Prime Minister Modi addressed a post-budget webinar on "Sustaining and Strengthening Economic Growth" via video conferencing on Tuesday. He stated that India's strong economy remains a ray of hope for the world in the current global environment.
What did the PM say about the supply chain?
The Prime Minister stated that India's rapid economic progress, at a time when global supply chains are being restructured, provides a strong foundation for India's goal of a developed country. He clarified that both the country's direction and resolve are clear. In his address, PM Modi called for adopting a strategy of more manufacturing, more production, more connectivity, and more exports.
He said that manufacturing, logistics, and MSMEs, the key pillars of the country's economy, are deeply interconnected. A strong manufacturing infrastructure creates new opportunities in all these sectors.
Product quality should not be compromised.
Speaking on global competitiveness, the Prime Minister emphasized the need for significant investments in research and development (R&D) and ensuring quality at par with global standards. He said that India has signed free trade agreements with many countries, which has opened up a vast array of opportunities. Therefore, there should be no compromise on the quality of products.
The Prime Minister clarified that if maximum energy, intelligence, and resources are to be focused on one area, it should be quality. Indian products should not only meet international standards but also surpass them.
What did the PM say to the industry?
He appealed to the industry to thoroughly study the needs of other countries and the expectations of their consumers. Understanding these needs and developing user-friendly products will enable the full benefit of the opportunities presented by free trade agreements. The Prime Minister said that with free trade agreements, the highway to development is ready, and now Indian industry must move forward rapidly on it.
Why did Modi emphasize the adoption of sustainability?
The Prime Minister said that the global economy is undergoing a major transformation, and markets are now prioritizing not only cost but also sustainability.
He stated that the Carbon Capture, Utilization, and Storage (CCUS) Mission is an important initiative in this direction. The Prime Minister appealed to industry to make sustainability a core business strategy. PM Modi clarified that industries that invest in clean technology in a timely manner will have better access to new global markets in the coming years. He stated that this year's budget has shown a new path in this direction, and that industry, investors, and various institutions should work together to achieve this goal.
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