Vice President urges private sector to play a more proactive role in providing a huge thrust to infrastructure growth

Vice President’s Secretariat

Posted On:
05 MAR 2022 8:37PM by PIB Delhi

The Vice President, Shri M. Venkaiah Naidu today called upon the private sector to play a bigger and more pro-active role in providing a huge thrust to infrastructure growth and boosting the economy.

Shri Naidu said, “While the Union Government has taken a number of steps to revive the economy and create an investor-friendly climate, the industry must rise to the occasion, seize opportunities, promote competitiveness, innovation and strive for wealth creation and employment generation.”   

Addressing the members of the Hyderabad Chapter of CEO Clubs India, the Vice President observed that with the coordination and cooperation between industry, government and academia, India has the potential to emerge as a global hub in a number of areas, including manufacturing and digital services. Noting that India is at a crucial juncture in regaining its growth, the Vice President said, “This is the time for all stakeholders to join hands to ensure a sustained economic momentum.”

Shri Naidu said that with India continuing to be among the countries with the fastest-growing economies, the GDP growth rate is projected to be around 9 for FY 2022. He said that the growth was driven by the reforms and well-calibrated measures taken by the government of India. “We can say that the economy has moved into the right trajectory of growth,” he added.

The Vice President said the steep increase in capital expenditure, announced in the recent budget, is expected to attract private investment and generate employment. 

Referring to ‘Pradhan Mantri Gati Shakti Plan’, he said the  seven engines of growth–Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure, seek to develop comprehensive and holistic infrastructure across all sectors in the country. He said that ‘Pradhan Mantri Gati Shakti Plan’, aims to provide multi-modal connectivity to more than 1,200 industrial clusters, develop two defence corridors, improve electricity transmission networks, increase cargo handling capacity at ports as also railways, set up electronics manufacturing clusters and mega food parks. “The plan to construct 11 industrial corridors, set up 38 electronics manufacturing clusters and 109 pharmaceutical clusters will be of immense benefit to the MSME sector,” he added.

Shri Naidu mentioned that the Productivity-Linked Incentive Scheme announced by the government in 14 vital sectors, including textiles, automobiles, pharmaceuticals, medical devices, telecom and electronics, envisages to create over 60 lakh new jobs. “The PLI scheme is expected to give a much-needed boost to manufacturing in the country in tune with the Atma Nirbhar Abhiyan, reduce imports and enhance exports,” he added.

Stressing on the importance of maintaining transparency and accountability in all sectors, The Vice President said, “My appeal to bodies like the CEO clubs is to be at the forefront in promoting corporate ethics and adopting zero tolerance towards corruption.” He stressed that total tax compliance should be the motto of every company.

Citing India’s incessant efforts to promote renewable energies, the Vice President said that India has taken various initiatives, including setting up of the National Solar Mission and playing the leadership role in the International Solar Alliance which is committed to financing solar energy projects around the world. “Renewable energy is an important area for the private sector to chip in and supplement the efforts of the government,” he added.

Noting the important role of Start-ups and unicorns in India’s economic growth, Shri Naidu said that at present India has emerged as the 3rd largest ecosystem for start-ups globally with the presence of over 63,100 in the country. “As of last month, India is home to 88 unicorns with a total valuation of $ 295.99 Bn,” he added. The Vice President said that Hyderabad, which is globally known for its IT, Pharma and biotech sectors, has emerged as an attractive investment destination. “It occupies a special place in my heart and I would like to see it grow as an important unicorn hub as well,” he added.

Shri Naidu observed that India is poised to be a major knowledge economy and this reflects in the startup ecosystem too. “There is a healthy trend in Indian entrepreneurship of valuing intellectual property and excellence as much as funding and revenue. This is going to be sustainable in the long run”, he said. He also observed that Indian values such as the joint family system is behind the success of many entrepreneurs in India.

The Vice President appealed to corporate firms to step up their CSR activities to help the marginalized and needy people, particularly in the education and health sectors.

Referring to India’s demographic advantage, Shri Naidu said that there was a need to impart appropriate education and skills to youth to fully harness their potential and ensure that they productively contribute towards nation-building. “By creating a skilled workforce, India has the unique opportunity to not only fulfill the domestic demand but also meet the requirements of other countries.” he added.

Referring to the three-word mantra of reform, perform and transform given by Prime Minister, Shri Narendra Modi, he said the Prime Minister is leading from the front in pushing reforms to transform the lives of the people and the country.“Let us all be partners in this transformative process and strive for building Atma Nirbhar Bharat. Let us build a strong, stable, peaceful and prosperous India where there will be no poverty, illiteracy, gender and social discrimination”, Shri Naidu added.

Shri Kali Prasad Gadiraju, President, CEO Clubs, Dr Krishna Ella, Founder & Chairman of Bharat Biotech, Smt. Suchitra Ella, Co-Founder and Joint Managing Director, CEO Clubs, Hyderabad, Dr K.L. Narayana, Chairman & Managing Director, Trendset Builders Pvt. Ltd. and others were present during the event.

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MS/RK

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