NEW DELHI — Prime Minister Narendra Modi on Tuesday nudged the Indian industry
for "big steps" to take advantage of global opportunities at a time
when the world is looking at India as a trusted partner, saying the government
will launch two missions to promote manufacturing and exports.
Addressing a post-budget webinar on Regulatory,
Investment and Ease of Doing Business Reforms, Modi asked the industry to
identify new products that can be manufactured in the country to meet global
demand.
"Our country is capable of doing this, all of you
(industry) are capable, this is a great opportunity for us. I want our industry
should not look at these expectations of the world as a mere spectator. We
cannot remain spectators, you will have to look for your role in this, you will
have to seek opportunities for yourself," Modi told the industry players.
The Prime Minister also stressed the need to develop new
modes of credit delivery to ensure access to timely and low-cost funds to over
six crore micro, small and medium units across the country.
He said five lakh first-time women and SC&ST
entrepreneurs will be provided loans of up to Rs 2 crore.
"Today, India is a growth engine for the global
economy. India has proved its resilience even in difficult times... Today,
every country wants to strengthen its economic partnership with India. Our
manufacturing sector should take advantage of this partnership," Modi
added.
The Prime Minister said the industry has gained new
self-confidence due to the government's consistency and assurance for reforms.
"I want to assure the stakeholders in manufacturing
and export sectors that this will continue in the coming years. I urge you to
move ahead with confidence and take big steps. For the country's manufacturing
and export sectors new avenues have been opened," Modi said.
The Prime Minister said MSMEs need not only credit but
also guidance, and suggested that industries should establish mentorship
programmes to support them.
Asserting that stable policy and improved business
environment are vital for any country to progress, he said the government has
done away with over 40,000 compliances at the Centre and state level and is
working on the Jan Vishwas 2.0 Bill.
"We are working on the Jan Vishwas 2.0 Bill. We have
decided to constitute a committee to review non-financial sector regulations.
Our endeavour is to make them modern, flexible, people-friendly and
trust-based."
The government will launch two missions to promote
manufacturing and exports, he said.
Observing that the focus should be on better technology
and quality products, the Prime Minister urged all stakeholders to identify new
products in demand globally that can be manufactured in India and encouraged
them to approach countries with export potential strategically.
"The world is currently experiencing political
uncertainty, and the entire world views India as a growth centre," Modi
said, adding that during the COVID crisis, when the global economy slowed down,
India accelerated global growth.
Modi said the definition of MSMEs was further expanded in
the FY26 Budget to instil confidence in their continuous growth. This will
create more employment opportunities for the youth. However, the biggest
problem faced by MSMEs was the difficulty in obtaining loans.
He noted that ten years ago, MSMEs received loans worth
approximately Rs 12 lakh crore, which has now increased to around Rs 30 lakh
crore.
The Prime Minister also said that in Budget FY26, the
guarantee cover for MSME loans has been doubled to Rs 20 crore. Additionally,
customised credit cards with a limit of Rs 5 lakh will be provided to meet
working capital needs.
Underlining that the government has facilitated loan
access and introduced a new type of loan, Modi said people are now receiving
loans without guarantees, something they never imagined before.
Over the past 10 years, schemes like MUDRA, which provide
loans without guarantees, have also supported small industries, he noted.
He emphasised the need to develop new modes of credit delivery,
ensuring that every MSME has access to low-cost and timely credit.
He also announced that five lakh first-time entrepreneurs
from women, SC, and ST communities will receive loans of Rs 2 crore.
He urged the industry to create a mentorship programme to
help these individuals.
Modi asked the industry not to be "mere
spectators" but to actively seek their role and carve out opportunities,
pointing out that it is easier today compared to the past, as the country has
friendly policies and the government stands shoulder to shoulder with the
industry.
The Prime Minister called for a strong resolve and
objectivity in seeking opportunities in the global supply chain and accepting
challenges.
Describing India as a "growth engine" for the
global economy, he said the world is looking at reliable partners for global
value chains, which is a "huge opportunity" for India.
He said that at a time when the world is passing through
geopolitical uncertainties, India is being looked at as a "growth
centre".
Nudging states to undertake ease of doing business
reforms, Modi said states play an important role in increasing investments.
More investments will come in as states push ease of doing business reforms.
"States should compete amongst themselves...The states,
which come forward with progressive policies, companies will find them as
attractive destinations for investment," Modi said.
"Today 14 sectors are benefiting from our PLI
(Production Linked Incentive) scheme. More than 750 units have been approved under
this scheme. It has attracted investment of over Rs 1.5 lakh crore, leading to
production of more than Rs 13 lakh crore and exports of over Rs 5 lakh
crore," he added.
Modi said that the most notable aspect of the Budget is
its delivery, which exceeded expectations.
Encouraging stakeholders to take "bold steps"
and open new avenues for manufacturing and export for the country, the Prime
Minister highlighted that every country in the world wants to strengthen its
economic partnership with India. The manufacturing sector must take full
advantage of this partnership.
