New India believes in market forces, will be the most preferred investment destination: PM Modi
It’s been seven months since
India launched its fight against coronavirus through the first lockdown in
March. What’s your assessment on how we have fared?
I am sure we all agree that
this virus is something unknown, nothing like what has happened earlier in the
past. So, while tackling this new unknown enemy, our response also evolves.
I am no health expert but my
assessment is based on numbers. I think we should assess our coronavirus fight
against the metric of how many lives we are able to save.
Our case-fatality ratio is
among the lowest in the world and the deaths per million is much lower than
what is seen in many developed nations.
-PM Modi
The virus is proving to be
very fickle. At one time, some places like Gujarat were seen as hot spots while
the situation seemed to be under control in Kerala, Karnataka etc. After a few
months, things have improved in Gujarat but turning for the worse in Kerala.
This is why I feel there is no
room for complacency. I stressed the same in my recent message to the nation on
October 20 that the only way forward is to take precautions such as wearing
mask, hand washing and social distancing because ‘Jab tak dawai nahin, tab tak
dhilai nahin.’
But has it broadly panned out
the way you expected, or have you had to improvise and innovate constantly?
We decided to be proactive and
introduce a timely nationwide lockdown. When we introduced a lockdown, the
total number of cases was in a few hundreds, unlike many countries that adopted
a lockdown when the cases were in the thousands. We imposed lockdown at a very
critical point in the pandemic trajectory.
We not only got the broad
timing of various phases of lockdown right, we also got the unlock process
right and much of our economy is also coming back on track. The data for August
and September indicates that.
India followed a preemptive,
proactive, graded, whole-of-government and whole-of-society approach to tackle
the pandemic.
-PM Modi
India has taken a
science-driven approach in response to Covid-19 pandemic in the country. Such
an approach proved beneficial.
Studies now show that this
response helped avoiding a situation which could have led to rapid spread of
the virus with many more deaths. In addition to the timely lockdown, India was
among the first countries to mandate wearing of masks, use a contact-tracing
app and deploy rapid antigen tests.
For a pandemic of this
dimension, it would not have been possible to manage if the country was not
united. The entire country stood together to fight this virus. The Covid
warriors, who are our frontline healthcare workers, knowing well the threat to
their life, fought for this country.
What’s your biggest learning?
One positive learning in the
past few months has been the significance of delivery mechanisms that reach the
last mile. Much of this delivery mechanism was built in the first term of our
government and it has helped us immensely in facing this once-in-a-century
pandemic. I will give just two examples. First, through the Direct Benefit
Transfer regime, we were able to transfer cash straight to the bank accounts of
millions of people almost instantly. This entire infrastructure to enable this
was built in the last six years. Earlier, even in relatively smaller natural
calamities, relief did not reach the poor and there was massive corruption. But
we were able to reach relief on a massive scale to people in a very short time,
without any complaints of corruption. That is the power of technology in
governance. To give a contrast, perhaps you could enlighten your readers on how
India fared during the smallpox epidemic in the 1970s.
And second, the behavioural
change that a billion-plus people had adapted to in such a short span of time —
wearing masks and maintaining social distance — is a world model of public
participation without any coercive enforcement.
Our biggest learning is that a
whole-of-government and whole-of-nation approach can meet any challenge.
-PM Modi
Union and state governments
have been working in a seamless manner as one team, public and private sectors
have come together, all ministries converged to shoulder diverse
responsibilities, and peoples’ participation ensured a united and effective
fight.
What’s your assessment of the
state of spread of Covid-19 in India?
The pro-active measures taken
in the early stages of the virus has helped us prepare our defences against the
pandemic. Though, even one untimely death is extremely painful, for a country
of our size, openness, and connectivity, we have among the lowest Covid-19
mortality rates in the world. Our recovery rate continues to be high and our
active cases are significantly falling. From a peak of almost 97,894 daily
cases in mid-September, we are reporting only around 50,000 new cases in late
October. This has been made possible because entire India came together and
worked as Team India.
Recent trends suggest a
bending of the curve both in active cases and fatalities, raising hopes that
the worst may be behind us. Do you also share this view, based on data
available with the government?
