Atmanirbhar Bharat is not a vision of return to the import substitution of the pre-1991 period said Shri Sanjeev Sanyal at the 115th Annual Session of PHDCCI

No.PR-277 October 07, 2020 New Delhi

Atmanirbhar Bharat is not a vision of return to the import substitution of the pre-1991 period said Shri Sanjeev Sanyal at the 115th Annual Session of PHDCCI

Addressing the 115th Annual Session of PHD Chamber of Commerce and Industry, Shri Sanjeev Sanyal, Principal Economic Adviser, Department of Economic Affairs, Ministry of Finance, Government of India said that the post COVID world will be fundamentally different having its own definitions of geopolitical realities, supply chains, consumer behavior, among others.

“Atmanirbhar Bharat is not a vision of return to the import substitution of the pre-1991 period” rather, it would lay the foundation for a New India with a higher economic growth trajectory, simpler rules, resilient supply chains, better technology, entrepreneurial energy to leverage itself into taking new opportunities, among others, added Shri Sanjeev Sanyal.

He further added that we all need to embrace the idea of flexibility and adaptability to the new normal to stay relevant in a global context, going forward and to support its domestic industry into taking new opportunities and challenges.

The Government, at this juncture, recognizes the need for a further stimulus in the coming times to refuel consumer demand and further revive the wheels of the Indian economy, he said.

In his presidential address, Dr D K Aggarwal, President, PHD Chamber said that Self-reliance is the new vision for India and is neither exclusionary nor isolationist. Local has helped us sail through the COVID-19 crisis and has helped us to survive by improving our local manufacturing and productive efficiency.

Dr Aggarwal highlighted that we can compete with the rest of the world as well as to help the world. Further, this should be supported by reducing cost of doing business, including the costs of capital, compliances, logistics, land and availability of land, power/ energy and labour.

Mr. K V Kamath, Former Chief, the New Development Bank and ICICI Bank, said that there has been a resetting of the mindset during the last few months to lay the foundation of an Atmanirbhar Bharat. Mr Kamath added that India has bounced back very quickly and is emerging healthily from the biggest health and economic crisis of covid-19 that the world has ever seen. Going ahead, the vision of a Self-Reliant India presents an unprecedented opportunity to emerge as stronger and resilient in the post COVID-19 scenario and go Vocal for Local.

Mr. Ridham Desai, Managing Director, Morgan Stanley, India, said that the launch of Atmanirbhar Bharat could not have come at a better time to position ourselves in the global charts. Also, he highlighted that the world now is moving from being bipolar to multipolar leading to greater diversification in production and consumption.

Mr Desai added that the continued reforms agenda of the Government would help India to establish itself as a global manufacturing hub and a leading exporter in the world.

Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, thanked the esteemed speakers for giving a glimpse of the road ahead on Vocal for local India and thus focusing on products to be made competitive vis-a-vis global brands.

Shri Aggarwal reiterated the vision of an Atmanirbhar Bharat and said that we must move forward with the mantra of Make for the world along with Make in India. He added that the structural reforms undertaken by the Government during the recent months are highly encouraging and would revitalize the business sentiments and exacerbate investments in the manufacturing sector in the coming quarters.

PHDCCI’s 115th Annual Session has been supported by Vestige Marketing Pvt Ltd; Maruti Suzuki; Radico Khaitan Ltd; SMC Global Securities Ltd; Paramount Communication Ltd; Multani Pharmaceuticals Ltd; DLF Ltd; JK Tyres; Apeejay Svran Group; M V Cotspin Ltd and DCM Shriram Industries Ltd. The other sponsors of the session were Hindalco Industries Ltd, Martin & Harris Pvt Ltd., Filatex India Ltd., Bharat Aluminium Company Ltd, Hindustan Tin Works Ltd, Alliance Advertising & Marketing Pvt. Ltd, Oswal Greentech Ltd, Modern Auto Ltd and Bry-Air (Asia) Pvt. Ltd. Please follow the YouTube link for further updates-

Ends Media Division PHD Chamber of Commerce and Industry