Prime Minister Narendra Modi has called on industry stakeholders to take bold steps in manufacturing and leverage the opportunities presented by India's evolving economic landscape. Speaking at a post-budget webinar on March 4, 2025, focused on MSMEs (Micro, Small, and Medium Enterprises) as engines of growth, Modi emphasised the need for innovation, exports, and research-driven manufacturing to position India as a global leader.
Highlighting the achievements of the past decade, Modi stated that India has demonstrated its commitment to reforms, financial discipline, transparency, and inclusive growth. He assured stakeholders that this consistency will continue under his leadership. "The world is looking at India as a growth centre," he said, referencing India's resilience during global economic slowdowns and supply chain disruptions.
The Prime Minister urged industries to identify their roles in creating opportunities rather than being passive spectators. He pointed out that global supply chains require trusted partners capable of producing high-quality products with reliable delivery. This is where India can shine by becoming a dependable hub for manufacturing and exports.
Modi highlighted the success of the Production Linked Incentive (PLI) scheme, which has significantly boosted investment and production across 14 sectors. According to him:
Over 750 units have been approved under the scheme.
Investments worth ₹1.5 lakh crores have been received.
Production worth ₹13 lakh crores has been achieved.
Exports exceeding ₹5 lakh crores have been recorded.
The PLI scheme has not only strengthened India's manufacturing capabilities but also created numerous employment opportunities.
To encourage industrial growth, Modi underscored the importance of a stable policy environment and reduced compliance burdens. He mentioned the success of the Jan Vishwas Act, which eliminated over 40,000 compliances at central and state levels. The government is now working on Jan Vishwas 2.0 to further simplify regulations.
Additionally, a committee has been established to review non-financial sector regulations. These measures aim to enhance ease of doing business and attract more investments into India.
The Prime Minister also touched upon India's growing international partnerships. Countries worldwide are strengthening economic ties with India, recognising its potential as a reliable partner in global supply chains. Modi urged industries to align with this vision by improving product quality and adopting best practices.