'Undid A Mistake': PM Modi Hails Scrapping of Retrospective Tax at CII Meeting

"Every Indian now wants to use products that are made in India," PM Modi said at the CII event.

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<div class="paragraphs"><p>PM Modi addresses CII Annual Meeting, 2021.</p></div>

Prime Minister Narendra Modi on Wednesday, 11 August, addressed the Confederation of Indian Industry (CII) Annual Meeting, 2021, and acknowledged the recent scrapping of the retrospective tax, saying that his government 'undid mistake of the past'.

The abolition of the retrospective tax will strengthen investors' confidence, the PM further said.

He also stressed that India's economy is picking up pace once again.

"All friends and organisations in the industry are a major part of India's growth story. With efforts of all of you, India's economy is picking up pace once again. There is rarely a day when a CEO doesn't issue a statement or there's not a report on new opportunities," Modi was quoted as saying.

The PM also emphasised on 'Aatmanirbhar Bharat Abhiyaan' (self-reliant India), saying Indians want products made in India. "It is not necessary for it to be an Indian company, but every Indian now wants to use products that are made in India. The nation has made up its mind," Modi added.

'Government Stands with Industry'

Saying that India receiving record FDI, he added, "FPI investment is also making new records due to several efforts of the government. Today, the country's forex reserve is on an all-time high."

He owed the development to the reforms made by the BJP government in the last few years and said that the 'government stands by industry'.

Even during the pandemic, the momentum of the reforms continued, the PM stated.

Speaking on the agriculture sector, as the country sees prolonged farmer's protests against proposed laws, the PM said, "The agriculture sector was once considered to be just a medium of livelihood. But now, efforts are being made to connect Indian farmers with the domestic and global markets through historic reforms in the agriculture sector."

(With inputs from PTI and ANI)

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