(FE)
Prime Minister Narendra Modi on Friday exuded confidence that the economy has the resilience to bounce back swiftly from the current slowdown and called upon risk-averse companies to take bold investment decisions and help reverse faltering growth.
To assuage fears of India Inc, Modi highlighted his government’s decisions to decriminalize various offences under the Companies Act and also move towards a “faceless tax administration” to curb harassment and corruption. He also reiterated the commitment that penal action won’t be taken against “genuine corporate decisions”, ostensibly to speed up policy-making in the public sector, especially at state-run banks.
Speaking at an Assocham event, Modi said: “I am fully aware of the discussions happening around (current economic slowdown). I don’t challenge comments made on it. I try to take away positives from such discourse,” he said. “These kinds of ups and downs (in growth) have been seen in the past but the country has the potential to come out of these circumstances.”
