Addressing his first ever post-budget meet organised by an industry grouping, Modi credited Indian firms with being “wealth creators” and the driving force of the country’s growth story.
The July 23 budget, the first of the new government, placed special emphasis on employment generation and skilling while continuing to tread the path of fiscal consolidation.
Amid a challenging global environment fraught with uncertainty, India has been a beacon of growth and stability, remaining a “high-growth, low-inflation” country, Modi said. India’s strong macroeconomic fundamentals provide the confidence that it will indeed become a developed nation by 2047, he said.
Steps to Boost Manufacturing
India’s economy grew 8.2% in FY24 and most forecasts peg FY25 expansion at nearly 7%.“Investors across the world are keen to come to India,” Modi said. “This is the golden chance for the Indian industry and we should not lose this opportunity.” The session organised by the Confederation of Indian Industry (CII) was also attended by finance minister Nirmala Sitharaman and commerce and industry minister Piyush Goyal. The Prime Minister called upon industry and entrepreneurs to step up their participation in opportunities presented by sunrise sectors such as semiconductors, electronics and green energy.SMALL NUCLEAR REACTORS
He said small nuclear reactors will not only benefit industry in the form of energy access, but the entire supply chain related to this sector will also get new business opportunities. In the budget, Sitharaman had spoken about small modular reactors as a key part of India’s energy transition.
“Our industries and entrepreneurs have always shown their commitment to the development of the country,” Modi said, expressing confidence that they will play a key role in making India a global player in all such sunrise sectors.
At a recent Niti Aayog meeting, he had asked state chief ministers to create an investorfriendly charter and compete with each other for investment. Modi said measures such as Make in India, simplification of foreign direct investment (FDI) rules in various sectors along with multimodal logistics parks, and the production-linked investment (PLI) schemes for 14 sectors are helping India become a global manufacturing hub.
