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- Published: March 5, 2021 14:10
“PM Modi’s public acknowledgement of Indian private sector’s contribution to nation-building is a much-needed boost for local businesses and entrepreneurs,” says Shri SK Narvar, Chairman, Capital India Finance Corp
Edited excerpts from the detailed interactions below:
Ques: How do you view PM Modi’s recent appreciation of the Indian private sector?
S K Narvar: The fact that PM Modi’s appreciation has garnered national headlines is itself a commentary that it was long due and well-deserved. Historically, the private sector has shouldered India’s growth story alongside the public sector enterprise since the Independence era. From the industrial revolution to our IT industry to our current pride, the pharma industry, private sector contribution has been a critical aspect which, unfortunately, till recent past went unrecognized.
I wish to thank our PM Narendra Modi for his public appreciation for private entrepreneurship and Indian businesses. As India comes out of its COVID19 economic recovery, Indian government’s approach in facilitating private sector participation in nation-building will create positive sentiment and speed-up on-ground growth.
Ques: How has the Indian private sector reacted to PM Modi’s comment?
S K Narvar: The Indian government, under PM Modi’s leadership, has always respected and facilitated local enterprise in the public and private sectors. As business leaders, we are aware of the government’s policies and schemes where private enterprise can thrive.
Every Indian business leader from Anand Mahindra to Sajjan Jindal to trade associations like FICCI have welcomed PM Modi’s gesture. When the economy is recovering from the COVID19 shock, this statement has reassured the private sector and injected a genuine dose of positivity to unleash our ‘animal spirits’ to get the Indian economy back to track.
Ques: How will PM Modi’s statement help Indian entrepreneurs?
S K Narvar: Till the recent past being an entrepreneur or self-employed had an element of doubt attached to it; most Indians wanted a secure job. Things have changed in the past decade, and entrepreneurship has flourished mostly through private capital. The current government has made a strong push to create a government-led institutional mechanism for entrepreneurship – through start-up friendly policies and anchoring a PE fund like NIIF (National Investment & Infrastructure Fund).
PM Modi’s vision is to democratize opportunities for every deserving Indian. For young start-ups, every hardworking citizen should have an enabled platform for growth – job opportunity creation, finance, and loans for small businesses or technical tie-ups. He mentioned that using unkind or insulting words for the private sector or India’s youth is no more acceptable.
Ques: How has the Indian private sector performed according to you?
S K Narvar: I am not sure as a first-generation entrepreneur if it would be proper to comment on this. But let me tell you that I am a proud nationalist for creating successful private enterprises in the financial and real-estate sector. Today’s Capital India Finance Corp is one of the finest and fast-growing financial platforms and is an example of an Indian enterprise. For example, we enable credit to small businesses and self-employed sectors, thereby ushering socio-economic empowerment in the long-term.
Now coming back to the private sector performance, let me mention a few points from our PM Modi’s speech. The private sector’s contribution during the Indian government’s fight against COVID19 and the domestic private pharma sector’s success in developing a vaccine in record time is a real testimonial of the private sector’s contribution to the nation. In the past, be it telecom, or mobile handsets, local manufacturing and competition helped create affordability and mass adoption. Hence, the private sector’s contribution to building India as a socio-economic powerhouse will continue, and we need more celebrations in line with PM Modi’s example.
