Prime Minister Narendra Modi on Tuesday, March 4, said the most special thing about the first budget of Modi 3.0 government was “delivering more than expectations”.
Addressing a post-budget webinar, PM Modi said there are many sectors where the government has taken major steps in Budget 2025, for their growth and development. The Budget also witnessed significant decisions in the areas of manufacturing and export.
“In the last 10 years, the country has shown its commitment to reforms, financial discipline, transparency and inclusive growth… I want to assure every stakeholder associated with manufacturing and export that this consistency will be maintained for the years to come. I urge them to believe in themselves and take big steps,” said PM Modi addressing a post-budget seminar on MSME as an Engine of Growth, Manufacturing, Exports and Nuclear Energy.
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The Prime Minister said new avenues for export and manufacturing should be established as countries around the world look to strengthen the economic partnerships with India.
PM Modi added that stable policy and a good business environment is very important for development in any country. “A few years ago, we brought the ‘Jan Vishwas Act’. We tried to reduce compliance. More than 40,000 compliances were finished at the central and state levels. This promoted ease of doing business,” he added.
He stated that this exercise should keep on going continuously. And for this, the government brought simplified income tax structure and is working on Jan Vishwas 2.0 Bill, along with establishing a committee to review the regulations of the non-financial sector.
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He asked the industry stakeholders to look for problems that require more time to get resolved. He urged the stakeholders to guide from their experiences to find solutions in a speedy manner.
“Today, the world is looking at India as a growth centre. During the Covid-19 pandemic, India gave a boost to the global growth. This happened due to taking ahead Aatmanirbhar Bharat’s vision and increasing reforms,” Modi said, adding that India has proved its resilience to the global slowdown.
“We have seen that when supply chains are disrupted, it affects the global economy. The world needs a trusted partner which produces high-quality products and the supply is reliable,” he added, stating that this is an opportunity for India and the Indian industry. He urged the stakeholders to not be a mere spectator but start to look for their role and create opportunities themselves.
Modi further described the performance of the Production Linked Incentive (PLI) Scheme and how it has been benefitting 14 different sectors. “More than 750 units have been given approvals. We have received an investment worth ₹1.5 lakh crores. Production of more than ₹13 lakh crores has been made, and exports of more than ₹5 lakh crores have been accounted,” he added.
He talked about the need for Research and development in India’s manufacturing industry. He discussed how R&D efforts can create opportunities in the country with a focus on innovative products and adding values to the goods produced. “We can become a global champion and exports can rise exponentially,” Modi stated.