MSMEs play transformative role in economic growth: PM Modi
Prime Minister Narendra Modi on Tuesday said India has shown its commitment towards continuous reforms, financial discipline, transparency and inclusive growth in the last 10 years.
“Assurance of consistency and reforms is a change that has brought new confidence within our industry,” PM Modi informed during the post-budget webinar on the MSME sector.
Addressing the webinar, PM pointed out, “MSMEs play a transformative role in the economic growth of our country. We are committed to nurturing and strengthening this sector.”
“We took forward the vision of self-reliant India and further accelerated our pace of reforms. Our efforts reduced the impact of Covid on the economy, this helped make India a fast-growing economy,” he added.
The webinar provided a collaborative platform for government officials, industry leaders, and trade experts to deliberate on India’s industrial, trade, and energy strategies.
Talking on the issue, he further said, “Every country in the world wants to strengthen its economic partnership with India. Our manufacturing sector should come forward to take maximum advantage of this partnership.”
The MSME sector is the backbone of India’s manufacturing and industrial growth. Similarly, Research and Development has played a crucial role in India’s manufacturing journey and it needs to be taken forward and accelerated. “Through R&D, We can focus on innovative products as well as add value to the products,” PM said.
Highlighting government’s steps towards manufacturing and export sectors, he assured that consistency of growth in industry will continue. “We brought a simplified income tax system and working on Jan Vishwas 2.0 bill, decided to set up a committee for reviewing non-financial sector regulations, which will be made modern and people friendly,” PM Modi explained.