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Prime Minister Narendra Modi announced the launch of two new missions on Tuesday to boost manufacturing and exports, emphasizing the need for advanced technology, quality products, and enhanced skilling to reduce costs. He urged stakeholders to identify high-demand global products that can be manufactured in India and strategically explore export opportunities. He also reaffirmed his commitment to strengthening MSMEs, calling them the backbone of the country’s economy.
Addressing post-budget webinars via video conferencing, Modi highlighted India’s decade-long policy consistency, financial discipline, and transparency, which have fostered industry confidence. He stressed the role of research and development (R&D) in manufacturing, calling for increased investment in innovation to create high-value products. He pointed out that by integrating traditional crafts with modern technologies, industries such as toys, footwear, and leather could become global leaders, significantly boosting exports.
The Prime Minister underscored the importance of MSMEs, noting that their redefined classification in 2020 eliminated concerns about losing government benefits due to growth. He revealed that the number of MSMEs has surpassed six crores, creating employment for millions. To further support them, the government has doubled the MSME loan guarantee cover to ₹20 crore and introduced customized credit cards with a ₹5 lakh limit for working capital needs.
Highlighting government initiatives like MUDRA, which provides collateral-free loans, Modi stressed the need for efficient credit delivery systems to ensure MSMEs receive affordable and timely financial support. He announced that five lakh first-time entrepreneurs from women, SC, and ST communities would receive loans up to ₹2 crore. He urged industry leaders to establish mentorship programs for these new business owners.
Encouraging states to promote ease of doing business, Modi pointed out that progressive policies would attract more investment. He emphasized that this budget had exceeded expectations and urged industries to take bold steps in manufacturing and exports. He assured stakeholders of policy stability and government support, highlighting that India is an attractive economic partner globally.
Modi highlighted ongoing regulatory reforms, including the elimination of over 40,000 compliances and the introduction of simplified income tax provisions. He emphasized that a newly formed committee is reviewing non-financial regulations to make them more flexible and business-friendly. He urged industry leaders to identify bottlenecks and suggest improvements for quicker and more efficient results.
Referring to global economic challenges, Modi asserted that India has emerged as a growth engine amid uncertainty. He credited Aatmanirbhar Bharat and strategic reforms for helping India sustain growth during the COVID crisis. He noted that disruptions in the global supply chain present an opportunity for India to establish itself as a reliable manufacturing hub.
Encouraging industries to be proactive in securing a place in the global supply chain, Modi emphasized that India’s policies and government support make this easier than ever before. He stressed that R&D is essential for staying competitive and that industries must accelerate research efforts to drive innovation. Highlighting the success of the Production-Linked Incentive (PLI) scheme, he noted that it has benefited 14 sectors, attracting investments of over ₹1.5 lakh crore, generating production worth ₹13 lakh crore, and boosting exports beyond ₹5 lakh crore. He urged entrepreneurs to leverage R&D and seize new opportunities to drive India’s industrial growth forward.
The post-budget webinars provided a platform for government officials, industry leaders, and experts to discuss investment, policy execution, and technology adoption. Their goal is to ensure the seamless implementation of budget initiatives that will shape India’s manufacturing and trade future.
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