PM Modi urges India Inc to go for opportunities in global supply chains

New Delhi, March 4 (IANS) Prime Minister Narendra Modi on Tuesday urged domestic manufacturers and exporters not to remain mere spectators but to take advantage of the opportunities that are emerging from the disruptions in global supply chains as the world needs reliable partners who produce high-quality products and ensure reliable supply. 

Addressing the post-budget webinar, the Prime Minister said, “The world is currently experiencing political uncertainty, but the entire world views India as a growth centre. Disruptions in the supply chain affect the global economy, and the world needs reliable partners which produce high-quality products and ensure reliable supply,

He urged India Inc. to actively seek their role and carve out opportunities. 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.

The Prime Minister called for a strong resolve, and objectivity in seeking opportunities in the global supply chain and accepting challenges. He emphasised that if every industry takes one step forward, collectively, they can achieve significant progress.

Encouraging stakeholders to take bold steps and open new avenues for manufacturing and export for the country, PM 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 Rs 1.5 lakh crore, production worth over Rs 13 lakh crore, and exports exceeding Rs 5 lakh crore. He emphasised that this demonstrates how entrepreneurs can advance in new areas when given opportunities.

PM 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.

“R&D has played a crucial role in India's manufacturing journey and needs further advancement and acceleration,” remarked the Prime Minister. He highlighted that through R&D, the focus can be on innovative products and value addition to existing products.

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 emphasised 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. “Stable policy and a better business environment are crucial for the development of any country,” said the Prime Minister, highlighting that a few years ago, the Government introduced the Jan Vishwas Act and made efforts to reduce compliances. Over 40,000 compliances were eliminated at both central and state levels, promoting ease of doing business, he noted.

Emphasising that this exercise should continue, the Prime Minister mentioned that the Government had introduced simplified income tax provisions and is working on the Jan Vishwas 2.0 Bill.