Terming India as the “growth engine of the world” amid global political instability, Prime Minister Narendra Modi on Tuesday called on the industry to spearhead a manufacturing revolution to drive economic growth and expand India’s share in global trade. Speaking at a post-budget webinar hosted by the finance ministry, Modi assured businesses of policy stability and a favourable investment climate, emphasizing that government-led reforms over the past decade have laid a strong foundation for sustained expansion.Read this | Mint Primer: How significant is Prime Minister Narendra Modi’s US visit?Modi underscored that consistent reforms, financial discipline, and transparency have bolstered industry confidence and positioned India as a reliable global supplier. He reaffirmed his government’s commitment to continuing these policies, ensuring further impetus for manufacturing and exports.“Our government shown consistency in reform initiatives that has also assured the industry and given it confidence to grow,” the prime minister said.The prime minister also highlighted the significance of the first full budget of his government’s third term, stating that its implementation-focused approach has exceeded expectations. Key budgetary measures, he noted, have been directed at strengthening manufacturing and boosting exports.With global supply chains facing disruptions, Modi stressed that India has a unique opportunity to become a trusted partner for high-quality, reliable manufacturing.“I urge the industry to take big steps with confidence and open new avenues for manufacturing and exports…The government will support it through friendly policies,” said the prime minister.Read this | Manufacturing PMI: Q4 is a litmus test, but no fireworks so farThe prime minister pointed to the success of the Production-Linked Incentive (PLI) scheme, noting that the 14 schemes under it have approved applications for over 750 units, attracting ₹1.5 trillion in investment, generating ₹13 trillion in production, and contributing ₹5 trillion in exports.He encouraged businesses to identify products with strong global demand and leverage India’s expertise in sectors like toys, footwear, and leather. He also advocated for integrating traditional crafts with modern technology to create world-class exports.Empowering MSMEs and entrepreneursRecognizing Micro, Small, and Medium Enterprises (MSMEs) as the backbone of industrial growth, Modi reiterated the government’s support, including the expanded MSME definition introduced in the 2025-26 budget.”We want to give our MSMEs the necessary impetus to keep growing and generating generating big employment opportunities,” he said. He also stressed the need for better credit access and urged the industry to develop mentorship programs for first-time entrepreneurs, particularly women and marginalized groups, who have benefited from government-backed loans up to ₹1 crore.Calling on state governments to further ease doing business, Modi emphasized their crucial role in attracting investment and improving India’s overall business environment.Also read | India’s developed nation dream realistic, but needs bold reforms, says WB India head Auguste Tano KouaméWith a strong policy foundation, a growing manufacturing sector, and increasing global demand, Modi signalled that India is well-positioned to strengthen its industrial and export landscape—provided businesses take the lead in seizing emerging opportunities.Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.Business NewsNewsIndiaPM Modi urges industry to drive manufacturing boom, boost India’s global tradeMoreLess
Source link
