Prime Minister Narendra Modi made a compelling appeal on Tuesday, urging states to compete to maximize the benefits from the Union Budget for the fiscal year 2025-2026.
He stated, “As states enhance their ease of doing business, they will attract more investors, which will ultimately serve their own interests.” Modi emphasized that states implementing progressive policies would draw companies eager to invest in their regions during a series of post-Budget webinars focused on topics such as MSMEs as growth drivers, manufacturing, exports, and nuclear energy initiatives, alongside regulatory and investment reforms.
Highlighting the strides India has taken over the past decade, Modi pointed out the nation’s dedication to reforms, fiscal prudence, transparency, and inclusive development. He assured that the government would maintain consistency in these efforts moving forward, encouraging stakeholders to take daring steps to unlock new opportunities in manufacturing and export sectors.
“Countries worldwide are keen to strengthen their economic ties with India,” he remarked, urging the manufacturing sector to leverage these partnerships fully. Modi underscored the importance of stable policies and a conducive business environment for overall national development. He referenced the introduction of the Jan Vishwas Act and the reduction of over 40,000 compliance requirements at both the Central and State levels, all aimed at simplifying the business landscape.
In light of global uncertainties, he noted that India is viewed as a cornerstone of growth worldwide, having demonstrated resilience during challenging times, particularly during the COVID-19 pandemic. He pointed out that disruptions in global supply chains underscore the need for reliable partnerships that can produce high-quality products consistently, a demand India is well-positioned to meet, offering a vast opportunity for advancement.
Modi called upon the industry to take proactive roles rather than remaining passive observers. “Today, it is easier than ever before because of the government’s supportive policies,” he stated, encouraging a unified resolve among industries to explore opportunities and address challenges in the global supply chain. “If every sector takes a step forward, together we can achieve remarkable progress,” he affirmed.
On the topic of MSMEs, he noted their crucial transformative role in the nation’s economic progress, reiterating the commitment to support and strengthen this sector. He highlighted that the number of MSMEs has surged to over 6 crore, providing countless employment opportunities. He mentioned that the definition of MSMEs has been expanded to foster confidence in their ongoing growth and generate more jobs for the youth. Addressing the significant hurdles faced by MSMEs in securing loans, he noted a dramatic increase in available funding from approximately ₹12 lakh crore ten years ago to around ₹30 lakh crore today.
