Amid global uncertainties and supply chain disruptions, prime minister Narendra Modi on Tuesday asked the industry not to be a mere spectator, but to take advantage of the opportunities by investing more.
Speaking in a webinar with stakeholders to finalise the blueprint for implementing measures announced in the budget, he said new modes of credit delivery need to be developed to ensure access of timely and low-cost funds to over MSMEs. “Today every country in the world wants to strengthen its economic partnership with India. Our manufacturing sector should come forward to take maximum advantage of this partnership,” he said.
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The Centre is now nudging states to improve the business climate to attract private investment to make India a global manufacturing hub and make it part of supply chain.
India remains a growth engine for the global economy and has proven its resilience in challenging situations, Modi said pointing out that disruptions in the supply chain affect the global economy, and the world needs units that produce high-quality products and ensure reliable supplies. Modi emphasized that India was capable of fulfilling this need, presenting a significant opportunity for the country. He pointed out that it is easier today compared to the past, as the country has friendly policies and the government stands shoulder to shoulder with the industry.
Modi’s comment came at a time when India is pursuing mutually beneficial trade ties with the Donald Trump-led new United States administration as well as holding negotiations for free trade agreements with the United Kingdom and the European Union.
In the last 10 years, India has consistently shown its commitment towards reforms, financial discipline, transparency and inclusive growth, Modi said. “Consistency and assurance of reforms, is such a change, that has brought new confidence in our industry,” he said. Modi said his government is committed to nurturing and strengthening the MSME sector, the backbone of the Indian economy. Modi emphasised that every MSME must have access to low-cost and timely credit. He noted that in the latest budget, the guarantee cover for MSME loans has been doubled to Rs 20 crore. Additionally, customized credit cards with a limit of Rs 5 lakh will be provided to meet working capital needs.
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