Prime Minister Modi's praise for private sector a bold, laudable stance

In India, politicians refrain from openly associating themselves with businesses or business leaders. They think that such an association will not go down well with the poor, affecting their poll prospects. Some politicians even go to the extent of criticizing the corporate sector, thinking that such a stance will take them closure to the voters. Further, politicians in power will be much more careful on this aspect and display a 'touch-me-not' attitude when it comes to the corporate sector.

In this backdrop, Prime Minister Narendra Modi's praise for the India's private sector in Lok Sabha is a bold, laudable stance. Speaking during the discussion on the motion of thanks to the President's address this Wednesday, Modi highlighted the vital role of the private sector in the country's economy and underlined the need for doing away with the culture of abusing it for the sake of votes. He recalled the key role played by the private sector in telecom and pharmaceutical segments in the country. He is spot on.

India is the world's second largest telecom market with a subscriber base of over a billion. Telecom charges in the country are the cheapest in the world. Smartphones have become affordable. All this is because of the presence of the private sector which has revolutionised the telecom segment. Further, India is among the top three countries in the pharmaceutical space, supplying life-saving medicines around the world. It is the leader in generic medicines, accounting for around 22 per cent of global exports. The sector also played a monumental role during the Covid-19 crisis that crippled the world. In addition to supplying critical medicines for the treatment of Covid in India, it exported them to other countries. India has also developed a Covid vaccine indigenously, in addition to manufacturing vaccines developed in other countries on a massive scale, thus helping the world to vaccinate its population against the deadly virus at a faster pace. All this is thanks to the presence of the private companies in the pharma sector.

India also emerged as a leading player in the information technology space. The ever-rising demand for Indian software professionals worldwide goes on to prove this. India-origin executives are now steering Google and Microsoft, the world's biggest tech giants. This is a clear testimony to India's prowess in the IT space.

No wonder India Inc reacted positively to the Prime Minister's positive take on the private sector and expressed its jubilation for getting due recognition for its key role in the country's growth story. Despite politics and political bickering, India has a long way to go when it comes to eliminating poverty and transforming itself into a developed country. That can only happen if it encourages entrepreneurial spirit and innovation. The PM's equal importance to private and public sectors shows the right direction for the country.