Niti Aayog Vice Chairman Rajiv Kumar has emphasised that India will not be able to achieve the kind of sustainable growth that the country wants without private entrepreneurs.

Mr. Kumar, while addressing a virtual event organised by industry body, The Federation of Indian Chambers of Commerce & Industry (FICCI), further said India is committed to the global economy and opening trade order. He affirmed that India would pursue self-reliance and give domestic entrepreneurs the best possible environment to go forward. “While attracting FDI, we also repose our faith and trust in those who have already invested in India,” he said.

“Yes, we will do all of this, as all other nations have done. But it will be done in the global context. It will be done in India, remaining open,” he said. “It will be done with India trying to regain its share in global and regional production chains, it will be done with the respect to multilateral trading orders, and rule bound orders” he emphasised.

Mr. Kumar also pointed out that if any support to domestic industry will be given by the government through tariffs then it would have an in-built sunset clause. It will not imply in any sense, any form of isolation or protectionism.

Mr. Kumar also recalled the governments introduction of production linked incentive (PLI) schemes for 9–10 sectors and government decisions finalised for four sectors. “The objective of PLI schemes is to incentivise investors in this country to put up globally comparable capacity in scale and in competitiveness,” he said.

Noting that the government has taken COVID-19 pandemic as an opportunity Mr. Kumar said, “We have rationalised the labour laws, we have liberated our farmers, we have liberalised the FDI scheme.” He stressed on the need to increase the share of trade in India’s GDP.

“We need to increase spending on health, education,” Mr. Kumar said adding human resources, health and welfare will be the centre of India’s growth strategy. He also said the government is pushing electric mobility in a strong way.