MSMEs Driving India’s Economic Growth: PM Modi
Micro, Small, and Medium Enterprises (MSMEs) are playing a crucial role in transforming India’s economic landscape, according to Prime Minister Narendra Modi. In a recent address, he emphasized the government’s commitment to fostering a business-friendly environment for MSMEs, aiming to enhance their contribution to India’s development.
MSMEs: The Backbone of Economic Growth
The Prime Minister highlighted that MSMEs are instrumental in driving innovation and employment generation. He noted that these enterprises form the backbone of India’s economy, ensuring steady growth in manufacturing, exports, and job creation. Their adaptability and resilience have been key in sustaining economic momentum even during challenging times.
Regulatory Review Committee for MSMEs
To further support the sector, a dedicated committee has been established to review non-financial regulations. This initiative seeks to simplify policies, remove unnecessary barriers, and create a more efficient framework for businesses to operate. The committee will work closely with industry leaders to streamline regulatory processes and boost the ease of doing business in India.
Stable Policies for Consistent Growth
Emphasizing policy stability, the Prime Minister pointed out that the government has maintained consistent policies over the last decade, benefiting manufacturing and exports. He assured that this approach will continue, providing businesses with the confidence to make long-term investments.
India’s Growing Global Economic Presence
With India’s increasing prominence in global trade, the Prime Minister encouraged the manufacturing sector to capitalize on international opportunities. He stressed that strengthening production capabilities would help Indian businesses maximize their benefits from growing economic partnerships worldwide.
Success of the PLI Scheme
The Prime Minister praised the success of the Production Linked Incentive (PLI) scheme, which has been rolled out across 14 sectors. Over 750 units have been approved under this initiative, attracting investments exceeding ₹1.5 lakh crore. The scheme has already contributed to production worth ₹13 lakh crore and exports surpassing ₹5 lakh crore. These figures, he said, reflect India’s vast entrepreneurial potential and ability to lead in multiple industries.
Prime Minister Modi reaffirmed the government’s dedication to empowering MSMEs through supportive policies and regulatory reforms. By ensuring a stable, business-friendly environment, the government aims to unlock the full potential of MSMEs, driving India’s economic transformation and strengthening its position in the global market.
