assocham event, Modi said the country has made up its mind to embrace the changes in various rules and regulations being made by his government to meet the goal of Atmanirbhar Bharat (self-reliant India).
“Agricultural reforms that we undertook six months back have started benefiting farmers,” he emphasised. Modi said his government has repealed more than 1500 archaic laws and is continuously making efforts to frame new legislations.
“The country has made up its mind, the country is committed to changes in rules and regulations that the government is making to achieve the dream of Atmanirbhar Bharat,” he said.
He asked the industry to help farmers sell their produce in the global markets.
To put forth his point, he said people start eating and the country starts importing those products about which some studies say that they are rich in proteins. “Without us realising, foreign edible products make entry into our platter. On the other hand, our own farmers have very many produce which are rich in proteins,” he said.
He named organic farming and herbal products to cite some examples. He exhorted industry to provide a global platform for these produce and products.
The prime minister said the country played its role of global pharmacy quite well during these times by providing medicines. Now, it will not only meet the domestic demand but also the requirements of other countries for vaccines to fight Covid-19.
He said while foreign investors earlier used to say “why India”, they are now saying “why not India” as his government took a number of steps in reforming the economy, cutting taxes, reducing red tapism etc.
Modi said the government is providing tax concessions to sovereign wealth and pension funds and promoting REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts). Besides, it is monetising assets relating to infrastructure.
Attracted by all these and the government efforts to create a congenial eco system for investments, record inflows of both foreign direct and portfolio investments have come to India in these difficult times while the rest of the world is struggling to get these funds, he said.
However, he regretted that private investments are not coming in research and development in various sectors. While 70 per cent of money in R&D comes from the private sector in the US, the same proportion comes from the public sector in India, he said. He exhorted the industry to invest more in this sphere.