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PM Modi's address at 95th ICC session: PM says it is time to prepare globally competitive domestic supply chain

The Prime Minister began his address by highlighting that besides fighting coronavirus pandemic, India has other issues as well including flood, locusts, hailstorm, fire in an oil well, small earthquakes and two cyclones

Jun 11, 2020 12:41 IST
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Prime Minister Narendra Modi delivered the inaugural address at the 95th annual plenary session of Indian Chamber of Commerce (ICC) on June 11, 2020 through video conferencing. 

The Prime Minister began his address by highlighting that besides fighting coronavirus pandemic, India has other issues as well including flood, locusts, hailstorm, fire in an oil well, small earthquakes and two cyclones and we are fighting all these together. 

PM Modi stressed that every citizen of this country has resolved to turn this crisis into an opportunity. He urged that we have to make this a major turning point for this nation. "What is that turning point? A self-reliant India," PM Narendra Modi reiterated.

Take Economy out of 'Command and Control'

PM Modi emphasised that we have to take the Indian economy out of 'command and control' and towards 'plug and play'. He stated that this isn't the time for a conservative approach, but a time for bold decisions and bold investments. He said that it is time to prepare a domestic supply chain that is globally competitive.

The Prime Minister urged that India has to revive the historical excellence of West Bengal in manufacturing sector and take inspiration from the popular saying, "What Bengal thinks today, India thinks tomorrow" and move forward together.

Background

The Prime Minister had earlier on June 2, participated in the annual general meeting of Confederation of Indian Industry (CII) through video conference.

Addressing the 125th Annual Session of CII, the Prime Minister had said that the world is looking for a trusted and reliable partner and India has the potential, strength and ability. He emphasised that India should take advantage of this trust developed towards it. 

PM Modi also stressed that getting growth back is not that difficult, the biggest thing is that the Indian industries have a clear path of self reliance. 

Indian Chamber Commerce 

The Indian Chamber of Commerce (ICC) was founded in 1925. It is the leading and only National Chamber of Commerce having  headquarters in Kolkata.

The ICC is one of the most pro-active and forward-looking Chambers in the country today. The main focus of the body is on economic research and policy issues. 

The chamber regularly undertakes surveys on macro-economic studies and prepares state investment climate reports and provides all the required policy inputs and budget recommendations to the centre and state governments.