This is a new virus. Countries
which had initially controlled the outbreak are now reporting a resurgence.
The geographical spread of
India, population density, the regular social gatherings must be kept in mind
when we look at these numbers and seek to compare with others. Many of our
states are larger than countries.
Within the country, the impact
is very diverse — there are some areas where it’s minimal, while there are some
states where it’s very focused and persistent. Yet it must be kept in mind that
in a country with more than 700 districts, the impact is seen only in some
districts of a few states.
Our latest numbers of new
cases, mortality rate and total active cases do indicate a lower phase than
some time ago, yet we cannot be complacent. The virus is still out there. It
thrives on our complacency.
I believe we should use this
phase of slowing down of cases not to celebrate, but further strengthen our
resolve, our behaviour and our systems.
-PM Modi
I feel that our response
should be focused on increasing capabilities to handle the situation, make
people more aware, create more facilities etc in keeping with the dictum ‘Hope
for the best but prepare for the worst’.
The Covid-19 pandemic has had
a debilitating impact on the economy, which you have sought to address by
aiming to strike the right balance between lives and livelihood. How successful
do you think the government has been in this endeavour?
It has been more than seven
decades since we got Independence, but still some people have the colonial
hangover that people and governments are two different entities. The perception
that this calamity has fallen on the government emanates from this mindset. The
pandemic has affected 130 crore people and both the government and the
citizenry are working together to combat it.
Since the time Covid-19
started, it was frightening to witness scores of people dying in various
countries all over the world. Their health systems were crumbling under the
sudden load of patients. Both old and young were dying indiscriminately. At
that point, our aim was to avoid a similar situation in India and to save
lives. This virus was like an unknown enemy. It was unprecedented.
When one is fighting an
invisible enemy, it takes time to understand it and evolve an effective
strategy to counter it. We had to reach out to 130 crore Indians and make them
aware of the dangers we are facing from the virus and the manner in which we
could save ourselves and our family members.
It was a very challenging
task. It was important to awaken Jan Chetna. Awakening of Jan Chetna becomes
possible only through Jan Bhagidari. Through Janata curfew, signifying the
collective national resolve by banging of thaalis or by coming together by
lighting lamps, we used Jan Bhagidari to bring all Indians on one platform.
This is an incredible example of mass awareness in a short span of time.
And what was the economic
strategy?
Saving lives was not limited
to saving lives from Covid-19. It was also about providing enough food and
essentials to the poor. Even when most of the experts and newspapers were
asking the government to release an economic package for the corporate sector,
our focus was to save lives among the vulnerable populations. We first
announced PM Garib Kalyan package to alleviate the suffering of the poor
people, the migrants, farmers.
Free foodgrain and pulses to
800 million people for eight months is a programme without parallel in human
history.
-PM Modi
One special insight and
understanding that came early to us was that the agriculture sector is one
where the rule of social distancing can be more naturally maintained without
compromising on productivity. So, we allowed agriculture activities almost from
the very start. And we all see the results today with this sector doing exceptionally
well despite so many months of disruption.
Record distribution of
foodgrain, Shramik Special trains and proactive procurement were undertaken for
both the immediate and medium-term needs of the people.
To ameliorate the hardships
being faced by people we came up with an Atmanirbhar Bharat package. This
package addressed issues being faced by all sections of the society and all
sectors of the economy.
This also provided us an
opportunity to carry out reforms that were waiting to happen for decades but no
one earlier took the initiative. Reforms across sectors such as coal,
agriculture, labour, defence, civil aviation and so on have been undertaken
which will help us get back on the high growth path that we were on before the
crisis.
Our efforts are bearing result
as the Indian economy is already getting back on track faster than expected.
Your government has initiated
two key second-generation reforms — the farm and labour reforms. How optimistic
are you of these initiatives delivering the desired economic dividend,
especially in the light of overall economic slowdown and political opposition?
Experts have been advocating
these reforms for a long time. Even political parties have been asking for
votes in the name of these reforms. Everyone desired that these reforms should
happen. The issue is that the opposition parties do not wish that we get the
credit.
