MSMEs play a transformative role in the economic growth of our country, We are committed to nurturing and strengthening this sector: PM
In the last 10 years, India has consistently shown its commitment towards reforms, financial discipline, transparency and inclusive growth: PM
Consistency and assurance of reforms, is such a change, that has brought new confidence in our industry: PM
Today every country in the world wants to strengthen its economic partnership with India: PM
Our manufacturing sector should come forward to take maximum advantage of this partnership: PM
We took forward the vision of self-reliant India and further accelerated our pace of reforms: PM
Our efforts reduced the impact of COVID on the economy, helping India become a fast-growing economy: PM
R&D has played an important role in India's manufacturing journey ,it needs to be taken forward and accelerated: PM
Through R&D we can focus on innovative products, as well as add value to the products: PM
MSME sector is the backbone of India's manufacturing and industrial growth: PM
Namaskar!
All my cabinet colleagues, finance and economy experts, stakeholders, ladies and gentlemen!
This budget webinar on manufacturing and export is very important from every aspect. As you know, this budget was the first full budget of the third term of our government. The most special thing about this budget was the delivery beyond expectations. There are many sectors where the government took bigger steps than what the experts had expected and you have seen it in the budget. Important decisions have also been taken in the budget regarding manufacturing and export.
Friends,
Today the country is seeing such consistency in the policies of the government for more than a decade. In the last 10 years, India has consistently shown its commitment towards Reforms, Financial Discipline, Transparency and inclusive growth. The assurance of consistency and reforms is such a change that has brought new confidence in our industry. I assure every stakeholder in manufacturing and export that this consistency will remain the same in the years to come. I urge you with all my faith, to move ahead with full confidence and take big steps. We should open new avenues for manufacturing and export for the country. Today every country in the world wants to strengthen its economic partnership with India. Our manufacturing sectors should come forward to take maximum advantage of this partnership.
Friends,
Stable policy and a better business environment are very important for development in any country. That is why a few years ago we brought the Jan Vishwas Act, we tried to reduce compliances, more than 40 thousand compliances were abolished at the central and state level, this promoted the ease of doing business. And our government believes that this exercise should continue consistently. Therefore, we have brought a simplified income tax system, we are working on the Jan Vishwas 2.0 bill. It has also been decided to form a committee to review the regulations of the non-financial sector. Our effort is to make them modern, flexible, people-friendly and trust-based. Industry has a very important role in this exercise. With your experiences, you can identify problems that take a lot of time to resolve. You can give suggestions to make processes simpler. You can guide where we can use technology to get quick and better results.
Friends,
Today, the world is going through a period of political uncertainty. The whole world is looking at India as a growth center. During the COVID crisis, when the global economy slowed down, India accelerated global growth. This did not happen just like that. We pursued the vision of Aatmanirbhar Bharat and accelerated our pace of reforms. Our efforts reduced the impact of COVID on the economy, which helped India become a fast-growing economy. Even today, India remains a growth engine for the global economy. That is, India has proven its resilience in the most difficult situations.
In the last few years, we have seen that when the supply chain gets disturbed, it has its impact on the economy of the entire world. Today, the world needs such a reliable partner from where high-quality products come and the supply is reliable. Our country is capable of doing this. All of you are capable. This is a big chance for us, a huge opportunity. I want that our industry should not look at these expectations of the world as a spectator, we cannot remain as spectators. You have to find your role in this, you have to go ahead and carve out opportunities for yourself. This is much easier today than it was in the old times. Today the country has friendly policies for these opportunities. Today the government stands shoulder to shoulder with the industry. Looking for opportunities in the global supply chain with a strong resolve, objectivity, and accepting the challenge, in this way, if every industry moves forward step-by-step, we can go many miles ahead.
Friends,
Today 14 sectors are getting the benefit of our PLI scheme. More than 750 units have been approved under this scheme. This has led to an investment of more than one and a half lakh crore rupees, production of more than 13 lakh crore rupees and exports worth more than 5 lakh crore rupees. This shows that if our entrepreneurs get opportunity, they can move ahead in every new field. We have decided to launch 2 missions to promote manufacturing and export. We are focusing on better technology and quality products. And we are giving emphasis on skilling to reduce costs. I would like all the stakeholders present here to identify new products that have a global demand and that we can manufacture. Then we should go to those countries with a strategy where there are export possibilities.
