New Delhi: Consistency in Government policies for over a decade now has made India an attractive for investment, Prime Minister Narendra Modi said on Tuesday and assured every stakeholder in manufacturing and export that this consistency will continue in the coming years.
“Encouraging stakeholders to take bold steps and open new avenues for manufacturing and export for the country, 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,” while addressing a post-budget webinar on MSMEs as an “Engine of Growth, Manufacturing, Exports, and Nuclear Energy”.
“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.
Emphasizing that this exercise should continue, Modi mentioned that the Government had introduced simplified income tax provisions and is working on the Jan Vishwas 2.0 Bill. A committee has been formed to review regulations in the non-financial sector, aiming to make them modern, flexible, people-friendly, and trust-based, he added further and highlighted the significant role of the industry in this exercise.
The Prime Minister encouraged stakeholders to identify problems that take longer to resolve, suggest ways to simplify processes, and guide where technology can be used to achieve quicker and better results.
Modi also lauded role of MSME sector saying it is playing a transformative role in the economic growth of our country.
The government is working with a vision of a self-reliant India. “We took forward the vision of self-reliant India and further accelerated our pace of reforms,” he said adding that today the number of MSMEs in the country has increased to more than 6 crores and it has provided employment opportunities to crores of people.
The PM said “In the budget, the definition of MSMEs has been expanded again, so that our MSMEs get the confidence to keep moving forward. This will create more employment opportunities for the youth.”
He noted that today, 14 sectors are benefiting from the PLI scheme, with over 750 units approved. This has attracted investments of more than Rs 1.5 lakh crore, generated production worth over Rs 13 lakh crore, and led to exports exceeding Rs 5 lakh crore”.
Modi further noted that We need to innovate new modes for credit delivery, ensuring MSMEs have access to low-cost and timely credit…adding that 5 lakh first-time women, SC, and ST entrepreneurs will be provided loans of up to Rs 2 crore”.
UNI