What has been lacking in
Indian farming is commensurate return for all the blood and toil put in by our
farmers. The new structure brought by these reforms will significantly increase
the profitability of our farmers.
-PM Modi
We also don’t want credit. We
brought reforms keeping in mind the welfare of farmers and workers. And they
understand and trust our intentions because of our track record.
We have gone about reforming
the agriculture sector step by step in the past six years. So what we have done
today is one piece in the chain of actions that we started in 2014. We also
hiked MSPs multiple times and in fact, we procured many times more from farmers
at MSP than earlier governments did. Both irrigation and insurance saw huge
improvement. Direct income support was ensured for farmers.
What has been lacking in
Indian farming is commensurate return for all the blood and toil put in by our
farmers. The new structure brought by these reforms will significantly increase
the profitability of our farmers. As in other industries, once the profits are
earned, it is reinvested back in the sector for generating more produce. A
virtuous cycle of profit and reinvestment emerges. In the farming sector as well,
this cycle will open doors for more investment, innovation and new technology.
Thus, these reforms hold immense potential to transform not just the
agriculture sector but the entire rural economy.
On MSP, in the just completed
Rabi marketing season, the Central government has procured 389.9 lakh MT of
wheat, an all-time record, with 75,055 crore going to farmers as MSP.
In the ongoing Kharif
marketing season, up to 159.5 lakh MT of paddy has been procured, compared to
134.5 lakh MT at the same point last year, an increase of 18.62%. All this
happened after we brought the three ordinances, which have now been passed by
Parliament.
MSP payment to farmers for
paddy has gone up by 1.5 times, wheat by 1.3 times, pulses by 75 times and
oilseeds by 10 times during the last five years compared to five years of UPA-2
(2009-10 to 2013-14). This proves the lie and dishonesty of those who are
spreading the canard about MSP.
And what about labour reforms?
These reforms are very
pro-worker. They are now entitled to all benefits and social security even if
hired for fixed term. The labour reforms will help create significant
employment while also protecting the worker by ensuring minimum wage reforms,
provision for social security for workers in the informal sector, and
minimising government interference. It will ensure timely payment of wages and
give priority to occupational safety of the workers, thus contributing to a
better working environment.
In the last few weeks, we have
finished what we had set out to do. The 44 central labour laws with over 1,200
sections have been assimilated into just four codes. There will now be just one
registration, one assessment and one return filing. Along with easier
compliance, this will lead to a stable regime for businesses to invest and
create a win-win situation for the employee and the employer.
Labour reform will ensure
timely payment of wages and give priority to the occupational safety of the
workers, thus contributing to a better working environment.
-PM Modi
For manufacturing sector, in
the last six years, we have taken a number of reform measures from cutting down
corporate tax rate to 15% for new manufacturing units to raising FDI limits and
allowing private investment in strategic sectors like space, defence and so on.
Essentially, reforms for the manufacturing sector were in place with one piece
of the jigsaw remaining — the labour reforms. We have done that as well. It was
often jokingly said India had more labour laws than labour in the formal
sector. Labour laws often helped everyone except the labour. Holistic growth
cannot happen until India’s workforce gets the benefits of formalisation.
I am confident that these
reforms undertaken in the last few months will help increase the growth rate
and returns in both the manufacturing and agriculture sectors. Moreover, it
will also signal to the world that this is a new India which believes in
markets and market forces.
One criticism is that the
flexibility to lay off employees has been extended to factories employing up to
300 people. But giant factories in electronics, garments and other sectors
employ many more. Why not extend this flexibility to all factories while
sharply increasing compensation for those laid off? Also, what are your views
on the criticisms around curtailment of the right to strike?
India was suffering from a
twin problem: Our labour laws were such that most workers did not have any
social security. And companies did not want to hire more workers for the fear
of labour laws, which disincentivised labour-intensive production. The
inspector-raj system and complicated labour laws had a strong deterrent effect
on employers.
The four labour codes are
meant to address the welfare of labour while ensuring ease of doing business
for the industry.
