PM Modi Calls on Indian Industries to Seize Global Supply Chain Opportunities
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Synopsis
PM Modi urges Indian manufacturers and exporters to take action and embrace opportunities arising from global supply chain disruptions, emphasizing the need for high-quality production and reliable partnerships.
Key Takeaways
- PM Modi encourages proactive participation in global supply chains.
- India is perceived as a growth center amidst global uncertainty.
- Government policies support the manufacturing sector.
- Investment opportunities under the PLI scheme are substantial.
- R&D is crucial for innovation in manufacturing.
New Delhi, March 4 (NationPress) Prime Minister Narendra Modi on Tuesday urged domestic manufacturers and exporters to step beyond passive observation and capitalize on the opportunities arising from disruptions in global supply chains, stressing that the world requires reliable partners who deliver high-quality products and maintain a dependable supply.
During the post-budget webinar, the Prime Minister stated, “The world is currently facing political uncertainty; however, India is recognized as a growth hub. Supply chain disruptions impact the global economy, necessitating trustworthy partners producing high-quality products and ensuring reliable supply,”
He encouraged India Inc. to actively pursue their roles and forge out opportunities. He noted that it is more feasible today than in the past, as the nation has established friendly policies and the Government supports the industry.
The Prime Minister called for a strong commitment and a realistic approach to identifying chances in the global supply chain while tackling challenges. He emphasized that if every sector takes a step forward, collectively, they can achieve considerable advancement.
Motivating stakeholders to take audacious steps and explore new horizons for manufacturing and exports, PM Modi pointed out that every nation is keen to enhance its economic partnership with India. He encouraged the manufacturing sector to fully leverage this partnership.
Highlighting that 14 sectors are currently benefitting from the PLI scheme, the Prime Minister mentioned that over 750 units have received approval under the scheme, leading to investments exceeding Rs 1.5 lakh crore, production surpassing Rs 13 lakh crore, and exports of over Rs 5 lakh crore. He stressed that this illustrates how entrepreneurs can thrive in new domains when opportunities present themselves.
PM Modi announced the initiation of two missions aimed at boosting manufacturing and exports. He underscored the importance of improved technology and quality products, along with a focus on skill development to lower costs. He urged all stakeholders to pinpoint new globally in-demand products that can be manufactured in India and encouraged them to strategically approach countries with export potential.
“R&D has been pivotal in India's manufacturing evolution and requires further progress and acceleration,” the Prime Minister remarked, noting that through R&D, there can be a focus on innovative products and adding value to existing ones.
He pointed out that the country has experienced consistent Government policies for over a decade, highlighting that in the past ten years, India has demonstrated its commitment to reforms, financial discipline, transparency, and inclusive growth. He emphasized that the assurance of stability and reforms has instilled new confidence within the industry.
He reassured all stakeholders in manufacturing and export that this consistency will persist in the upcoming years. “A stable policy and an improved business environment are vital for the growth of any country,” said the Prime Minister, noting that a few years ago, the Government enacted the Jan Vishwas Act and made strides to reduce compliance burdens. Over 40,000 compliance requirements were eliminated at both central and state levels, thereby enhancing the ease of doing business, he added.
Stressing that this initiative should continue, the Prime Minister mentioned that the Government has introduced simplified income tax provisions and is actively working on the Jan Vishwas 2.0 Bill.
