MSME sector is the backbone of India's manufacturing and industrial growth: PM Modi

Prime Minister Shri Narendra Modi today addressed the Post- Budget webinars via video conferencing.

The webinars were held on MSME as an Engine of Growth; Manufacturing, Exports and Nuclear Energy Missions; and Regulatory, Investment and Ease of doing business Reforms. Addressing the gathering on the occasion, he remarked that the post-budget webinars on manufacturing and export are of great importance. Mentioning that this budget is the first full budget of the Government’s third term, he emphasised that the most notable aspect of this budget is its delivery, which exceeded expectations. Shri Modi pointed out that in several sectors, the Government has taken steps beyond what experts had anticipated. He also highlighted that significant decisions have been made regarding manufacturing and export in this budget.

Pointing out that the country has witnessed consistent Government policies for over a decade, the Prime Minister highlighted that in the past 10 years, India had shown a commitment to reforms, financial discipline, transparency, and inclusive growth. He emphasized that the assurance of consistency and reforms has brought new confidence within the industry. He assured every stakeholder in manufacturing and export that this consistency will continue in the coming years. Encouraging stakeholders to take bold steps and open new avenues for manufacturing and export for the country, Shri Modi highlighted that every country in the world wants to strengthen its economic partnership with India. He urged the manufacturing sector to take full advantage of this partnership.

Highlighting that 14 sectors were currently benefiting from the PLI scheme, the Prime Minister said that under the scheme, more than 750 units have been approved, resulting in an investment of over ₹1.5 lakh crore, production worth over ₹13 lakh crore, and exports exceeding ₹5 lakh crore. He emphasized that this demonstrates how entrepreneurs can advance in new areas when given opportunities. Shri Modi announced the decision to launch two missions to promote manufacturing and export. He highlighted the focus on better technology and quality products, as well as the emphasis on skilling to reduce costs. He urged all stakeholders to identify new products in demand globally that can be manufactured in India and encouraged them to approach countries with export potential strategically.

“MSME sector is the backbone of India’s manufacturing and industrial growth”, said the Prime Minister. He highlighted that in 2020, the Government made a significant decision to revise the definition of MSMEs after 14 years, which eliminated the fear among MSMEs that they would lose government benefits if they grew. He noted that the number of MSMEs in the country has increased to over 6 crore, providing employment opportunities to crores. Shri Modi emphasized that in this budget, the definition of MSMEs has been further expanded to instill confidence in their continuous growth. This will create more employment opportunities for the youth, he said, highlighting that the biggest problem faced by MSMEs was the difficulty in obtaining loans. He added that ten years ago, MSMEs received loans worth approximately ₹12 lakh crore, which has now increased to around ₹30 lakh crore. The Prime Minister announced that in this budget, the guarantee cover for MSME loans has been doubled to ₹20 crore. Additionally, customized credit cards with a limit of ₹5 lakh will be provided to meet working capital needs.

Underscoring the role of states is crucial in boosting investment, Shri Modi emphasized that the more states promote ease of doing business, the more investors they will attract. He pointed out that this will benefit the respective states the most. He encouraged competition among states to see who could make the most of this budget. He noted that states with progressive policies will attract companies to invest in their regions.

Expressing confidence that all participants are seriously considering these topics, the Prime Minister emphasized that the webinar aims to determine actionable solutions. He highlighted the importance of participants’ cooperation in preparing policies, schemes, and guidelines. He noted that this will help in formulating implementation strategies post-budget. He concluded by expressing his belief that the participants’ contributions will prove to be very useful.

Several Union Ministers were present, among other dignitarie,s over video conferencing on the occasion.

MSMEs play a transformative role in the economic growth of our country. We are committed to nurturing and strengthening this sector. Sharing my remarks during a webinar on the MSME sector. https://t.co/K93zTIcdVa

— Narendra Modi (@narendramodi) March 4, 2025

बीते 10 वर्षों में भारत ने लगातार Reforms, Financial Discipline, Transparency और Inclusive Growth को लेकर अपनी प्रतिबद्धता दिखाई है।

Consistency और reforms का assurance, ये एक ऐसा बदलाव है, जिसकी वजह से हमारी इंडस्ट्री के भीतर नया आत्मविश्वास आया है: PM @narendramodi

— PMO India (@PMOIndia) March 4, 2025

आज दुनिया का हर देश…भारत के साथ अपनी economic partnership को मजबूत करना चाहता है।

हमारे manufacturing sector को इस partnership का ज्यादा से ज्यादा लाभ उठाने के लिए आगे आना चाहिए: PM @narendramodi

— PMO India (@PMOIndia) March 4, 2025

हमने आत्मनिर्भर भारत के विजन को आगे बढ़ाया और reforms की अपनी गति को और तेज किया।

हमारे प्रयासों से economy पर COVID का प्रभाव कम हुआ, इससे भारत को तेज गति से बढ़ने वाली अर्थव्यवस्था बनाने में मदद मिली: PM @narendramodi

— PMO India (@PMOIndia) March 4, 2025

भारत की मैन्युफैक्चरिंग यात्रा में R&D का अहम योगदान है, इसे और आगे बढ़ाने और गति देने की आवश्यकता है।

R&D के द्वारा हम innovative products पर फोकस कर सकते हैं, साथ ही प्रॉडक्ट्स में वैल्यू एडिशन कर सकते हैं: PM @narendramodi

— PMO India (@PMOIndia) March 4, 2025