Prime Minister Narendra Modi has reaffirmed India’s role as a key driver of global economic growth, emphasizing the nation’s resilience and stability amid global challenges. Speaking at the post-Budget webinar titled MSME as an Engine of Growth: Manufacturing, Exports, and Nuclear Energy Missions, he attributed India’s strong economic position to self-reliance and strategic reforms. He described the Union Budget 2025 as surpassing expectations, with consistent policies and economic measures enhancing investor confidence. He also underscored improvements in the ease of doing business, citing the removal of over 40,000 compliances under the Jan Vishwas Act.
Highlighting the impact of the Production Linked Incentive (PLI) scheme, Modi noted its contribution to 14 key sectors, with over 750 approved manufacturing units. The initiative has attracted investments totaling $17.2 billion, while exports under the scheme have crossed $57.4 billion. To further support manufacturing and exports, two new missions have been introduced, focusing on skill development and advanced technology integration.
The Micro, Small, and Medium Enterprises (MSME) sector, comprising over 60 million enterprises, plays a vital role in industrial expansion and employment generation. Modi pointed out its redefinition in 2020, ensuring businesses retain government benefits as they grow. Over the past decade, credit availability for MSMEs has surged from $137.7 billion to $344.3 billion. Additionally, the government has doubled the loan guarantee coverage to $2.3 million. New financial initiatives include customized MSME credit cards offering $5,730 for working capital and loans up to $229,500 for 50,000 first-time entrepreneurs from SC, ST, and women categories.
Modi urged state governments to compete for investments by fostering business-friendly environments, stressing that progressive policies are essential for economic expansion. He also encouraged collaboration between industry leaders and policymakers to ensure that Budget 2025 initiatives maximize India’s growth potential.
