New Delhi: Terming India as the “growth engine of the world” amid global political instability, Prime Minister Narendra Modi on Tuesday called upon the industry to spearhead a manufacturing revolution to drive economic growth and expand India’s share in global trade.

Addressing a post-Budget webinar on ‘Regulatory, Investment and Ease of Doing Business Reforms’, hosted by the Finance ministry, Modi assured businesses of policy stability and a favourable investment climate, emphasizing that government-led reforms over the past decade have laid a strong foundation for sustained expansion. Modi emphasised the need to develop innovative credit delivery modes, ensuring timely and affordable access to funds for over six crore Micro, Small and Medium Enterprises nationwide.

The Prime Minister announced that five lakh first-time women entrepreneurs, as well as those from Scheduled Castes and Scheduled Tribes, will be eligible for loans of up to Rs 2 crore.

“We need to develop new modes for credit delivery, ensuring MSMEs have access to low-cost and timely credit. Five lakh first-time women, SC, and ST entrepreneurs will be provided loans of up to Rs 2 crore,” said the Prime Minister.

Modi underscored that consistent reforms, financial discipline, and transparency have bolstered industry confidence and positioned India as a reliable global supplier. He reaffirmed his government’s commitment to continuing these policies, ensuring further impetus for manufacturing and exports. “Our government shown consistency in reform initiatives that has also assured the industry and given it confidence to grow,” he said.

The Prime Minister also highlighted the significance of the first full budget of his government’s third term, stating that its implementation-focused approach has exceeded expectations. Key budgetary measures, he noted, have been directed at strengthening manufacturing and boosting exports.

With global supply chains facing disruptions, Modi stressed that India has a unique opportunity to become a trusted partner for high-quality, reliable manufacturing. “I urge the industry to take big steps with confidence and open new avenues for manufacturing and exports…The government will support it through friendly policies,” said the Prime Minister.

PM Modi pointed to the success of the Production-Linked Incentive (PLI) scheme, noting that the 14 schemes under it have approved applications for over 750 units, attracting Rs 1.5 trillion in investment, generating Rs 13 trillion in production, and contributing `5 trillion in exports.

He encouraged businesses to identify products with strong global demand and leverage India’s expertise in sectors like toys, footwear, and leather. He also advocated for integrating traditional crafts with modern technology to create world-class exports.