PM Modi To Speak To India Inc On ''Getting Growth Back'' On Tuesday

Prime Minister Narendra Modi will share his vision on ''Getting Growth Back'' with India Inc during an address at the annual session of industry body CII on Tuesday, sources said. The address comes at a time when companies are resuming operations following relaxations and gradual easing of the nationwide lockdown, which was imposed on March 25 to curb spreading of coronavirus infections. The Prime Minister will deliver the inaugural address at the annual Session of the Confederation of Indian Industry (CII) to mark 125 years since its inception in 1895, sources in the industry chamber told PTI.

The day-long virtual event on the theme ''Getting Growth Back'' will also witness participation from top corporate honchos like Piramal Group Chairman Ajay Piramal, ITC Ltd CMD Sanjiv Puri, Biocon CMD Kiran Mazumdar-Shaw, SBI Chairman Rajnish Kumar, Kotak Mahindra Bank CEO and CII President-Designate Uday Kotak and CII President Vikram Kirloskar.

The home ministry on Saturday said ''Unlock-1'' will be initiated in the country from June 8 under which the nationwide lockdown effectuated on March 25 will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places. However, strict restrictions will remain in place till June 30 in the containment zones.

Various rating agencies and economists have projected a sharp fall in GDP growth for India this fiscal due to the COVID-19 crisis and the subsequent lockdown.

Fitch Ratings on May 26 forecast a 5 per cent contraction for the Indian economy in the current fiscal on account of slump in economic activities and very stringent lockdown policy. This is substantially lower than 0.8 per cent growth for 2020-21 fiscal projected in April.

The government has unveiled an over Rs 20 lakh crore stimulus package to save the lockdown-battered economy, which focuses on tax breaks for small businesses as well as incentives for domestic manufacturing and other segments.