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.
