MSMEs Are India’s Backbone, Committed to Their Growth: PM Modi

New Delhi- Prime Minister Narendra Modi addressed the post-budget webinars today, emphasizing the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in India’s economic growth. He reiterated the government’s commitment to fostering reforms, ensuring financial discipline, and enhancing transparency to create a business-friendly environment.

Speaking on India’s steady economic rise, the Prime Minister noted that global confidence in India’s industrial sector has increased due to consistent policies and robust reforms over the past decade. He urged MSMEs and the manufacturing sector to leverage international partnerships for expansion and innovation.

Highlighting India’s resilience during the COVID-19 pandemic, PM Modi credited the government’s strategic reforms and self-reliance initiatives for minimizing economic disruptions. He emphasized the importance of research and development (R&D) in strengthening India’s manufacturing capabilities and global competitiveness.

Discussing the recent budget, the Prime Minister announced the expansion of the MSME definition and an increase in credit support. The government has doubled the guarantee cover for MSME loans to ₹20 crore and introduced customized credit cards with a ₹5 lakh limit to address working capital needs. He further announced that five lakh first-time entrepreneurs from women, SC, and ST communities will receive loans of up to ₹2 crore.

PM Modi also highlighted the success of the Production Linked Incentive (PLI) scheme, which has facilitated investments exceeding ₹1.5 lakh crore and boosted exports beyond ₹5 lakh crore. He urged stakeholders to explore new products and markets, ensuring India remains a key player in global supply chains.

Reaffirming the government’s commitment to ease of doing business, he stressed the need for policy consistency and regulatory simplification. Over 40,000 compliances have been removed to streamline business operations, and a committee has been formed to review non-financial sector regulations.

Encouraging industry leaders, PM Modi called for proactive participation in shaping India’s economic future. “If every industry takes one step forward, collectively, we can achieve significant progress,” he remarked.

The webinars provided a platform for government officials, industry leaders, and trade experts to discuss strategies for policy execution, investment facilitation, and technological advancements. Several Union Ministers and dignitaries participated in the discussions, focusing on the seamless implementation of budget initiatives to drive India’s industrial and trade growth.