Friends,
R&D has an important role in India's manufacturing journey, it needs to be taken forward and accelerated. Through R&D we can focus on innovative products and also add value to the products. The world knows the potential of our toy, footwear and leather industry. We can achieve great success by combining modern technologies with our traditional craft. We can become global champions in these sectors and our exports can increase manifold. This will create lakhs of employment opportunities in these labour-intensive sectors and will promote entrepreneurship. Traditional artisans are getting end to end support through the PM Vishwakarma Yojana. We have to make efforts to connect such artisans with new opportunities. There are many hidden possibilities in these sectors, all of you must come forward to expand them.
Friends,
The backbone of India’s manufacturing, our industrial growth is our MSME sector. In 2020 we took a big decision of revising the definition of MSMEs. This was done after 14 years. This decision of ours has ended the fear of MSMEs that if they move forward, the benefits received from the government will stop. Today, the number of MSMEs in the country has increased to more than 6 crores. This has provided employment opportunities to crores of people. In this budget, we have again expanded the definition of MSMEs, so that our MSMEs get the confidence to keep moving forward. This will create more employment opportunities for the youth. The biggest problem faced by our MSMEs was that they did not get loans easily. 10 years ago, MSMEs got loans worth about Rs 12 lakh crore, which has increased two and a half times to about Rs 30 lakh crore. In this budget, the guarantee cover for MSMEs loans has been doubled to Rs 20 crore. For working capital needs, customised credit cards with a limit of Rs 5 lakh will be given.
Friends,
We provided the facility to get a loan and also created a new type of loan system. People started getting loans without guarantee, which they had never even thought of. In the last 10 years, small industries have also been helped by schemes like Mudra which provide loans without guarantee. Many problems related to loans are also being solved through the Trades portal.
Friends,
Now we have to develop new modes for credit delivery. Our effort should be to ensure that every MSME has access to low cost and timely credit. 5 lakh first-time entrepreneurs from women, SC and ST communities will be given a loan of Rs 2 crore. First-time entrepreneurs not only need credit support, but they also need guidance. I think the industry should make a mentorship programme to help such people.
Friends,
The role of states is very important in increasing investment. State government officials are also present in this webinar. The more the states promote ease of doing business, the greater number of investors will come to them. Your state will benefit the most from this. There should be competition among states as to who can take maximum advantage of this budget. Companies will come to invest in those states which come forward with progressive policies.
Friends,
I am sure that all of you must be seriously considering these topics. We have to decide on actionable solutions from this webinar. Your cooperation is important in preparing policies, schemes and guidelines. This will help in making implementation strategies after the budget. I am sure that your contribution will prove to be very useful. The Amrit that will emerge from the churning of today's day-long discussions will give us the ability to fulfill the dreams that we are carrying. With this expectation, I thank you very much.
India is not only a fast-growing economy, but also a credible one: PM Modi
June 22, 2026
Share
India is not only a fast-growing economy, but also a credible one: PM
Along with being a rising power, India is also a reliable power: PM
For India, Nation First is the highest guiding principle: PM
Maoist terror is breathing its last in India: PM
The shift in mindset from "this can never be done" to "this will be done" is India's greatest achievement: PM
The government is empowering the poor and middle-class: PM
The collective efforts of 140 crore Indians will realise the dream of a Viksit Bharat: PM
Swar Sadhana, Manokamana, Aradhana - after such an auspicious beginning, it would have been wonderful if your program had continued. Greetings to all of you.
I extend my regards to all viewers of Republic TV Network, which now broadcasts in many languages. I also welcome all companions who have come to participate in this summit. In 24-hour news channels, breaking news holds great importance. And nowadays, if you look anywhere in the world, the entire world seems to be in breaking news mode. Amidst such hustle and bustle, you are hosting and participating in this summit, and therefore you deserve special congratulations. This time, your theme of discussion is equally significant: Great Power India: Nation First.
Friends,
Our scriptures say: Yato Dharmastato Jayah! - meaning, the root of victory and strength is Dharma. And Dharma means duty, Dharma means justice, Dharma means equality, Dharma means dialogue, Dharma means compassion. This very essence is embedded in the spirit of Nation First. India views its power through this lens, weighing it on this scale.
