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Prime Minister Narendra Modi reaffirmed the government’s commitment to strengthening the Micro, Small, and Medium Enterprises (MSME) sector, calling it a crucial pillar of India’s economic development. Speaking at a post-budget webinar titled “MSME as an Engine of Growth, Manufacturing, Exports, and Nuclear Energy Missions," Modi emphasised that the sector plays a transformative role in innovation, employment, and exports.
With shifting global economic dynamics, Modi urged Indian businesses to capitalise on emerging opportunities by investing more in manufacturing and exports. "The world needs a trusted partner that produces high-quality products with reliable supply chains," he said, addressing business leaders on Tuesday.
The Prime Minister highlighted the importance of India’s ongoing trade negotiations with major economies, including the US, UK, and the European Union. "India continues to be a growth engine for the global economy," Modi stated, adding that several nations are eager to strengthen economic partnerships with the country.
As India works toward finalising a trade pact with the US by the end of the year, Modi encouraged Indian manufacturers to take advantage of global demand. "This is a big opportunity for us. I want our industry not to look at global expectations as mere spectators but to take bold steps forward," he said.
To further support MSMEs, Modi announced the formation of a committee to review regulations in the non-financial sector. "We aim to make these regulations modern, flexible, and people-friendly. The industry will play a crucial role in shaping this reform process," he noted.
Reflecting on India’s economic progress over the past decade, Modi stressed the government’s focus on financial discipline, transparency, and inclusive growth. "The assurance of consistent policies and reforms has instilled a new sense of confidence within our industry," he added.
Highlighting the success of the Production-Linked Incentive (PLI) scheme, the Prime Minister noted its impact across 14 sectors, with over 750 units approved. "This scheme has attracted investments of over ₹1.5 lakh crore, generating production worth ₹13 lakh crore and exports exceeding ₹5 lakh crore," he said, emphasising that Indian entrepreneurs can excel when given the right opportunities.
Modi also underscored the role of research and development (R&D) in India’s manufacturing journey. "R&D is essential for innovation and value addition in our products. We must accelerate efforts to enhance technological advancements in the sector," he stated.
With India positioning itself as a competitive global manufacturing hub, the government’s pro-MSME policies are expected to drive industrial growth and economic expansion. Modi called on domestic manufacturers to seize global opportunities, reinforcing India’s reputation as a key driver of global economic momentum.
