PM Modi unveils 2 missions to boost output, exports – The Tribune-OxBig News Network

Nudging the Indian industry for “big steps” to take advantage of global opportunities at a time when the world is looking at India as a trusted partner, Prime Minister Narendra Modi on Tuesday announced the launch of two missions to promote manufacturing and exports in the country.

“Identify new products that can be manufactured in the country to meet global demand,” Modi urged the industry while addressing a post-Budget webinar on ‘Regulatory, Investment and Ease of Doing Business Reforms’.

He told the industry leaders: “India is capable of doing this, all of you (industry) are capable, and this is a great opportunity for all of us. I want our industry to not look at these expectations of the world as a mere spectator. We cannot remain spectators, you will have to look for your role in this, and you will have to seek opportunities for yourself.”

Stressing the need to develop new modes of credit delivery to ensure access to timely and low-cost funds to over 6 crore micro, small and medium units across the country, the PM said 5 lakh first-time women and SC and ST entrepreneurs would be given loans of up to Rs 2 crore.

Calling India “growth engine” for the global economy, Modi said after India proved its resilience even in difficult times, every country in the world wanted to strengthen its economic partnership with India.

Urging the local manufacturing sector to take advantage of this partnership, the PM said the industry had gained confidence due to the government’s consistency and assurance for reforms.

He assured the stakeholders in manufacturing and export sectors that it would continue in the coming years. “I urge you all to move ahead with confidence and take big steps. For the country’s manufacturing and export sectors, new avenues have been opened,” the PM said.

Stating that the MSMEs needed credit and guidance, and industries should establish mentorship programmes to support them, Modi said stable policy and improved business environment were vital for any country to progress.

“Our government has done away with over 40,000 compliances at the Centre and state levels and is working on the Jan Vishwas 2.0 Bill,” the PM said, while sharing that the government was working on the Jan Vishwas 2.0 Bill and had decided to constitute a committee to review non-financial sector regulations with an endeavour to make them modern, flexible, people-friendly and trust-based.

Unveiling two missions to promote manufacturing and exports, he observed that the focus should be on better technology and quality products.

Modi 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.

The PM said the world was currently experiencing political uncertainty, and the entire world viewed India as a growth centre. “During the Covid-19 crisis, when the global economy had slowed down, India accelerated global growth,” he recalled.

He said, “The definition of MSMEs was further expanded in this Budget to instil confidence in their continuous growth. This will create more employment opportunities for the youth. However, the biggest problem faced by MSMEs was the difficulty in obtaining loans,” Modi said, while noting that 10 years ago, MSMEs received loans worth Rs 12 lakh crore, which had now increased to Rs 30 lakh crore. He said the Budget had doubled the guarantee cover for MSME loans to Rs 20 crore. Besides, customised credit cards with a limit of Rs 5 lakh will be provided to meet working capital needs.

Claiming that people were now receiving loans without guarantees, something they never imagined before, the PM underlined that the government had facilitated loan access and introduced a new type of loan. He said schemes such as MUDRA, which provided loans without guarantees, had also supported small industries in the past 10 years.

He emphasised the need to develop new modes of credit delivery, ensuring that every MSME had access to low-cost and timely credit.

Asks states for biz reforms

The PM also asked the states to undertake ease of doing business reforms, noting that states played an important role in increasing investments. More investments would come in as states push ease of doing business reforms.

“States should compete amongst themselves…The states, which come forward with progressive policies, companies will find them as attractive destinations for investment,” he said.

Revealing that 14 sectors were benefiting from the PLI (Production Linked Incentive) scheme and more than 750 units had been approved under this scheme, Modi said it had attracted investment of over Rs 1.5 lakh crore, leading to production of more than Rs 13 lakh crore and exports of over Rs 5 lakh crore.

Claiming that the most notable aspect of the Budget was its delivery, which exceeded expectations, he encouraged the stakeholders to take “bold steps” and open new avenues for manufacturing and export for the country.