Amit Shah Highlights India’s Economic Resilience at PHD Chamber’s 119th Annual Session in New Delhi

Union Home Minister and Minister of Cooperation, Shri Amit Shah today addressed the 119th Annual Session of PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi as the Chief Guest. The theme of this year’s annual session was ‘Viksit Bharat @ 2047: Marching Towards the Peak of Progress’. Around 1500 business persons, Chartered Accountants, bankers, advocates etc. from the industry participated in the event.

Union Home Minister Shri Amit Shah began his address with tributes to the renowned industrialist Shri Ratan Tata, who passed away last night in Mumbai. Shri Amit Shah said that Shri Ratan Tata has been a respected figure not only in the Indian industrial sector but globally as well. He took charge of the Tata Group at a time when the group needed several changes, and Ratan Tata patiently transformed all the businesses of his group and working practices. Shri Shah said that even today, the Tata Group stands as a pole star in India’s industrial landscape. He added that Ratan Tata led his industrial group to a prominent position in the country and globally while adhering to integrity and following all the rules and regulations. Shri Shah also said that through his Trust, Ratan Tata made efforts to address the country’s various problems and contribute to building a better society. He said that Shri Ratan Tata’s legacy will continue to guide industry leaders for a long time.

Union Home Minister said that this year is going to be a decisive one for Indian industry, and it is at such a time that the 119th annual convention of PHD Chamber of Commerce and Industry (PHDCCI) is being organized. He said that today, there seems to be a crisis of trust in countries worldwide. He said that Shri Narendra Modi, first as the Chief Minister and then as the Prime Minister of the country, has continuously been winning the trust of the people democratically for the past 23 years. Shri Shah said that without stability, policies cannot be implemented effectively and security and development cannot be ensured. He added that stability brings continuity in policies, ideas, and development. Shri Shah further said that PM Modi has get this vast country rid of many problems over the past 10 years and he is now leading the nation for the third consecutive time.

Shri Amit Shah said that today’s theme ‘Viksit Bharat @ 2047: Marching Towards the Peak of Progress’ is very appropriate. He said that Prime Minister Modi has set two major goals before us: India will become a fully developed nation when the country celebrates the centenary of its independence in 2047 and by 2027, India will become the world’s third-largest economy. He said that to achieve these two goals, PM Modi has been working tirelessly for the past 10 years through various policies and programs. Shri Shah emphasized that PM Modi has implemented visionary policies aimed at developing infrastructure in the country, making India a global manufacturing hub, creating an investment-friendly ecosystem, building a skilled work-force, promoting research and development, pioneering India in emerging technologies like advanced computing, and initiating new ventures in fields like deep-sea exploration, the maritime economy, and space. He added that Prime Minister Modi has not only formulated these policies but also made continuous efforts to ensure their implementation.

Union Home Minister said that PHD Chamber of Commerce and Industry is a bridge between the industry and the Government. He said that in the coming times, PHD Chamber has to implement the policies, plans and vision of the government and convey the problems of the industry to the government. He added that we have achieved a lot in the last 10 years. Infrastructure like the world’s longest highway tunnel, the world’s highest railway bridge, Mumbai’s world-famous Trans-Harbour Link and Kolkata’s underwater metro have been built in the last 10 years. Shri Shah said that in Andaman-Nicobar Islands and Lakshadweep, work has been done to utilize business opportunities and strengthen these islands from a security point of view by bringing connectivity to remote areas through underwater optical fibre.

Shri Amit Shah said that every Indian took great pride when Indian flag was hoisted at the Shiva Shakti Point on the Moon. Connecting the underdeveloped regions of the country through the SagarMala project, weaving a network of Vande Bharat Express trains to open a new avenue for comfortable travel in the country, advancing in semiconductor manufacturing to meet not only ours but also needs of the entire world, bringing a new revolution in electric vehicles, and increasing FDI to record levels, making India the fourth-largest holder of foreign exchange reserves in the world, are significant achievements for us.

