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According to his office, Prime Minister Narendra Modi met with CEOs of firms from various sectors of the industry on Monday, the second such meeting with industry executives in the run-up to the next year's Union Budget.
"Just as the country aspires to a podium finish at the Olympics, the country also wants to see its industries among the top five in the world in every field, and this is something for which we should all strive together," Prime Minister Modi stated, according to the Prime Minister's Office (PMO).
PM Modi told India Inc that the government will work on decreasing compliance burdens while exhorting top corporations to fully use the production-linked incentive (PLI) program as he solicited input on areas where unnecessary compliances could be abolished.
During pre-budget discussions with corporate executives, the Prime Minister stated that the administration is completely committed to implementing actions to accelerate the country's economic success.
"He stated that the business sector should spend more in areas like agriculture and food processing, and he discussed the shift in emphasis toward natural farming." "He emphasized the administration's policy continuity and stated that the government is firmly committed to taking actions that would give momentum to the country's economic success," PM Modi said, according to a PMO statement.
Industry representatives provided input to the Prime Minister and praised him for his confidence in the private sector. "They expressed commitment to contribute to the Prime Minister's Aatmanirbhar Bharat vision and complimented many government initiatives such as PM GatiShakti, IBC, and others," the PMO statement continued.
They also discussed initiatives that may be made to improve the ease of doing business in the nation, as well as India's promises at COP26 and how industries might help achieve the defined goals.
This was one of several engagements hosted by Prime Minister Modi before the budget to solicit comments and recommendations from the commercial sector. He met with key private equity and venture capital players last week to solicit advice on how to make India a more appealing investment destination.
Nirmala Sitharaman, the Finance Minister, will announce the Union Budget on February 1, 2022, for the fiscal year that begins on April 1, 2022.
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