New Delhi, March 3: Prime Minister Narendra Modi on Tuesday said the world is actively seeking reliable and resilient manufacturing partners and “India has the opportunity to play this role strongly” amid shifting global dynamics.
Addressing a post-Budget Webinar, focusing on the theme of “Sustaining and Strengthening Economic Growth”, PM Modi urged stakeholders to invest with confidence, adopt cutting-edge technology, make significant investments in research, and maintain global quality standards.
The Prime Minister observed that as global supply chains are getting re-shaped, India’s robust economy has become a beacon of hope for the world. “The rapid progress of the economy is a massive foundation for a Viksit Bharat,” he remarked.
Touching on Free Trade Agreements (FTAs), the Prime Minister stated that these agreements have opened doors of opportunity, placing a renewed responsibility on the Indian industry to emphasise quality.
He stressed the need to research the preferences and comfort of international consumers to create user-friendly products. “Only then will we be able to take advantage of the opportunities that are being created by Free Trade Agreements”, the Prime Minister remarked.
Reaffirming the government’s clear vision and clear resolution, the Prime Minister reiterated the core mantras of “Build more, produce more, connect more, and export more.”
Regarding the MSME sector, the Prime Minister noted that recent classification reforms have removed the fear of expansion among small enterprises. While the government continues to facilitate credit access and technology upgrades, he stressed that the real impact depends on MSMEs entering global competition. “Now is the time for MSMEs to further increase their productivity, raise their quality standards, and connect with digital processes and strong value chains,” PM Modi emphasised.
The Prime Minister identified infrastructure and logistics as the core pillars of the national growth strategy, backed by a record capital expenditure in this year’s budget. He highlighted the expansion of high-speed rail, multi-modal connectivity, and ship repair facilities as essential steps for efficiency.”
The actual benefit of this infrastructure will only be realised when industry and investors align their strategies accordingly,” he reminded the audience.
On urbanisation, the PM stated that India’s future growth is tied to the effective planning and management of its cities. He called for suggestions on how Tier-II and Tier-III cities can serve as new growth anchors. PM Modi stressed that suggestions in this regard will be important.
The Prime Minister addressed the global shift towards sustainability, noting that markets now look beyond cost to environmental impact. He cited the ‘Carbon Capture, Utilisation and Storage Mission’ as a significant step and urged businesses to integrate clean technology into their core business strategies. “The industries that invest in clean technology in a timely manner will have better access to new markets in the coming years,” PM Modi observed.
Addressing the synergy among various sectors, the Prime Minister explained that manufacturing, logistics, MSMEs, and urban centres are not isolated silos but interconnected pillars of a single economic structure. He detailed how manufacturing drives exports while competitive MSMEs foster flexibility and innovation. “This year’s budget has provided great strength to all these pillars,” PM Modi affirmed.
The PM highlighted the government’s efforts to strengthen core capabilities and remove existing bottlenecks in the manufacturing sector. “Focus on sectors like the Dedicated Rare Earth Corridors and container manufacturing is aimed at bolstering the trade ecosystem,” the PM asserted.
The Prime Minister also spotlighted the ‘Biopharma Shakti Mission’ announced in the budget, which aims to position India as a global hub for biologics and next-generation therapies. “We want to move towards leadership in advanced biopharma research and manufacturing,” PM Modi expressed.
–IANS