NEW DELHI, March 4: Prime Minister Narendra Modi on Tuesday called on India’s domestic manufacturers and exporters to actively engage with the disruptions occurring in global supply chains, stressing that the world now views India as a growth center. Speaking at the post-budget webinar, PM Modi urged Indian industries not to be mere spectators but to capitalize on the emerging opportunities, as global political uncertainty makes it crucial for countries to find reliable partners capable of producing high-quality products and ensuring dependable supply.
The Prime Minister highlighted the significant role India can play, given the current disruptions in the global supply chains. He said, “The world is currently experiencing political uncertainty, but the entire world views India as a growth centre. Disruptions in the supply chain affect the global economy, and the world needs reliable partners who produce high-quality products and ensure reliable supply.”
PM Modi urged India Inc. to actively seek out their roles and create opportunities within the disrupted global market. He also acknowledged the progress India has made in creating an environment conducive to business, noting that friendly policies and government support have made it easier for industries to expand. The Prime Minister emphasized that now is the time for industries to be bold, to step forward, and to take advantage of opportunities in global markets, stressing that collective progress can be achieved by individual efforts.
The Prime Minister further encouraged stakeholders to explore new avenues for manufacturing and export, underscoring that every country worldwide is eager to strengthen its economic partnership with India. He also pointed to the success of the Production-Linked Incentive (PLI) scheme, which has benefitted 14 sectors, leading to the approval of over 750 units and investments exceeding Rs 1.5 lakh crore. This has resulted in production worth over Rs 13 lakh crore and exports exceeding Rs 5 lakh crore, demonstrating how businesses can thrive when presented with the right opportunities.
Highlighting the government’s ongoing efforts, PM Modi announced two new missions aimed at boosting manufacturing and export. These missions will focus on advancing technology, improving product quality, and enhancing skills to reduce costs. He also encouraged industries to strategically identify new products with global demand that can be manufactured in India and to approach potential export markets accordingly.
The Prime Minister stressed that research and development (R&D) plays a crucial role in India’s manufacturing journey and needs further acceleration. Through R&D, India can innovate and add value to existing products, making them globally competitive.
PM Modi emphasized that India’s commitment to reforms, financial discipline, and transparency over the past decade has instilled confidence within the industry. He assured stakeholders that this commitment to stable policies and a business-friendly environment would continue in the coming years, reinforcing the government’s resolve to support industry growth. He also pointed out the success of the Jan Vishwas Act, which had eliminated over 40,000 compliances at both central and state levels, further promoting ease of doing business.
In addition, the Prime Minister announced the introduction of simplified income tax provisions and the upcoming Jan Vishwas 2.0 Bill, all aimed at reducing burdens on businesses and facilitating growth.
PM Modi concluded by reaffirming the government’s dedication to fostering a stable and transparent business environment that encourages innovation, growth, and manufacturing in India.
