NEW DELHI: PM Narendra Modi on Tuesday urged the Indian industry to tap into emerging opportunities in the global supply chain amid disruptions and assured that govt fully backed these moves.
“In the last few years, we have seen that when the supply chain gets disturbed, it has its impact on the economy of the entire world. Today, the world needs such a reliable partner from where high-quality products come and the supply is reliable. Our country is capable of doing this. All of you are capable. This is a big chance for us, a huge opportunity. I want that our industry should not look at these expectations of the world as a spectator, we cannot remain as spectators. You have to find your role in this, you have to go ahead and carve out opportunities for yourself,” he said during a post-budget webinar.
India is a growth engine for the global economy, and despite disruptions, India had proven its resilience in several difficult situations, Modi said while referring to the Covid period.
“We should open new avenues for manufacturing and export for the country. Today every country in the world wants to strengthen its economic partnership with India. Our manufacturing sectors should come forward to take maximum advantage of this partnership,” he said.
Modi also underlined the importance of states in attracting investments and stepping it up, and once again called for the need for urgent reforms. “The more the states promote ease of doing business, the greater number of investors will come to them. Your state will benefit the most from this. There should be competition among states as to who can take maximum advantage of this budget. Companies will come to invest in those states which come forward with progressive policies,” he said. He also said the union budget had taken steps to further ease life for businesses.
While listing out the steps taken by govt since 2020 to strengthen MSMEs, the PM said the fresh increase in investment limit will help create more jobs by enabling small businesses to grow. Noting that credit flow to the sector is now easier, he also underlined the need to develop new modes of credit delivery.