FICCI welcomes PM Modi's effort to rejuvenate private sector

New Delhi : Prime Minister Narendra Modi's assurance of working closely with industrialists will rejuvenate the private sector, the Federation of Indian Chambers of Commerce and Industry (FICCI) said on Monday.

The statement came after Prime Minister Modi acknowledged the contribution of industries in national growth, while refusing to accept ill-treatment of industrialists.

"Along with the assurance to work closely with the industry, the Prime Minister's strong message to the industrialists opting for illegal means to harm the nation and its economy that they will not be spared, will certainly help in removing any negative opinion in the public against industry in general, and will rejuvenate the private sector," said FICCI President Rashesh Shah.

"Prime Minister Narendra Modi's encouragement to the industry and his efforts to resolve industry's problems has indeed helped in the revival of animal spirits in the economy already, and his statement in Uttar Pradesh will further boost industry's sentiments," he added.

Shah further noted that without reviving the industry's confidence to invest, it will be difficult to surpass eight percent growth in the coming years in a sustained manner.

"By reminding that the nation is proud of its industrialists, Prime Minster Modi has strengthened industry's resolve to actively participate in the revival of the economy," he added.

He also stressed that, on its part, the private sector too has to work to strengthen public confidence in its capacity to take the country to a higher growth path.

Prime Minister Modi, while speaking at a launch of 81 projects worth Rs. 60,000 crore at a ceremony in Lucknow on Saturday, said that he "was not afraid" of standing with the industrialists as his intentions are "clear".

"There are people who don't want to get themselves photographed with any industrialist but there is hardly any who didn't meet them on the sly. Mahatma Gandhi never hesitated in meeting businessman Birla. There is no problem in meeting anyone as long as the intentions are clear. I am not the kind who is scared of being seen with industrialists. There are those who don't want to meet them in public, but only behind curtains," the Prime Minister said.