Union Home Minister said that we are the fastest-growing start-up economy in the world. We have successfully launched the world’s largest digital payment system, which many countries are now adopting. He said that along with this, Prime Minister Modi has introduced the world’s largest grain storage plan based in cooperatives. Shri Shah said that from food security to health security, we have covered all dimensions, and in the past 10 years under PM Modi’s leadership, the foundation has been laid for India to be at the forefront in every field over the next 25 years. He said that when vision, experience, and commitment come together in one individual, and that individual is the Prime Minister, the country benefits immensely, and Shri Narendra Modi is an excellent example of this.

Shri Amit Shah said that India is a democracy where people decide who should lead the government. He said that without a comparative study, we cannot make a proper evaluation of the work done. He emphasized the need to look at the comparative situation of the country in 2014 and 2024. He stated that before 2014, everyone used to say that our country was suffering from policy paralysis and no policies were being made, but PM Modi ended this policy paralysis, created numerous policies and brought in politics of performance. Shri Shah added that today, there is no sector where a permanent policy hasn’t been formulated. Earlier, India was amongst the “Fragile Five,” but today, the International Monetary Fund (IMF) calls us a “bright spot” in the global economy.

Union Home Minister and Minister of Cooperation highlighted that under infrastructure development, projects like the Zoji La tunnel, Chenab rail bridge, and the bridge in Assam are there for everyone to see. He said that earlier, India used to have double-digit inflation, but today we are confidently moving toward double-digit growth. He said that for many years, India’s growth rate has been the highest among G20 countries. Shri Shah said that global investors had lost confidence in India, but today India has become a preferred destination for manufacturing. Shri Shah said that in 2021-22, we attracted a record Foreign Direct Investment (FDI) of $85 billion. He said that today we are leading in many sectors like digital payments. Before 2014, scams worth ₹12 lakh crore had taken place, but in the 10 years of the Modi government, even our opponents cannot accuse us of corruption.

Shri Amit Shah said that during previous government, terrorism, bomb blasts, and Naxalism had become severe issues for the country, but today we can confidently say that whether it’s Kashmir, Left-Wing Extremism affected areas, or the Northeast, we have successfully eliminated terrorism and extremism. He mentioned that in the Ease of Doing Business rankings, India was previously placed at the 142nd position, but today we have risen to the 63rd position. He also highlighted that the entire banking system was in a fragile state, but in 2023-24, government banks earned a profit of ₹1.40 lakh crore. New policies have been introduced in every sector, helping the country move forward.

Union Home Minister said that if the country wants to progress, it must have a new education policy, and Prime Minister Shri Narendra Modi brought a New Education Policy that has globalized education while incorporating our heritage. He said that initiatives like GST, Digital India, Bharatmala, SagarMala, PM Gati Shakti, and Startup India have propelled the country forward in all directions.

Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi and the principle of “Minimum Government, Maximum Governance”, 2,000 outdated colonial laws have been abolished, and over 39,000 compliances across various sectors have been eliminated. He highlighted that in the past 10 years, 80 crore people have been receiving 5 kg of free grain per person, houses provided to 4 crore poor, 15 crore households have received piped water, more than 11 crore people have been given free gas connections, and over 12 crore toilets have been built under the leadership of Prime Minister Shri Narendra Modi. Shri Shah said that Prime Minister Modi has alleviated the concerns of millions and transformed India into a market of 130 crore people. He said that when 60 crore people are excluded from the country’s development process, the country can never progress. Today, with 130 crore people engaged in the nation’s development process, our growth rate has surged upward.

Union Home Minister and Minister of Cooperation said that the Modi government has made significant efforts in the field of research. He said that for the first time, a research foundation has been established with a budget of ₹50,000 crore. He expressed confidence that in the next 25 years, India will be at the forefront of global research. Shri Shah mentioned that Prime Minister Modi has worked extensively across various sectors. In terms of internet users, India ranks second in the world, while it ranks first in global Fintech adoption and smartphone data consumption. He further highlighted that today half of the world’s daily digital transactions take place in India.

Shri Amit Shah said that Indian industries must now work towards changing both their size and scale. He emphasized the need for companies to go global and that to establish India’s dominance worldwide, our chambers and industries need to make decisive moves.