Prime Minister Narendra Modi on Tuesday said that every country in the world wants to strengthen its economic partnership with India, and thus, the manufacturing sector should take full advantage of this partnership.
Modi, addressing the Post-Budget webinars via video conferencing, called India a growth engine for the global economy that has proven its resilience in challenging situations. “The world needs reliable partners that produce high-quality products and ensure reliable supply.. India was capable of fulfilling this need, presenting a significant opportunity for the country,” said Modi.
He urged the industry not to be mere spectators but to actively seek their role and carve out opportunities. He pointed out that it is easier to start a business today compared to the past, as the country has friendly policies and the government stands shoulder to shoulder with the industry.
Regarding the Production Linked Incentive (PLI) scheme, the Prime Minister highlighted that 14 sectors are currently benefiting from it, with over 750 units approved under the scheme. This has resulted in an investment of over `1.5 lakh crore, production worth over `13 lakh crore, and exports exceeding `5 lakh crore. Modi emphasised that this demonstrates the potential for entrepreneurs to succeed in new areas when given opportunities.
He encouraged stakeholders to identify new products in global demand that can be manufactured in India and to approach countries with export potential strategically. Modi also highlighted the world’s recognition of India’s toy, footwear, and leather industries, noting that combining traditional crafts with modern technologies can lead to significant success. He added that India can become a global champion in these sectors, leading to a substantial increase in exports. “This growth will create lakhs of job opportunities in labour-intensive sectors and promote entrepreneurship,” said Modi.