-PM Modi
We need to come out of the
mindset that industry and labour are always in conflict with each other. Why
not have a mechanism where both benefit equally? Since labour is a concurrent
subject, the law gives flexibility to state governments to modify the codes
further as per their unique situation and requirements.
The right to strike has not
been curtailed at all. In fact, trade unions have been conferred with a new
right, enabling them to get statutory recognition.
We have made the
employer-employee relation more systematic and symmetrical. The provision of
notice period gives an opportunity for amicable settlement of any grievance
between employees and employers.
The GST system has come under
considerable stress from Covid-19. The Centre has for now agreed to borrow
money and pass on to states. But looking ahead, how do you foresee the
situation for state governments?
The last six years have seen
the spirit of competitive and cooperative federalism in all our actions. A
country as large as ours cannot develop only on the one pillar of the Centre,
it needs the second pillar of states. The fight against Covid-19 also got
strengthened because of this approach. Decisions were taken collectively. I had
video-conferences with CMs multiple times to hear their suggestions and inputs,
which has no parallel in history.
On the GST, this is by all
accounts an extraordinary year. Most assumptions and calculations did not take
into account a once-in-a-century pandemic. Yet, we have proposed options to
move forward and most states are fine with them. A consensus is evolving.
You have been a chief minister
for many years. What kind of collaboration do you propose with states on the
economic side in the current context?
It’s important to remember
that the Centre-state relationship is not limited to GST. Despite the pandemic
and the fall in gross tax revenue, we have provided enhanced resource transfers
to states. Between April and July, the sum total of devolution of taxes plus
grants-in-aid to states, including centrally sponsored schemes, increased by
19% to 4.06 lakh crore from 3.42 lakh crore in the same period last year. In
short, while our revenues fell, we sustained the flow of funds to states.
In view of the Covid-19
pandemic, the central government also allowed additional borrowing limit of up
to 2% of Gross State Domestic Product (GSDP) to states for the year 2020-21.
This amounted to 4.27 lakh crore being made available to states. The Centre has
already granted permission to states to raise the first 0.5% in June 2020. This
made an additional amount of 1,06,830 crore available to states. On the request
of states, the limit of using the State Disaster Response Fund (SDRF) has been
increased from 35% to 50%. This was done to ensure more finances with states to
fight Corona.
Many argue that the Centre
passes its troubles to states. Your thoughts?
Let me give you an example of
what used to happen earlier. When VAT replaced the CST under the UPA government,
they had promised to compensate states for any revenue shortfall. But you know
what UPA did? They refused to compensate states despite their commitment. Not
just for one year but continuously for five years. This was one of the reasons
why states did not agree to GST regime under UPA. Despite the fact that it was
a different government which made that commitment, we took it upon ourselves to
clear those dues when we assumed power in 2014. This shows our approach to
federalism.
The government’s critics have
said India ended up high on both columns — number of infections and economic
contraction. How do you respond to such criticism?
There are some people who are
so intelligent that they use absolute number of cases to compare our country
with other countries which have population similar to our states.
Critics want to deny people
the credit for their tremendous fight against Covid-19 in order to discredit
the government.
-PM Modi
However, I expect The Economic
Times to do better research and not regurgitate such arguments. While looking
at our current numbers, we should also look at what kind of huge numbers were
forecast by experts in March.
What are the five economic
parameters you would point to as clear indicators of a bounce back? Specifically,
what kind of a rebound do you expect next year?
We are on our way to economic
recovery. Indicators suggest the same. First, in agriculture, as I said
earlier, our farmers have broken all records and we have also done record
procurement at the highest ever levels of MSP. These two factors — record
production and record purchase — are going to inject significant income in the
rural economy which will have its own virtuous cycle of demand generation.
Second, record high FDI inflows indicate India’s growing image as an investor
friendly country. This year, despite the pandemic, we received the highest ever
FDI of $35.73 billion for April-August. This is 13% higher than the same period
last year, which was also a record year. Third, auto sales along with tractor
sales are either reaching or surpassing previous year levels. This indicates a
strong resurgence in demand. Fourth, a steady recovery in the manufacturing
sector helped India climb two notches to the third position among key emerging
markets after China and Brazil in September. The manufacturing growth is
reflected in the first year-on-year rise in exports in seven months. E-way
bills and GST collections growth has also been healthy.