Friends,
India has another unique quality, which the world has now acknowledged. We are not a nation that reacts hastily to momentary events. We are a nation that has witnessed both development and destruction, endured them as well. We are a nation with the memory chip of ages embedded in our consciousness - a nation with the memory chip of millennia. That is why what India is doing today - and I say this with full responsibility - what India is doing today will write the future of the next thousand years. This is India’s greatest guarantee to the world. India is not only a fast-growing economy, it is also a credible economy. Alongside being a rising power - and you even stretched the dictionary to call it a superpower - I would certainly say that India is a reliable power. Just a few days ago, I returned from the G7 Summit, and every leader, every country understands very well that for today’s India, Nation First is the greatest mantra, the highest principle.
Friends,
Just a few days ago, our government completed 12 years. Arnab even compelled you to clap for that. If you weigh the achievements of the past twelve years, you will find that at the core of every decision, every step, every effort lies the spirit of Nation First. From the Swachh Bharat Abhiyan to Make in India, from emphasizing khadi to encouraging local products - all these initiatives succeeded because the people of the country placed the nation above all and fulfilled their duty. I salute the citizens of this country.
Friends,
Here with us is our companion, Shri Sridhar Vembu ji. When our entrepreneurs walk with the spirit of Nation First, when they set their goals by understanding the needs of the nation, institutions are built and the country prospers. I don’t know how much has been discussed here about Shri Vembu ji’s work, but recently I went to VivaTech in France. There were nearly 1.5 to 2 lakh young people there. As I and the President of France walked through different stalls to see the innovations of the youth, we came to the Zoho stall. I was astonished and filled with pride to see the crowd of European youth gathered there, eager to understand what this new creation was. Perhaps in India it is not discussed as much, but what I saw in France was remarkable. Congratulations to you.
Friends,
The impact of Nation First in government policy and decisions can be seen in our tribal regions. I am not here to deliver philosophy, but let me share a few light examples so you can understand how work happens. I speak of tribal areas - a population of more than 100 million, the tribal society. We all know that for decades, Maoist terror had entrenched itself there. Even in the 21st century, these terrorists did not allow a single facility to reach those areas. No government vehicle could pass through; they would be riddled with bullets. Many governments came and went, generations passed, and it seemed this misfortune of violence would remain forever. You can imagine - between 2004 and 2014, in those ten years, due to Maoist terror, more than 17,000 violent incidents occurred, and nearly 7,000 lives were lost.
Friends,
For you, today’s headline or half-hour TV debate might be that Maoist terrorism has ended. But things don’t happen like that. It requires immense effort, and that is why I want to explain. Nowadays, some people keep waving the Constitution, but when they were in government, in Naxal-affected areas, even uttering the word “Constitution” could get you shot. At that time, they sat silently, their hands trembling, unable to hold up the Constitution. The Congress was hardly affected by that painful situation.
Friends,
After 2014, we moved forward with the spirit of Nation First to change the situation. We did not just talk, we did not just announce, we acted. We resolved to uproot Naxalism-Maoism completely, and today the whole country can see the result. Maoist terrorism in India is now counting its final breaths.
And friends,
Often the final outcome is so vast and significant that the hard work behind it goes unnoticed. I want to especially tell Republic TV viewers about this.
Friends,
In those Naxal-affected areas where even going out in daylight would terrify ordinary people - fearing abduction, extortion, or looting - where even speaking of development was impossible, we advanced with a pledge of progress. In the past 12 years, our government has built more than 12,000 kilometers of roads in such regions. Many times, our construction equipment was burned, contractors were chased away. If 25 people worked on a road, 200 police personnel had to guard them so the work could continue. We did all this because we had resolved to do it.
Friends,
We built more than 9,500 mobile towers. Earlier, even one tower could not be installed, and if installed, it would be destroyed. Because they always wanted to fuel anger. We brought mobile connectivity to nearly 45,000 villages. In Naxal-affected districts, more than 1,800 bank branches were opened. Around 75,000 banking correspondents and more than 6,000 new post offices were established. We did not rely only on bombs, guns, and bullets, friends - we invested every ounce of strength given by God to win hearts.
