Make fresh investment: PM Modi to industry

NEW DELHI: PM Narendra Modi on Friday asked industry to innovate and come up with fresh investments. He also urged financial institutions to adopt innovative models to boost infrastructure funding, while strengthening project sanction and appraisal quality.At a post-budget webinar, after listing out the steps taken by govt over the last decade on infrastructure, PM said: “The industry world will have to come forward with fresh investment and innovation. FIs and analysts will have to help in preparing practical solutions and strengthen market confidence. When govt, industry, and knowledge partners move forward together, then reforms turn into results.”He urged stakeholders to take advantage of the new opportunities that were offered by the budget.Modi said that govt has eased processes, developed tech-driven governance solutions and is pushing a wave of reforms. “To maintain this momentum, we have to focus not only on policy intent but also on delivery excellence. Reforms should be evaluated not by announcement but by their impact on the ground level. “We must increase transparency, speed, and accountability by making extensive use of AI, blockchain, and data analytics, and along with this, we must also do continuous monitoring of impact through grievance redressal systems,” he said.

PM said that every budget is a step towards a bigger goal, which is to make the country developed. “Every Reform, every allocation, every change should be seen only as a part of this long journey.”Seeking inputs on further measures, he said bond market reforms are required for long-term economic growth. “…we have to ensure predictability, deepen liquidity, bring new instruments, and manage risks effectively. Only then will we be able to attract sustained foreign capital.”