New Delhi, Mar 5 (KNN) In a strong push for India’s manufacturing and export sectors, Prime Minister Narendra Modi on Tuesday launched two new missions aimed at bolstering production and trade.

Speaking at a post-Budget webinar on ‘Regulatory, Investment, and Ease of Doing Business Reforms,’ he urged industries to identify and manufacture products that align with global demand.

“India is capable of fulfilling global expectations. Our industry should not remain spectators but actively seek opportunities,” Modi said, emphasizing that India is now seen as a trusted economic partner worldwide.

Highlighting the need for accessible credit, Modi announced that five lakh first-time women and SC/ST entrepreneurs would receive loans of up to Rs 2 crore.

He also noted that MSMEs had historically faced challenges in obtaining loans, but under his government, credit availability had significantly improved, with MSME loans increasing from Rs 12 lakh crore a decade ago to Rs 30 lakh crore now. The Budget has also doubled the guarantee cover for MSME loans to Rs 20 crore.

To further encourage business growth, Modi stressed the importance of stable policies and a supportive business environment. He revealed that the government had eliminated over 40,000 compliances and was working on the Jan Vishwas 2.0 Bill to modernize regulations.

Encouraging states to implement business-friendly reforms, Modi said, “States should compete in attracting investments through progressive policies.”

He also highlighted the success of the Production Linked Incentive (PLI) scheme, which has attracted Rs 1.5 lakh crore in investments and generated exports worth over Rs 5 lakh crore.

With India positioned as a global growth engine, Modi called upon stakeholders to embrace innovation, adopt better technology, and seize emerging opportunities in the global market.

(KNN Bureau)