Prime Minister Narendra Modi, addressing post-budget webinars via video conferencing on Tuesday, reaffirmed the government’s commitment to stable policies and continuous reforms to boost India’s manufacturing, exports, and MSME sectors. The webinars, focused on themes such as MSMEs as engines of growth, manufacturing and exports, and regulatory and investment reforms, aimed at shaping post-budget strategies.
“Today, the country has been witnessing an unprecedented consistency in government policies for over a decade. Over the past 10 years, India has demonstrated its commitment to continuous reforms, financial discipline, transparency, and inclusive growth,” PM Modi said.
He assured industries that this stability would continue, creating a predictable business environment. “The assurance of consistency and reforms has brought a new sense of confidence within our industry. I assure every stakeholder associated with manufacturing and exports that this continuity will remain steadfast in the years to come.”
Ease of Doing Business and Economic Growth
The Prime Minister reiterated the government’s commitment to simplifying regulatory processes. He highlighted the introduction of the Jan Vishwas Act, which led to the removal of over 40,000 compliances at central and state levels, promoting ease of doing business. He also announced that work was underway on the Jan Vishwas 2.0 Bill.
“Our goal is to make regulations modern, flexible, and people-friendly. We invite stakeholders to identify bottlenecks and suggest ways to simplify processes and leverage technology for quicker and better results.”
PM Modi positioned India as a “growth center” and a reliable manufacturing partner. Reflecting on the country’s economic resilience during the pandemic, he said, “During the COVID crisis, when the world economy slowed down, India accelerated global growth by advancing the vision of Aatmanirbhar Bharat and pushing forward with reforms.” He underscored how these efforts helped India become one of the fastest-growing economies in the world.
Boosting Manufacturing and Exports
The Prime Minister highlighted the success of the Production-Linked Incentive (PLI) scheme, which has benefited 14 sectors. “Under the PLI scheme, more than 750 units have been approved, leading to investments of over ₹1.5 lakh crore, production worth ₹13 lakh crore, and exports exceeding ₹5 lakh crore.”
Encouraging further expansion, he announced the launch of two new missions focused on manufacturing and exports. He called for identifying globally in-demand products that could be manufactured in India, emphasizing technological advancement and quality control. “We must focus on skilling to reduce costs and enhance our competitiveness in the global market.”
PM Modi also stressed the role of research and development in industrial growth. “Innovation and value addition can transform industries like toys, footwear, and leather. India has the potential to become a global champion in these sectors, leading to a significant increase in exports and the creation of lakhs of jobs.”
Strengthening the MSME Sector
Describing MSMEs as the “backbone of India’s industrial growth”, PM Modi underscored key reforms to support small businesses. He recalled the government’s 2020 decision to revise the definition of MSMEs, ensuring that businesses could grow without losing government benefits.
“The number of MSMEs in the country has now surpassed six crore, providing employment to millions. In this budget, we have further expanded the MSME definition to instill confidence in their continuous growth.”
Addressing financing challenges, PM Modi highlighted a substantial increase in loan support. “A decade ago, MSMEs received loans worth ₹12 lakh crore. Today, this has increased to ₹30 lakh crore. We have doubled the guarantee cover for MSME loans to ₹20 crore and introduced customized credit cards with a limit of ₹5 lakh for working capital needs.”
The government is also taking steps to support first-time entrepreneurs, particularly from women, SC, and ST communities. “Five lakh first-time entrepreneurs will receive loans of ₹2 crore each. But they don’t just need credit—they need mentorship. I urge industry leaders to come forward and create a mentorship program for them.”
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