I feel the big push on
Investment and infrastructure will become the driving force for recovery and
growth.
-PM Modi
Finally, in terms of new net
subscribers of EPFO, the month of August 2020 registered a 34% jump compared to
July 2020 with addition of more than a million new subscribers. This shows that
the job market is picking up.
Other than that, foreign
exchange reserves have touched a record high. Key indicators of economic
recovery like railway freight traffic increased by more than 15% and power
demand by 4% in September over the same month last year. This shows that
recovery is broad based. Plus, Aatmanirbhar Bharat announcements are a big
stimulus to the economy, particularly to small businesses and the informal
sector.
What’s your plan for further
stimulus?
We will take all measures
needed to constantly stimulate the economy in a timely manner while ensuring
overall macro-economic stability. Remember, we are still not over with the
pandemic. Yet, our economy has shown a remarkable capability to bounce back,
largely because of the resilience of our people. This is something which is not
captured in these numbers, but is the reason behind those numbers. The
shop-owner, the trader, the person running a MSME, the person working on
factory floor, the entrepreneur, all these are the heroes responsible for the
strong market sentiment and revival of the economy.
You seem to believe that India
can still emerge as a major world hub for manufacturing, especially by becoming
part of global supply chains at a time when companies are looking to de-risk
their exposure to China. What is the progress in this regard? Can India emerge
as a credible alternative to China in global supply chains?
India has not started speaking
about manufacturing only after the pandemic. We have been working on increasing
manufacturing for sometime now. India is, after all, a young country with a
skilled workforce. But India doesn’t believe in gaining from the loss of
others. India will become a global manufacturing hub on its own strengths. Our
effort is not to become some country’s alternative, but to become a country
which offers unique opportunities. We want to see the progress of all. If India
progresses, 1/6th of humanity will progress.
We saw how a new world order
was formed after World War II. Something similar will happen post Covid-19.
This time, India will ride the bus of manufacturing and integrating in global
supply chains. We have specific advantages in the form of democracy, demography
and demand.
So, what are the policy
measures you propose to enable India take this giant leap?
India’s pharma sector, during
the past few months, has already demonstrated the way ahead. India has emerged
as a key player in global pharma supply chains. We have become the second
largest manufacturer of PPE kits in a very short duration. India is also making
a mark in manufacturing technologically advanced items like ventilators and
from almost negligible capacity earlier, we are now manufacturing thousands of
ventilators in quick time.
From independence till the
pandemic started, around 15-16 thousand ventilators in working condition
existed in government hospitals across India. Now, we are moving rapidly
towards adding another 50000 ventilators these hospitals.
Now, that we have successfully
established this model. We can emulate it in other fields. Our recently
launched production-linked incentive (PLI) schemes for mobile manufacturing,
pharmaceutical and medical devices are good examples of this focused and
targeted approach to attract internationally reputed investors to create
capacities with global scales and competitiveness, as well as make India their
export hub. In the mobile phone segment alone, it’s expected that production
worth over 10 lakh crore will take place over the next five years, of which 60%
will be exports.
We will continue our reforms
drive to ensure India becomes the world’s most preferred investment
destination.
-PM Modi
According to Moody’s, 154
greenfield projects from the US have come to India in 2020, compared to 86 in
China, 12 in Vietnam and 15 in Malaysia. This is a clear indication of global
confidence in India’s growth story going forward. We have laid strong
foundations to make India the foremost manufacturing destination.
The corporate tax cut,
introduction of commercial mining in coal sector, opening up of space sector
for private investment, lifting defence restrictions on air routes for civil
aviation use, are some steps that will go a long way in boosting growth.
But what we should also
understand is that India can grow only as fast as our states do. There needs to
be healthy competition among the states in attracting investment. States are
also competing on the Ease of Doing Business rankings. Incentives alone may not
be enough to bag investments, states will need to build infrastructure and
follow good development-related policies.