Friends,
With firm resolve, we went into Naxal-affected areas to fulfill the hopes and aspirations of ordinary people. You will be astonished - a notorious Naxalite, with a bounty of crores on his head, his mother received a ration card from us for the first time. Her son never allowed her to get one, because he wanted to run his terror regime. There are countless such incidents. I was shocked. And the government of that time sat silently, blind to the Constitution. But the result of all these efforts was a new wave of trust among the people. Today, look at Bastar - instead of bombs and guns, Bastar Olympics are celebrated with great enthusiasm. Two editions have already been held. In the first, more than 1.5 lakh youth participated, and in the second, nearly 4 lakh youth joined. Where once there was terror, now talent is finding opportunity, and sports are flourishing.
Friends,
One of the greatest achievements of these 12 years of service has been building an India filled with hope and aspiration, rising out of despair.
Friends,
Naxalism may have been concentrated in certain areas, but its pain was felt across every corner of India. And when news began to spread that Naxalism was ending, the sense of trust was not limited to those affected regions - it spread across the entire nation. In the ten years before 2014, under the Congress government, the discontent was not only about governance. The despair was far deeper. The nation had lost hope. People felt nothing could change, nothing could improve.
Friends,
In the past 12 years, India has transformed despair into hope, and this gives me the greatest satisfaction. Today, everyone feels that with a little more effort, things can be achieved. Gone are the days when the only refrain was “It cannot happen, it cannot happen.” That era has passed. Today, the spirit is “It will happen.” This new confidence is India’s true achievement, and this is real power. Challenges remain, and they always will. Challenges are shape-shifters, appearing in new forms. But whatever form they take, we will fight and we will win. When the nation moves forward with the belief that “it can be done and we will do it,” dreams are fulfilled.
Friends,
I want to speak here about more than 100 districts and over 500 blocks in India. These were left behind on every parameter of development, and earlier governments had stamped them as “backward districts” and “backward areas.” We lifted these vast regions out of the despair of backwardness and ignited aspirations for development. First, we changed their identity. We said these are “aspirational districts,” these are “aspirational blocks.” We created programs for aspirational districts and aspirational blocks, and the government began working meticulously on every parameter of development. In each district, we identified three aspects to overcome, in others six aspects, and focused efforts began. Today, these aspirational districts and blocks are driving the overall growth of states. Earlier, they dragged growth backward. These districts had large populations living in poverty and deprivation. In recent years, 250 million poor people have defeated poverty, and aspirational districts have played a major role in this.
Friends,
We see that when one person is cured of illness, it is not just that individual who recovers - the whole family feels relief. Similarly, when a son or daughter achieves something, it is not just their achievement, but the entire family is filled with pride and confidence. In the same way, when someone rises out of poverty, the entire society benefits, the nation benefits. When 250 million people have come out of poverty and entered the neo-middle class, the benefit is not limited to those families. The middle class also gains, because these are new consumers who drive the economy, ultimately creating opportunities for the middle class. Thus, poverty reduction is not merely a matter of welfare - it is a story of expanding opportunities, a source of new aspirations.
Friends,
The vast middle class that has emerged in the country over the past 12 years has been a major priority for the government. For the ease of living of the middle class, the government has worked at every level. Take the dream of owning a home. Every middle-class family desires to have their own house. In 2014, if a family wanted to buy a home, home loans came with double-digit interest rates. Today, loans are available from banks at 7–8 percent interest. Earlier, getting a loan was like winning a war, requiring immense effort. Today, it is possible from the comfort of one’s home. Here in Delhi-NCR, people know how thousands of urban middle-class homes were stuck incomplete. Families had paid their life savings to builders, who showed glossy pamphlets and dreams, but the houses were never delivered. Families had to pay rent while waiting endlessly for their homes. It was a terrible situation. To complete these stalled projects, we created a special fund of ₹25,000 crore. You will be glad to know that nearly 60,000 long-delayed homes have now been delivered across the country.
Friends,
Another aspect that affects daily life is connectivity and transport. Today, if you look at social media, tourists from around the world are amazed by our metro system.
Friends,
In 2014, about 2.8 million people traveled daily by metro. Today, nearly 12.8 million people travel by metro every day. Now, high-speed trains like Vande Bharat, Namo Bharat, and Amrit Bharat are connecting the nation. With better roads and highways, not only is time saved, but vehicle maintenance costs have also reduced. In recent years, the number of airports has doubled. This has given the middle class in many smaller cities the opportunity to fly for the first time.
Friends,
In the past 12 years, India has not only increased the earnings of the middle class but also their savings. In 2013–14, income up to about ₹2 lakh was taxable, and the middle class bore that burden. Today, income up to ₹12 lakh is tax-free. In other words, tax-free income has multiplied several times.
