PM Modi’s Vision Boosts Confidence in Indian Industry, Business Community: Assocham

Prime Minister Narendra Modi’s Independence Day vision provides strong confidence to Indian industry and the wider business community, leading industry chamber Assocham said on Saturday. The emphasis on self-reliance, ‘Vocal for Local’, domestic manufacturing and strategic capabilities is highly significant for strengthening India’s economic resilience, said Assocham President Nirmal Kumar Minda. Minda appreciated the Prime Minister’s clear and ambitious vision of transforming India into a developed economy by 2047, saying that the seven-stream “Sapta Dhara” framework provides a broad-based approach to inclusive, sustainable and accelerated development.

“Assocham welcomes the focus on critical minerals, semiconductors and reducing import dependence. The announcement of a 200 GW nuclear energy target and five new nuclear reactors marks an important step towards ensuring long-term energy security. A reliable and affordable energy ecosystem will be crucial for India’s industrial expansion and competitiveness,” said Minda in a statement. Moreover, the focus on free online coaching and AI skilling for one crore young Indians is particularly welcome, he said. Minda noted that India’s greatest strength is its young population, and equipping youth with emerging-technology skills can significantly enhance productivity, employability and innovation.

The Prime Minister’s call for 50 Indian companies to enter the Fortune Global 500 and an Indian bank to enter the world’s top five reflects a welcome shift towards creating globally competitive Indian enterprises. “This will require deeper innovation, scale, capital access and ease of doing business,” said Minda. The industry chamber also welcomed the emphasis on free trade agreements (FTAs), global trade, deep-sea exploration and expanding India’s presence in strategic sectors.

Greater market access and stronger global value-chain integration can create new opportunities for Indian industry, MSMEs and exporters, it added. Minda particularly appreciated the Prime Minister’s call for modernising outdated laws, accelerating economic growth and transforming work culture through greater efficiency, responsibility and commitment. These reforms can provide the foundation for a more competitive, innovative and investment-friendly India.

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