There is fear in some quarters
that the Atmanirbhar initiative marks a return to the days of autarky. Some say
there is a contradiction between India seeking to become part of global supply
chains while restricting imports. Your views?
It’s not in the nature of
India or Indians to be inward looking or self-centered. We are a
forward-looking civilization and a vibrant democracy that looks to interact
with other countries to build a better world. Aatmanirbhar Bharat is not just
about competition but also about competence, it’s not about dominance but about
dependability, it’s not about looking within but about looking out for the world.
Aatmanirbhar Bharat is not
just about competition but also about competence, it’s not about dominance but
about dependability, it’s not about looking within but about looking out for
the world... A self-reliant India is also a reliable friend for the world.
-PM Modi
So, when we say Aatmanirbhar
Bharat, we mean an India that is, first of all, self-reliant. A self-reliant
India is also a reliable friend for the world. A self-reliant India does not
mean an India that is self-centred. When a child reaches the age of 18, even
the parents tell him or her to become Aatmanirbhar. This is natural.
Today we are using our
aatmanirbharta to help the world in the medical field. For instance, we are
producing vaccines and drugs without increasing costs or putting restrictions.
A relatively poor country like ours incurs a huge cost to educate doctors, who
are today spread across the globe, helping humanity. We never stopped them from
migrating.
When India becomes
Aatmanirbhar in a certain field, it always helps the world. If someone doesn’t
understand the ethos and spirit of India, they won’t understand this concept.
So, there’s no contradiction?
Confusion among experts is not
necessarily a contradiction in our approach. We have just eased restrictions
for FDI through reforms like you see in agriculture, labour and coal. Only a
country that believes in the power of international trade and commerce would go
on opening up more and more avenues to work with the world. At the same time,
it’s also true that India has been unable to realise its potential in sectors
where it has inherent comparative advantages. Take coal for instance. India
imported nearly 1.5 lakh crore worth of coal in 2019-20, despite having one of
the biggest reserves in the world. Defence is another area of import dependence
for us. While we have increased the FDI limit from 49 to 74%, domestic
production for 101 items worth 3.5 lakh crore over the next five years has also
been announced.
We have given a fair chance to
those who have invested in India, shown their trust to expand their capacities
and become globally competitive. The Aatmanirbhar Bharat initiative is about
unlocking India’s latent potential, so that our firms can serve not just
domestic markets, but also global ones.
It appears from government
assessments that FTAs have not worked in India’s favour. We also walked out of
RCEP. How has your thinking evolved on subject? Do you think we should pursue
FTAs at all?
The guiding principle behind
International trade is to create win-win solutions for all countries involved.
And I am told by experts, that ideally trade deals should be global and
multilateral through the WTO. India has always adhered to global trade rules
and stood for a free, fair, equitable, transparent and rules-based
international trading system, which should fulfil the intended developmental
objectives and aspirations of developing countries, as envisaged under the WTO.
In the past, while opening our
markets, we also signed 10 free trade agreements (FTAs) and 6 preferential
trade agreements (PTAs). The assessment of existing FTAs should happen on the
metric of how they have benefited for India and not on the basis of ideological
standing.
India is keen to be part of
global value chains and wants to do trade deals but they have to be fair and
non-discriminatory. Moreover, since India would be providing access to a large
market, the agreements must be reciprocal and balanced.
India is keen to be part of
global value chains and wants to do trade deals but they have to be fair and
non-discriminatory. Moreover, since India would be providing access to a large
market, the agreements must be reciprocal and balanced.
-PM Modi
We gave preferential access to
our large market under our FTAs. However, our trading partners have not always
reciprocated with the same treatment. Our exporters have often faced
ill-intended non-tariff barriers. For example, while our trading partners can
export steel to India, few trading partners don’t allow the import of Indian
steel. Similarly, Indian tyre manufacturers are unable to export due to
technical barriers. While India remains committed to openness and transparency
in trade, it will use the measures and instruments at its disposal in ensuring
free and fair access for its exporters.
