PM Modi addresses budget webinar on strengthening economic growth
New Delhi, Mar 3: Prime Minister Narendra Modi on Tuesday addressed the second instalment of the Budget Webinar series, centred on the theme “Sustaining and Strengthening Economic Growth”. Referring to the success of last week’s first webinar, the Prime Minister said it generated valuable suggestions for the effective implementation of Budget proposals. He noted that the current discussions are directly linked to maintaining the momentum of India’s economic growth.
Highlighting changing global supply chains, PM Modi said India’s strong economic performance has emerged as a beacon of hope and forms a solid foundation for building a ‘Viksit Bharat’. Reiterating the government’s approach, he underlined the focus on building more, producing more, connecting more and exporting more.
The Prime Minister stressed that manufacturing, logistics, MSMEs and urban centres are interconnected pillars of the economy. He said manufacturing drives exports, while competitive MSMEs promote innovation and flexibility. This year’s Budget, he added, has strengthened all these sectors.
He urged industry, financial institutions and state governments to actively participate in translating policy into results. Discussions should focus on increasing production, improving competitiveness, and reducing costs so that development benefits reach all parts of the country.
The Prime Minister highlighted efforts to remove bottlenecks in manufacturing, including initiatives such as Dedicated Rare Earth Corridors and promotion of container manufacturing to strengthen the trade ecosystem.
Referring to the ‘Biopharma Shakti Mission’ announced in the Budget, he said it aims to position India as a global hub for biologics and next-generation therapies, with a strong emphasis on advanced research and manufacturing.
Against the backdrop of global shifts, he said the world is looking for reliable manufacturing partners and encouraged stakeholders to invest confidently, adopt modern technology, strengthen research and maintain global quality standards.
On Free Trade Agreements, he said these have opened new opportunities for Indian industry, which must now focus on quality and understand global consumer preferences to fully benefit from these agreements.
Speaking on MSMEs, the Prime Minister noted that recent reforms in classification norms have reduced fears around expansion. While the government is facilitating credit and technology upgrades, he said MSMEs must raise productivity, improve quality and integrate into digital processes and global value chains.
He described infrastructure and logistics as key pillars of growth, supported by record capital expenditure in the Budget. Expansion of high-speed rail, multi-modal connectivity and ship repair facilities will improve efficiency, he said, adding that industry must align its strategies to fully leverage these developments.
On urbanisation, he said India’s growth is closely linked to effective city planning and called for suggestions on making Tier-II and Tier-III cities new centres of economic expansion. Highlighting the global shift towards sustainability, he referred to the Carbon Capture, Utilisation and Storage Mission and urged industries to integrate clean technologies into their business strategies to remain competitive in emerging markets.
