Prime Minister Narendra Modi on Tuesday described manufacturing, logistics and MSMEs as key pillars of the Indian economy. Emphasising that strengthening these sectors would accelerate growth and enhance Indiaโs global competitiveness, PM Modi said that the world is looking for trusted and resilient manufacturing partners. “India has the opportunity to become a key player in this respect,โ he said while addressing the second webinar on the Union Budget. The Prime Minister also urged industry leaders to step up investment in research and development and focus strongly on quality.
โThe quality of our products should be of global standards. Quality makes a difference in the global supply chain,โ he said.
He stressed that improving product standards will help Indian businesses expand their footprint in international markets. PM Modi also said that India, with its strong economy, has become a beacon of hope for the world.ย
Opportunities Through Free Trade Agreements
The Prime Minister noted that India has entered into free trade agreements with several countries, opening up a wide range of opportunities for domestic industries and exporters.
He said these agreements provide Indian businesses with improved access to global markets.
Record Capital Expenditure in Infrastructure and Logistics
Highlighting the Union Budget proposals, the Prime Minister said this yearโs Budget has earmarked a record level of capital expenditure in infrastructure and logistics.
He underlined that enhanced capital expenditure will strengthen supply chains, improve connectivity and support economic expansion.
Earlier, PM Modi and his Canadian counterpart Mark Carney finalised a new framework to strengthen bilateral ties, including a target to raise annual trade to USD 50 billion by 2030. A central highlight of the discussions was the USD 2.6 billion uranium supply agreement, under which Canada will support Indiaโs civil nuclear energy sector.