Union Budget sets clear roadmap to sustain economic growth: PM

New Delhi, Mar 3: Prime Minister Narendra Modi Tuesday addressed the second installment of the Budget Webinar series, focusing on the theme of “Sustaining and Strengthening Economic Growth.” Reflecting on the momentum of the previous week, the Prime Minister noted that the first webinar was highly successful and yielded excellent suggestions regarding the implementation of budget provisions.
The Prime Minister emphasized that the current webinar is intrinsically linked to providing continuous strength to the country’s economic growth.The PM observed that as global supply chains are getting re-shaped, India’s robust economy has become a beacon of hope for the world. ” The rapid progress of the economy is a massive foundation for a ‘Viksit Bharat'”, Modi remarked.
Reaffirming the government’s clear vision and clear resolution, the Prime Minister reiterated the core mantras of “Build more, produce more, connect more, and export more.” “Certainly, the deliberations that will take place among you today, and the suggestions that emerge from these deliberations, will play a major role,” the PM remarked.
Addressing the synergy between various sectors, the Prime Minister explained that manufacturing, logistics, MSMEs, and urban centers are not isolated silos but interconnected pillars of a single economic structure. He detailed how manufacturing drives exports while competitive MSMEs foster flexibility and innovation. “This year’s budget has provided great strength to all these pillars,” Modi affirmed.
The Prime Minister cautioned that policy direction alone does not yield results without active participation from industry, financial institutions, and state governments. He urged stakeholders to prioritize discussions on increasing manufacturing, production and making cost structures more competitive. “Your suggestions in these directions will be pivotal in making the development reach every corner of the country” Modi remarked.
The PM highlighted the government’s efforts to strengthen core capabilities and remove existing bottlenecks in the manufacturing sector. “Focus on sectors like the Dedicated Rare Earth Corridors and container manufacturing is aimed at bolstering the trade ecosystem” , Modi asserted.
The Prime Minister also spotlighted the ‘Biopharma Shakti Mission’ announced in the budget, which aims to position India as a global hub for biologics and next-generation therapies. “We want to move towards leadership in advanced biopharma research and manufacturing,” Modi expressed..
In the context of shifting global dynamics, the PM remarked that the world is actively seeking reliable and resilient manufacturing partners. He urged stakeholders to invest with confidence, adopt cutting-edge technology, make significant investments in research, and maintain global quality standards. “India has the opportunity to play this role strongly,” the Prime Minister emphasized.
Touching upon Free Trade Agreements (FTAs), the Prime Minister stated that these agreements have opened massive doors of opportunity, placing a renewed responsibility on Indian industry to emphasize quality. He stressed the need to research the preferences and comfort of international consumers to create user-friendly products. “ Only then will we be able to take advantage of the opportunities that are being created by Free Trade Agreements”, Modi highlighted.
Regarding the MSME sector, the Prime Minister noted that recent classification reforms have removed the fear of expansion among small enterprises. While the government continues to facilitate credit access and technology upgrades, he stressed that the real impact depends on MSMEs entering the global competition. “Now is the time for MSMEs to further increase their productivity, raise their quality standards, and connect with digital processes and strong value chains,” Modi emphasised..
The Prime Minister identified infrastructure and logistics as the core pillars of the national growth strategy, backed by a record capital expenditure in this year’s budget. He highlighted the expansion of high-speed rail, multi-modal connectivity, and ship repair facilities as essential steps for efficiency. ” The actual benefit of this infrastructure will only be realized when industry and investors align their strategies accordingly,” he reminded the audience.
On urbanization, the PM stated that India’s future growth is tied to the effective planning and management of its cities. He called for suggestions on how Tier-II and Tier-III cities can serve as new growth anchors. Modi stressed that suggestions in this regard will be important.
The Prime Minister addressed the global shift toward sustainability, noting that markets now look beyond cost to environmental impact. He cited the ‘Carbon Capture, Utilisation and Storage Mission’ as a significant step and urged businesses to integrate clean technology into their core business strategies. “The industries that invest in clean technology in a timely manner will have better access to new markets in the coming years,” the PM observed.
The Prime Minister called for “collective ownership” to achieve the goal of a ‘Viksit Bharat.’ He urged the participants to look beyond discussion and create momentum in partnership with the government’s framework. “Every suggestion and every experience of yours has the potential to bring excellent results on the ground,” the Prime Minister concluded.