Prime Minister Narendra Modi on Saturday delivered the keynote address at ASSOCHAM Foundation Week 2020 and also presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the TATA Group.
While addressing the gathering at the ASSOCHAM Foundation Week 2020, PM Narendra Modi commended the business community for their contribution to nation-building. He said now the industry has complete freedom to touch the sky. He also urged them to take full advantage of it, put their full strength in the coming years for a self-reliant India.
The Prime Minister said the country today is with Enterprise and Wealth Creators giving opportunities to crores of youth. The Government is continuing efforts to build an efficient and friendly Ecosystem.
He urged the industry to ensure that its benefits reach the last mile by bringing reforms within the industry like more inclusion of women and young talent, adopting the best practices of the world as soon as possible, corporate governance, and profit-sharing.
The Prime Minister said even during the pandemic when the whole world is troubled for investment, record FDI and PFI have come to India as the world trusts the Indian economy now. He gave a call for the industry to increase the domestic investment drastically in line with the increased confidence of the world.
He lamented the poor investment in Research & Development by Indian Industry, comparing with America where 70 percent of the investment in R&D is from the private sector.
He asked the Indian industry to increase their investments in R&D especially in sectors like agriculture, defense, space, energy, construction, pharma, and transport sector. He further said in every sector, all the companies should earmark a certain amount for R&D.