We Have To Give Small Businesses Bigger Platforms And Better Opportunities To Grow: PM Modi

Narendra Modi, Prime Minister, Republic of India on 26 May 2022 addressed the 20th anniversary celebrations of Indian School of Business (ISB) and the graduation ceremony of its Post Graduate Programme Class of 2022 in Hyderabad.

PM Modi said India always felt the need for reform but a lack of political willpower and political instability in the three decades preceding his government meant the country had stayed away from reforms as well as from taking big decisions.

The event was attended by Tamilisai Soundararajan, Governor of Telangana; Gangapuram Kishan Reddy, Cabinet Minister of Tourism, Culture and Development of North Eastern Region of India (DONER), Chairman of Indian Business School Harish Manwani and other Boards Members.

“Since 2014, our country is seeing political will and also, reforms are being done continuously. Public support and popular support is assured when reforms are undertaken with determination and political will,” he said, citing the adoption of digital payments by people as an example," he said.

He highlighted the strides India had made under his government and highlighted when the country is writing a new chapter of economic development, we all have to remember to take equal care of small traders and small business. We have to give them bigger platforms, better opportunities to grow. We have to help them connect with new markets at home and abroad. We have to connect them with more and more technology. And it is here that institutions like ISB, the role of the students of ISB becomes very important.

Pointing out that India was emerging as a major growth centre, the Prime Minister said “today, the world is realising that India means business.”

He tweeted “Acknowledges the role of students of ISB in the economic and business landscape of the country….Today the world is realising that India means business…I would like to ask you to link your personal goals with the goals of the country…Due to the continuous political instability in the last three decades, the country has seen a lack of political willpower and stayed away from reforms and big decisions…In the system now government reforms, bureaucracy performs and people’s participation leads to transformatio … All business professionals have a big role in this.”

He cited various indices, including how India was the fastest growing economy in G-20, number one smartphone data consumer, second in terms of number of internet users as well as in global retail index, home to the world's third largest start-up ecosystem and third largest consumer market. The FDI received last fiscal was the highest thus far by the country.

He addressed the graduating students as mere pyare yuva sathiyon and said the government was with the youth. Urging the graduating students to fuse their goals with those of the country, especially the path of self-reliance or Atma Nirbharta that India had set on, he said the Reform, Perform, Transform mantra that was defining governance in the country now was important for them, both as a mechanism to be pursued and as a subject of research.

The Prime Minister said management institutions such as ISB and its students have to play a major role in helping small businesses grow. Their move would help lakhs of entrepreneurs and several crore families dependent on the enterprises. India could become future ready only when it became self-reliant.

ISB Dean Madan Pillutla said, “It was the first combined graduation of students from the B-school’s Hyderabad and Mohali campuses. ISB, which was opened in 2001 by former Prime Minister Atal Bihari Vajpayee, entered the third decade of existence as it aspired to be a resource for the country and play a part in the positive transformation.”

Prime Minister Modi also spoke about the start-up ecosystem in India, asserting that we are the world’s third largest consumer market in India. He highlighted that he can enumerate many such things about the Indian economy and that the world saw the potential of India in a global pandemic like Corona.

He said, “In this biggest disaster of the century, there was such a huge disruption in global supply chains, then the war also increased this crisis. Even in the midst of all this, India is emerging as a major centre of growth today. Last year, the highest ever recorded FDI came into India. Today the world is realising that India means business. And this has not been possible only because of the efforts of the government alone. In this, business schools like ISB, professionals coming out from here, youth of the country also have a big contribution.”

PM asserted where we are heading and what needs to be our focus, he referred to start-ups, traditional business, manufacturing or service sector. He told professionals from all walks of life should always think how first the interest of the country will be served. The government is also making the environment conducive for micro, small and medium enterprises, start-ups and entrepreneurs with campaigns for Ease of Doing Business, transparent GST and abolishing many laws.

“You must have heard that sometimes I repeat the same thing over and over again and often I say Reform, Perform, and Transform. This mantra defines the governance that is in the country today. It is also very important for management students and professionals like you. I am telling you all these things because you are going to take many policy decisions after leaving here,” PM stated.

The PM also spoke about how other sectors in the country were doing, “In a country where banking was once considered a privilege, Fintech is changing the lives of ordinary citizens in the same country. Where once a lot of effort was required to build trust in banks, 40 percent of the world's digital transactions are now taking place in India. Our health sector was also believed that it would not be able to respond to any major challenge. But we have experienced the result of the country's will to reform the health sector during the biggest pandemic of 100 years. It is also important for you to know all this because today the meaning of 'business' is also changing in the country and the scope of 'business' is also increasing. Today the economic landscape in India is spreading to small, medium, cottage and even informal enterprises. These businesses are giving employment opportunities to lakhs of people. They have a lot of potential, they have a lot of commitment to move forward.”

PM highlighted when the country is writing a new chapter of economic development, we all have to remember to take equal care of small traders and small business. We have to give them bigger platforms, better opportunities to grow. We have to help them connect with new markets at home and abroad. We have to connect them with more and more technology. And it is here that institutions like ISB, the role of the students of ISB becomes very important.

“As a future business leader, all of you have to come forward, take responsibilities to make every business bigger and expand. And you will see, if you help small businesses to grow, you will help build millions of entrepreneurs, you will help crores of families. To make India future-ready, we have to ensure that India becomes self-reliant. And in this you too business professionals have a big role. And this will be an important example of service to the country in a way for you." The momentum is definitely inclined towards the Indian Small Business and Bharat Start-ups.

On the occasion, the Prime Minister also unveiled a commemorative plaque, released the ISB MyStamp and Special Cover and awarded medals to academic scholars of excellence. ISB is one of the top business schools in Asia. The school is giving impetus to the business of the country. The students of ISB have created many start-ups, instrumental in creating unicorns. This was the first graduation ceremony of ISB in Hyderabad and Mohali campuses.