India’s stability fuels global growth, says PM Modi in post-Budget webinar

In the context of global political instability, Prime Minister Narendra Modi stated on Tuesday that India is increasingly recognized as a vital center for growth. He highlighted that despite the slowdown of the world economy during the Covid-19 pandemic, India significantly contributed to global economic recovery.

During a post-Budget webinar entitled ‘MSME as an Engine of Growth: Manufacturing, Exports, and Nuclear Energy Missions,’ PM Modi attributed India’s economic resilience to the government’s commitment to self-reliance and the implementation of structural reforms.

“India remains a growth engine for the global economy and has proven its resilience in challenging situations,” he said.

PM Modi described the latest Budget as the government’s first full-fledged financial plan in its third term, stressing that it had exceeded expectations. “The government has taken steps beyond what experts had anticipated, particularly in manufacturing and exports,” he noted. He reaffirmed the commitment to policy consistency and economic reforms, which have boosted investor confidence over the past decade.

 He further emphasised the government’s efforts to improve the ease of doing business through regulatory reforms. “Stable policy and a better business environment are crucial for the development of any country,” he said, citing the elimination of over 40,000 compliances under the Jan Vishwas Act.

Discussing the Production Linked Incentive (PLI) scheme, PM Modi noted its impact on 14 sectors, with over 750 approved units, generating an investment of Rs 1.5 trillion and exports exceeding Rs 5 trillion. Encouraging businesses to capitalise on global demand, he announced the launch of two new missions focused on “enhancing manufacturing and exports”. He stressed the need for skilling and adopting advanced technologies to remain competitive.