In the case of RCEP, India
made its best efforts for a final conclusion. We wanted a level playing field
based on fair trade practices and transparency. We expressed serious concerns
over non-tariff barriers and opaqueness of subsidy regimes in some RCEP
countries. India took a considered position not to join RCEP, highlighting the
fact that the current structure did not reflect RCEP guiding principles nor
address outstanding issues.
India has emerged as a major
producer of PPE and masks. Pharma has emerged as a strategic sector. Going
forward, how do you strengthen our advantage in this area?
We realised at the start of
the pandemic that we were dependent on imports for PPEs. The problem aggravated
after countries imposed lockdowns, which affected manufacturing, resulting in
disruption of global supply chains. This essentially meant that the country was
to quickly think of ways to become self-reliant in the time of crisis.
We have shown the world that
we have scale, sensitivity and reliability in the pharma sector and it will
only go from strength to strength from here.
-PM Modi
We followed a very focused
hands-on approach, identifying and sourcing each and every raw material for
this purpose. We worked 24x7 with the industry and state governments to meet
the objective of making and procuring PPE Kits, N-95 masks, ventilators,
diagnostic kits etc. Once these issues were sorted, indigenous production started
and orders were placed on domestic manufacturers for procurement. India is now
in a position where we are not only meeting our domestic demand but are also
capable of meeting the demand of other countries.
India lived up to its name of
being the Pharmacy of the World in the last few months, supplying drugs and
medical equipment to around 150 countries. The Indian pharma sector has a size
of about $38 billion. To strengthen this advantage, government has approved an
outlay of 14000 crore for production of medical devices and active
pharmaceutical ingredients. Bulk drug parks and medical devices parks are being
created for attaining global leadership position.
A vaccine is likely to become
available next year. Is there some thinking on distribution and priorities in
terms of who will be vaccinated?
First and foremost, I would
like to assure the nation that, as and when a vaccine becomes available,
everyone will be vaccinated. None will be left behind. Of course, initially we
may focus on protecting the most vulnerable and the frontline workers. A
National Expert Group on Vaccine Administration for Covid-19 Vaccine has been
constituted to chart the way forward.
We are confident that once we
have the vaccine, we can reach every person in India in a very quick time.
-PM Modi
We should also realise that
vaccine development is still work in progress. Trials are on. Experts can’t say
what the vaccine will be, its dosage per person, periodicity or how it’s to be
administered etc. All this, when finalised by experts, will also guide our
approach on taking the vaccine to citizens.
On logistics, more than 28,000
cold chain points will store and distribute Covid-19 vaccines to ensure they
reach the last point. Dedicated teams at state, district and local levels will
see to it that the vaccine distribution and administration is done in a
systematic and accountable manner. A digital platform to enroll, track and
reach the beneficiaries is also being prepared.
Given the setback on account
of Covid-19, where do we stand on the target of becoming a $5 trillion economy
by 2024?
Most people who are
pessimistic remain in doubt. If you sit among them, you will hear only things
of despair and despondency.
However, if you discuss with
optimistic people, you will hear ideas and suggestions on how to improve.
Today, our country is optimistic of the future, it is optimistic of reaching
the $5 trillion target. And this optimism gives us confidence. Today, if our
Corona Warriors are working 18-20 hours to serve patients, it also inspires us
to put in more hard-work.
Going by our track record and
continuing reforms, people have confidence in our abilities to reach the target
-PM Modi
So what if we could not move
at the desired pace this year due to the pandemic! We will try and run faster
in the next year to make up for the loss. Nothing great ever gets done if we
get deterred by obstacles in our path. By not aspiring, we guarantee failure.
India is the third largest economy in terms of purchasing power parity. We want
India to become the third largest in terms of current US dollar prices as well.
The $5 trillion target will help us achieve that.
Also, our government has a
track record of meeting our targets. We met the rural sanitation target before
the deadline, we met the village electrification target before the deadline, we
met the 8 crore Ujjwala connections target too well before the deadline. So,
going by our track record and continuing reforms, people also have confidence
in our abilities to reach the target.