Friends,
GST reforms have also brought great convenience to the middle class. Filing taxes has become easier, saving both time and money. Income tax returns can now be filed from home, and even settlement issues are handled in a faceless manner.
Friends,
A major expense for middle-class families is treatment for diabetes and other lifestyle-related conditions. At Jan Aushadhi Kendras, such medicines are available at an 80 percent discount. If earlier you spent ₹1,000, today you spend only ₹200, saving ₹800. Over the years, this has resulted in savings of nearly ₹40,000 crore for countless families. Another significant portion of the middle-class budget goes toward healthcare for the elderly. Today, every citizen above 70 years of age is entitled to free treatment up to ₹5 lakh.
Friends,
It is human nature to forget past difficulties when conveniences become routine. Earlier, you paid tax on ₹2 lakh income; now, up to ₹12 lakh is tax-free. Yet applause comes only when reminded. On the other hand, if a bus or train is delayed, complaints pour in. This is the most vocal class.
Friends,
As I said, people forget old troubles. You may not even remember the difficulties once faced in getting a driving license or passport. Earlier, it was a struggle. Today, obtaining a driving license is easier, and passports are usually issued within three days.
Friends,
I know the way our government works has raised people’s aspirations. Once a demand is met, people immediately seek something better, something upgraded. If earlier the demand was for a new road, once built, the next question is: when will the metro arrive? Earlier, expectations were that trains should arrive on time and provide clean seating. Today, the demand is: why isn’t Vande Bharat running on our route?
Friends,
Some see this as dissatisfaction, but it is aspiration. In fact, even the Congress party constantly says, “Modi ji, this should happen, that should happen.” They trust that if anyone can deliver, it is this government.
Friends,
Aspirations arise only where people believe dreams can be fulfilled. This is the aspiration of India’s youth, poor, and middle class. Today, it is the driving energy of BJP-NDA governments.
Friends,
On one side, a large section of the nation is aspirational. On the other side, there is a political group whose life mantra has become “Always Against.” This group is filled with chronic dissatisfaction. Let me share some symptoms so Republic TV viewers can recognize them. They will say, “Why doesn’t this place have 24-hour electricity?” But the next day, they protest against dams, solar parks, thermal plants, or nuclear projects. One day they ask why there is no electricity, the next day they oppose power generation. These are the same people who once opposed mineral mining, but today ask where India’s rare earth mineral reserves and supply chains are, and why India doesn’t have an EV ecosystem like other countries. They once debated “data versus flour,” but now demand to know what India has done in AI. In one breath, they say AI should have advanced further, and in the next, they oppose data centers and semiconductor plants, listing endless drawbacks on social media, TV debates, and newspapers.
Friends,
These people bring up corruption indices from around the world to put India in the dock. Their ecosystem’s media amplifies it 24/7. But when action is taken against corruption, they are the first to cry foul, claiming raids and investigations are harassment. They question why action is taken now, why not then, why against A and not B. This is their game.
Friends,
It is vital for the nation to understand their character. Especially our youth, and Gen Z in particular, must recognize them quickly. Otherwise, as I say, “Suryavanshi has arrived,” and he explains swiftly.
Friends,
These people claim the armed forces lack freedom and weapons. But when the government makes a defense deal or buys modern arms, they are the first to question why. They challenge India’s diplomacy worldwide, but when India builds infrastructure projects for diplomacy and security, they protest loudly.
Friends,
At this crucial juncture, India must identify such people, understand their flawed arguments, and remain alert. Unfortunately, today the main opposition party, Congress, has been taken over by such elements. To imagine Congress speaking of Nation First, as it did in Gandhi ji’s time, is now a false dream.
Friends,
The world today is challenging old paradigms, and the scale of disruption is immense. But these challenges also bring new opportunities. Every youth, entrepreneur, innovator, and startup in India must focus on these opportunities. The government, with the spirit of Nation First, stands fully with the people. India is now riding the Reform Express. This momentum will only accelerate. From this Republic TV platform, I say again: our dreams are vast, and our efforts will be equally immense. The collective endeavor of 1.4 billion Indians will build a developed India. And I assure you, you will see this developed India with your own eyes. It will not be left for future generations to wait. With this confidence, I once again extend my best wishes to Republic TV, its viewers, and all of you. Thank you very much!
