PM Modi’s Address: Manufacturing Revival, GST 2.0, Domestic Consumption in Focus | Business News - video Dailymotion

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00:00you know, if you compare it to the other economies across the world, whether it's

00:03peers or our Western counterparts, Indian economy has remained resilient in any kind of shocks that

00:09the world has perhaps seen. And that is also being expressed by investors. That's also

00:14expressed by companies who continue to invest in India. We'll come to that point in just a bit.

00:19But let me also welcome on the broadcast, Mr. Enar Banu Murthy. Mr. Enar Banu Murthy is the

00:23director of IAM Rotak. Sir, I'll have to come to you in just a bit. But let's also give an

00:28opportunity for Mr. Banu Murthy to also express his thoughts on the Prime Minister's speech.

00:32Mr. Banu Murthy, go ahead. This was a strong pitch that was made by the Prime Minister as far as

00:36manufacturing in India is concerned, domestic consumption is concerned. And not just that,

00:41he stated that we need to make for the world. He also spoke about the quality of Indian products

00:46that needs to be kept intact so that we can sell our products globally. Your first thoughts on

00:50the Prime Minister's address today. Well, this is an important message that the Honourable

00:56Prime Minister is making on the year of the festival season, especially that, you know,

01:02when there's so many reforms I've been undertaking in the past three, four years.

01:06And GST 2.0 is definitely a major reform. It was working in progress for some time.

01:14And this is the right time. I think the government has come up with this reform,

01:19especially when the globalization has almost broken due to various policies by the adverse

01:28countries. And I think the Honourable Prime Minister is making a pitch for Indian,

01:34revival of the Indian manufacturing sector. And we have also seen a lot of action on other front as

01:43well, especially factory market reforms. And I'm sure going forward, we'll be seeing many more

01:49changes in the factory market. And the whole, I think all these issues are coming up because of,

01:58you know, the kind of retreat that we had as part of the globalization. And what we have seen with

02:07the H-1B two days ago, I think is going to put more pressure on Indian labor market. And there's

02:15only one way that we can address this Indian labor market issue by addressing some of the constraints

02:20that Indian manufacturing sector is facing. So it is part of the many, many reforms that have been

02:26undertaken. And I'm sure this will help in a big way to revive the Indian manufacturing sector.

02:32Right. Right. Mr. Banu Murthy, you spoke of very pertinent points, but what more the government do?

02:41What kind of reforms the government must undertake after this exercise to tackle some of the challenges

02:46that the country is currently facing or will face as a result of the global geopolitical shift that's

02:51happening? We do understand that the government is looking at giving a boost to domestic consumption.

02:56We've seen the government consistently increase capex in budgets over the past couple of years.

03:01What more do you expect the government to do in terms of giving a push to ensure that the country can

03:08become a vixit Bharat by 2047? Yeah, you rightly pointed about domestic consumption. I think what is

03:15important is also to really focus more on the domestic production. And GST will help in domestic

03:22consumption. But I think, as I said, factor market reforms are a major area where we need to focus,

03:30particularly land markets as well as labor markets. And recently, I think the central government also

03:36came up with incentives for addressing the land issues. I do hope the labor issues also will be

03:44started going forward. And the Honorable Prime Minister spoke about the MSME sector. And again,

03:50this is one area we can focus more in terms of providing more incentives to help protect the MSME sector,

04:00because that is the backbone for Indian manufacturing sector. And similarly, we have seen some action on the

04:08boundary policy side. And there are many other areas where, you know, if you've heard the Prime Minister's speech

04:18during Independence Day, that we'll have something to, a committee to address, you know, the pending reforms.

04:28And I hope that will be coming soon, so that we address all those structural bottlenecks that we're having.

04:36So ultimately, we need to see structural transformation, where the care of manufacturing sector goes to 25%.

04:43So let's do that.

04:57So let's do that.

05:02So let's see.

PM Modi’s Address: Manufacturing Revival, GST 2.0, Domestic Consumption in Focus | Business News

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