Prime Minister Narendra Modi on Saturday said that recovery is faster than expected and economic indicators are encouraging.

Addressing the 93rd Annual Convention of the Federation of Indian Chambers of Commerce and Industry., he said India prioritised saving lives during the Covid-19 pandemic and the government's policies and actions were oriented towards that.

The Prime Minister said that when one sector grows, its effect is seen in several other sectors.

"But imagine what would happen when unnecessary walls are erected between industries. No industry will grow as fast as it should," PM Modi said.

He then pointed specifically towards the controversial farm laws brought in by the central government in September.

"Agriculture and its related sectors such as agricultural infrastructure, food processing, storage, cold chains had seen walls between them. Now these walls are being removed. These reforms will give farmers new markets, advantages of technology, and help bring investments. It is my country's farmers who will benefit the most from all this," he said.

Amidst protests by farmers over the new farm laws, Modi said the government is committed to protecting the interest of the farming community through its policies and intentions.

The government has taken various initiatives to improve the income of people engaged in the farm sector, he said, adding that farmers now have options to sell their crops in mandis as well as to outside parties.

The government at any cost is committed to protect the interest of farmers through "its policies and intentions", he emphasised.

Expressing dissatisfaction over the limited participation of India Inc in the agriculture sector, the Prime Minister asked industries to show their interest and increase investment in the sector.

Frankly speaking, he said, "Unfortunately, the India Inc has not made adequate investments in agriculture and private players did not explore the sector to its full potential, rather they worked in limited fashion".

Citing an example, he said, "The private sector's participation is not as per the desired level in cold storage and fertiliser manufacturing".

The Prime Minister further said that India has been through ups and downs in 2020 but things have improved fast. There is a road map for recovery, he added.

Addressing the convention, the Prime Minister said tax terrorism and Inspector Raj are things of the past.

India is now among the few nations which have implemented faceless assessment and faceless appeal with regard to tax matters, Modi said.

Even the corporate tax in India is very competitive after the moderation affected last year, he added.

With regard to foreign capital inflows, he said India has seen record FDI and foreign portfolio investments during the pandemic.