CII Annual Session 2021: PM Modi talks about economic recovery, FDI and more, check key takeaways
Exuding confidence in Indian Inc, Prime Minister Narendra Modi said that the government stands by industry.
New Delhi: Prime Minister Narendra Modi on Wednesday (August 11) said that the Indian economy is picking pace again, instilling his confidence in the country's rapid economic recovery from the pandemic-driven downturn.
Speaking at the industry chamber CII Annual Session 2021 via video conferencing, Modi ensured the government’s support to the industry. Here are key takeaways from his speech:
Government stands by industry
![Government stands by industry Government stands by industry](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959615-untitled-design-12.jpg)
India is creating unicorns at a rapid pace
![India is creating unicorns at a rapid pace India is creating unicorns at a rapid pace](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959614-untitled-design-13.jpg)
The PM pointed out that the number of unicorn startups in our country is increasing at a rapid pace, signalling how the startup ecosystem has matured in the past few months.
"Several unicorns are becoming the image of the nation... 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India. Out of these 60, 21 have been developed in the last few months," Modi said. For those uninitiated, a unicorn is a privately owned startup company valued at over $1 billion.
Image credits: Istock
India is receiving record FDIs
![India is receiving record FDIs India is receiving record FDIs](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959613-untitled-design-14.jpg)
Ease of doing business ranking improving rapidly
![Ease of doing business ranking improving rapidly Ease of doing business ranking improving rapidly](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959611-untitled-design-15.jpg)
During his speech, PM Modi reiterated that India’s ranking in ease of doing business is improving rapidly. "The New India is ready and committed to growing with the new world. India, which was once apprehensive of foreign investment, is today welcoming all types of investments. India is taking major leaps in ease of doing business ranking today," he added.
Indians are believing in Made in India
![Indians are believing in Made in India Indians are believing in Made in India](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959610-untitled-design-17.jpg)
Prime Minister Modi said that Indians today have faith in products that are `Made in India.’ Notably, the PM had launched the Make in India scheme in 2014 to promote domestic manufacturing to lower imports from nations like China.
"It is not necessary for it to be an Indian company, but every Indian now wants to use products that are made in India. The nation has made up its mind," PM said.
Forex reserve is at an all-time high
![Forex reserve is at an all-time high Forex reserve is at an all-time high](https://english.cdn.zeenews.com/sites/default/files/2021/08/11/959609-untitled-design-16.jpg)