PM Modi urges Indian industry to seize global opportunities

Prime Minister Narendra Modi on Tuesday called on Indian industries to take bold steps to capitalize on global opportunities, emphasizing that the world sees India as a trusted partner. Speaking at a post-budget webinar on Regulatory, Investment, and Ease of Doing Business Reforms, Modi announced the launch of two new missions aimed at boosting manufacturing and exports, while urging the industry to identify innovative products that can meet global demand.

“India is capable of meeting global expectations, and this is a golden opportunity for our industries. We cannot remain mere spectators; we must actively seek our role and carve out opportunities,” Modi said, addressing industry leaders. He highlighted that the government’s consistent reforms have instilled new confidence in the manufacturing and export sectors, and assured stakeholders that this momentum will continue in the coming years.

Global trust in India’s growth story

Modi underscored India’s growing role as a global growth engine, particularly during challenging times like the COVID-19 pandemic. “Even when the global economy slowed down, India accelerated growth. Today, every country wants to strengthen its economic partnership with us. Our manufacturing sector must leverage this trust,” he said.

The Prime Minister stressed the importance of focusing on better technology and high-quality products, urging stakeholders to strategically approach countries with export potential. He also emphasized the need to develop new modes of credit delivery to ensure timely and low-cost funding for over six crore micro, small, and medium enterprises (MSMEs) across the country.

Support for MSMEs and first-time entrepreneurs

In a significant move, Modi announced that five lakh first-time women entrepreneurs and those from Scheduled Castes (SC) and Scheduled Tribes (ST) communities will be provided loans of up to ₹2 crore. He also revealed that the guarantee cover for MSME loans has been doubled to ₹20 crore in the FY26 Budget, while customised credit cards with a limit of ₹5 lakh will be introduced to meet working capital needs.

“Ten years ago, MSMEs received loans worth approximately ₹12 lakh crore. Today, this figure has risen to around ₹30 lakh crore. We have also introduced schemes like MUDRA, which provide loans without guarantees, to support small industries,” Modi said. He urged industries to establish mentorship programmes to guide MSMEs, ensuring their growth and sustainability.

Ease of doing business and policy reforms

The Prime Minister highlighted the government’s efforts to simplify regulations and improve the business environment. Over 40,000 compliances at the central and state levels have been eliminated, and the Jan Vishwas 2.0 Bill is being developed to modernize and streamline regulations. “Our goal is to create a flexible, people-friendly, and trust-based regulatory framework,” he said.

Modi also noted that the definition of MSMEs has been expanded in the FY26 Budget to foster their continuous growth and create more employment opportunities for the youth. He reiterated the government’s commitment to standing shoulder-to-shoulder with the industry, ensuring a conducive environment for growth.

A call to action for industry leaders

Concluding his address, Modi urged industry leaders to move forward with confidence and take bold steps. “New avenues have been opened for the manufacturing and export sectors. The world is looking at India as a growth centre, and we must not let this opportunity slip away. It is easier today than ever before, as the government is working hand-in-hand with the industry,” he said.