In a call to action for the industry, Prime Minister Narendra Modi urged companies to actively pursue global opportunities rather than remain passive observers. He stressed that by embracing challenges and taking even a single step forward, each industry can contribute to substantial collective progress.
“In the midst of global political uncertainty, the world sees India as a growth centre,” Modi stated during a post-Budget webinar on Tuesday. He stated that during the pandemic-induced global economic slowdown, India demonstrated its resilience and was recognized as a growth engine. This was made possible by promoting the vision of Aatmanirbhar Bharat and expediting reforms, he added.
At the same event, Union Finance Minister Nirmala Sitharaman reaffirmed the government’s commitment to reducing regulatory burdens while strengthening trust-based governance and implementing measures to make India a seamless, export-friendly economy.
Prime Minister Narendra Modi underscored India's role as a key driver of global economic growth, highlighting its resilience in challenging times.
He noted that 14 sectors are currently benefiting from the Productivity-Linked Incentive (PLI) scheme, with over 750 approved units contributing to an investment of more than ₹1.5 trillion, generating production worth over ₹13 trillion, and driving exports beyond ₹5 trillion.
Emphasizing the potential for entrepreneurs to thrive in emerging sectors when given the right opportunities, PM Modi announced the launch of two new missions to promote manufacturing and exports. He also stressed the importance of adopting advanced technology, ensuring high-quality products, and enhancing skills to reduce costs.
Additionally, the Prime Minister called on stakeholders to identify globally in-demand products that can be manufactured in India and urged them to proactively engage with potential export markets.
“R&D has played a crucial role in India's manufacturing journey and needs further advancement and acceleration,” the PM said.
Modi highlighted that India's toy, footwear, and leather industries hold immense potential, and by blending traditional craftsmanship with modern technology, significant success can be achieved. He emphasized that India has the capability to emerge as a global leader in these sectors, boosting exports considerably. He urged all stakeholders to unlock the untapped potential within these industries.
Meanwhile, Sitharaman stressed that a strong manufacturing sector, unburdened by unnecessary regulatory hurdles, would attract both domestic and foreign investments. This, in turn, would drive economic growth and establish India as a reliable global player. She made these remarks while addressing a post-budget webinar on ‘MSMEs as the Engine of Growth: Manufacturing, Exports, Regulatory, Investment, and EoDB Reforms.’
“Our government remains steadfast in reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business. Through the Budget announcements, we are taking various steps towards making India a seamless, export-friendly economy, one where businesses are free to focus on innovation and expansion, and not paperwork and penalties," Sitharaman said.
The webinar was attended by key representatives from government departments, financial regulators, financial institutions, industry organizations, academia, and state governments.
Comments