Narendra Modi Says India a ‘Beacon of Hope’, Urges Industry to Boost R&D and Global-Quality Manufacturing

Prime Minister Narendra Modi has said that India continues to be a beacon of hope for the world with its strong economy. He said, as India emerges as a beacon of hope for the world, rapid economic development has become the cornerstone for realizing the vision of Viksit Bharat. Addressing a post-budget webinar on the theme Sustaining and Strengthening Economic Growth, through video conferencing, Mr Modi said, today, the world is looking for reliable and resilient manufacturing partners. He said, India has the opportunity to become a key player in this direction.

Prime Minister Modi said, government intention and resolve are clear to Build more, produce more, connect more and Export more. Prime Minister said, India has entered into free trade agreements with many countries and doors of vast opportunities have opened up for the country. He said, it is everyones responsibility to never compromise on quality and the products should be of global standard.

Prime Minister Modi exhorted industries to step up investment in research and development and focus on quality. He said, to bring about ground-level changes, industry, financial institutions, and state governments must work together to make it a reality. He said, the budget includes provisions for the Biopharma Shakti Mission, which aims to establish India as a global hub for biologics and next-generation therapies. He said, the mission seeks to position the country as a leader in advanced biopharma research and manufacturing.

Prime Minister Modi said, today a major transformation is taking place in the world economy. He said, the markets no longer focus only at cost but also looking at sustainability. He added that the industries that invest early in clean technologies will gain better access to emerging markets in the years ahead. Mr Modi said, the reforms introduced by the government in the MSME sector are showing a wide impact. He said, the development of a high-capacity transport system, better coordination between railways, highways, ports, airports, and waterways, and the expansion of multi-modal connectivity are essential to reduce logistic costs.