India's stability fuels global growth, says Prime Minister Mr. Narendra Modi in post-Budget webinar

India is emerging as a key global growth hub. Prime Minister Mr. Narendra Modi highlights its economic resilience and stability despite global uncertainties. At the post-Budget webinar ‘MSME as an Engine of Growth: Manufacturing, Exports, and Nuclear Energy Missions,’ he credited self-reliance and structural reforms for India's strong position. He described the Union Budget 2025 as exceeding expectations, with policy consistency and economic reforms boosting investor confidence. He emphasized ease of doing business, citing the elimination of 40,000+ compliances under the Jan Vishwas Act. The Production Linked Incentive (PLI) scheme has significantly impacted 14 sectors, with 750+ approved units, Rs. 1,50,000 crore (US$ 17.2 billion) in investments, and exports surpassing Rs. 5,00,000 crore (US$ 57.4 billion). Two new missions have been launched to enhance manufacturing and exports, focusing on skilling and advanced technology adoption. The Micro, Small, and Medium Enterprises (MSME) sector, comprising over 60 million enterprises, is a major driver of industrial growth and employment. He highlighted its redefinition in 2020 to prevent businesses from losing government benefits as they scale. Credit access has surged from Rs. 12,00,000 crore (US$ 137.7 billion) to Rs. 30,00,000 crore (US$ 344.3 billion) in the past decade, with the loan guarantee cover doubled to Rs. 20 crore (US$ 2.3 million). Customised MSME credit cards with a Rs. 5 lakh (US$ 5,730) limit for working capital and Rs. 2 crore (US$ 2,29,500) loans for 50,000 first-time SC, ST, and women entrepreneurs have also been introduced. He urged states to compete for investments by improving business environments, stressing that progressive policies will drive economic growth. He called for industry collaboration in policymaking to maximize the Budget’s impact on India's expansion.