Prime Minister Narendra Modi on March 4 said micro, small and medium enterprises (MSMEs) are the "backbone" of India's growth, as he urged the industry to carve out opportunities, assuring government’s complete support.
Addressing a post-budget webinar on the MSME sector, the Prime Minister said amid the ongoing global political uncertainty, the world was looking at India as a growth engine.
"The industry has received a new confidence due to the assurance it received from consistency and reforms. I assure all stakeholders that this will continue in the coming years. I urge you to go out with full confidence, take big steps," he said.
Every country was trying to strengthen its economic ties with India. "Our manufacturing sectors should take steps to derive maximum advantages from such partnership," he said.
Speaking about the Jan Vishwas Act, Modi said over 40,000 compliances were eliminated at both central and state levels, promoting ease of doing business.
The government was now working on Jan Vishwas 2.0 Bill. A committee has been formed to review regulations in non-financial sector to make them modern, flexible, people-friendly and trust-based, he said.
"The world is currently experiencing political uncertainty, and the entire world views India as a growth centre," Modi said. During the COVID crisis, India accelerated global growth. The government’s policies blunted adverse effect of the pandemic on the economy, Modi said.
"Today, India is a growth engine for the global economy. Even in very difficult situations, it has proved its resilience," he added.
Speaking about the supply chain disruptions amid global uncertainties, Modi said India proved to be a reliable partner in such times.
He urged the industry to actively seek their role and carve out opportunities. "This is easier now. India has friendly policies for this. Today, the government is standing with the industry," Modi said.
"Today, 14 sectors benefit from our PLI scheme. Under this scheme, more than 750 units have got approvals," Modi said, adding this has resulted in an investment worth over Rs 1.5 lakh crore, production worth over Rs 13 lakh crore, and exports exceeding ₹5 lakh crore.
"This shows if our entrepreneurs get an opportunity, they can advance in every sector," he said.
"Research and development (R&D) has played a crucial role in India's manufacturing journey and needs further advancement and acceleration,” he said. “The world knows the power of our toy, footwear and leather industry. We can achieve great success by combining our traditional crafts with modern technology. We can become a global champion in these sectors and our exports can increase multifold. This will create lakhs of jobs in the labour intensive sectors and will give a boost to entrepreneurship."
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