Focus on MSME Sector for Job CreationFocus on MSME Sector for Job Creation Prime Minister Narendra Modi emphasized the government’s focus on the MSME (micro, small, and medium enterprise) sector as a significant generator of employment in India. “The manufacturing ecosystem has transformed in the last 10 years, and our big focus is on the MSME sector as it generates crores of jobs,” Modi stated. Government’s Commitment to Viksit Bharat Modi expressed the government’s clear intent and commitment to developing a “Viksit Bharat” (developed India). He highlighted the progress made in reducing poverty, improving ease of living, and promoting skill development and employment. India’s Growth Trajectory The Prime Minister highlighted India’s strong economic growth, forecasting that it would become the world’s third-largest economy in the near future. He attributed this growth to the government’s increased investment in infrastructure, reduction in tax rates, and allocation of ministries. Infrastructure Development and Economic Growth Modi emphasized the unprecedented speed and scale of infrastructure development in India, which he believes is crucial for driving economic growth. He highlighted the government’s record allocation of funds for infrastructure projects. Post-Budget Conference The Prime Minister’s remarks were made during the inaugural session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference.’ The event was organized by the Confederation of Indian Industry (CII) to discuss the government’s growth vision and the role of industries in achieving it.
Prime Minister Narendra Modi on Tuesday said that the government has a big focus on the MSME sector as it generates crores of jobs.
“The manufacturing ecosystem has transformed in the last 10 years, our big focus is on the MSME sector as it generates crores of jobs,” PM Modi said.
“Today India has 1.40 lakh startups and 8 crore people have started their business with MUDRA loans, PM Modi said at the CII post-budget conference.
Our govt has clear intent and commitment, we are working with full focus on Viksit Bharat, Modi said.
He also said that in his third term, India is to become the third-largest global economy.
PM Modi said that the size of the budget has increased 3 times to Rs 48 lakh crore in 10 years of the NDA government.
He added that the government has taken India to new highs even after battling the pandemic.
“India is growing at 8%, that day is not far when we will become the third largest economy globally,” PM Narendra Modi said.
He added that Capex has grown more than 5 times to over Rs 11.11 lakh crore in 10 years.
As many as 25 crore people lifted out of poverty in the last 10 years, we are focusing on ease of living, skill development, and employment, the PM said.
India is the only country with high growth, and low inflation; it has a 16% share in global growth, he said.
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The speed and scale with which the government is building infrastructure is unprecedented, PM Modi highlighted.
Govt has made a record increase in the allocation of ministries in the past 10 years, while tax rates have been reduced to record lows, the Prime Minister said.
PM Modi added, “… During the pandemic, we used to have discussions and the centre point of those discussions used to be ‘getting growth back’. I then said that India will run on the path of development very soon. Today, India is growing at the speed of 8%…”
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The journey towards ‘Viksit Bharat’ is not just of the sentiments, but of confidence, PM Modi added.
The PM was addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at Vigyan Bhawan, organised by the Confederation of Indian Industry (CII)), in the national capital, outlining his government’s larger vision for growth and the role of industries in this endeavour.
Namit Singh Sengar
Namit writes on personal finance, economy and brands. Currently contributing to
first published: July 30, 2024, 12:52 IST
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