PM encourages industries to spend on research and development

Prime Minister Narendra Modi has asked the private sector industries to invest in research and development (R&D) activities in the country.

Comparing with the United States of America, PM Modi said that in the US 70 percent of investment for research and development work comes from the private sector.

Highlighting the areas which require research such as agriculture, defense, space, energy, construction, pharma, and transport sector, PM Modi said that the private sector should earmark a certain amount of money for research and development activities.

While delivering the keynote address at ASSOCHAM Foundation Week 2020 on December 19 through video conferencing, Prime Minister Narendra Modi also said that today when it comes to making an investment in India, the industry’s sentiments have changed from ‘Why India’ to 'Why not India'.

According to PM Modi, “during the pandemic, when the whole world is troubled for investment, record FDI and PFI have come to India as the world trusts the Indian economy now.”

He gives credit to the various reforms that have taken place in the country. He also highlighted the positivity about India that has increased in the world.

“We are moving forward on the mission mode to make local a global one, we have to react quickly to every Geopolitical Development,” PM Modi said.

Presenting the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, PM Modi heaped a lot of praise on the private industries for their contribution and role in building nation.

He also commended the efforts and work one by Ratan Tata who received the award on behalf of the TATA Group.