THEBUSINESSBYTES BUREAU

NEW DELHI, MARCH 3, 2026

Asserting that “This year’s Union Budget reinforces our commitment to sustaining and strengthening economic growth,” Prime Minister Narendra Modi on Tuesday outlined a forward-looking blueprint to accelerate India’s economic momentum, urging stakeholders to rally behind the call to “Build more, produce more, connect more, export more” and drive the nation closer to the vision of ‘Viksit Bharat.’

Addressing the second installment of the Budget Webinar series centered on “Sustaining and Strengthening Economic Growth,” the Prime Minister said the government’s direction and resolve are unequivocally clear. Reflecting on the momentum generated by the first webinar, he noted that it had produced constructive suggestions for effective implementation of budget provisions, and emphasized that the current deliberations would further strengthen the country’s growth trajectory.

Highlighting the rapid reshaping of global supply chains, the Prime Minister observed that India’s robust economic performance has emerged as a beacon of hope for the world. “The rapid progress of the economy is a massive foundation for a ‘Viksit Bharat’,” Modi remarked, underscoring that India stands at a pivotal moment in the evolving global order.

Reaffirming the government’s vision, the Prime Minister reiterated the core mantra of “Build more, produce more, connect more, and export more,” stating that today’s discussions and recommendations would play a decisive role in accelerating development across sectors. He explained that manufacturing, logistics, MSMEs and urban centers function not as isolated silos but as interconnected pillars of a single economic structure. While manufacturing drives exports, competitive MSMEs enhance flexibility and innovation. “This year’s budget has provided great strength to all these pillars,” Modi affirmed.

However, he cautioned that policy direction alone cannot deliver results without active participation from industry, financial institutions and state governments. He urged stakeholders to focus on enhancing manufacturing capacity, boosting production and improving cost competitiveness. “Your suggestions in these directions will be pivotal in making the development reach every corner of the country,” Modi said.

The Prime Minister highlighted targeted interventions such as Dedicated Rare Earth Corridors and container manufacturing to remove bottlenecks and strengthen India’s trade ecosystem. He also spotlighted the ‘Biopharma Shakti Mission’ announced in the budget, aimed at positioning India as a global hub for biologics and next-generation therapies. “We want to move towards leadership in advanced biopharma research and manufacturing,” Modi expressed.

Against the backdrop of shifting global dynamics, the Prime Minister emphasized that the world is seeking reliable and resilient manufacturing partners. “The world is looking for reliable and resilient manufacturing partners, and today India has the opportunity to firmly fulfill this role,” he stated, urging industry to invest confidently in research, adopt cutting-edge technologies and uphold global quality benchmarks.

Touching upon India’s Free Trade Agreements, the Prime Minister said these have opened “a very large door of opportunities” and placed greater responsibility on domestic industry to ensure uncompromising quality. “India has signed Free Trade Agreements with many countries, a very large door of opportunities has opened for us, and in such a situation, it is our responsibility to never compromise on quality,” Shri Modi emphasized, calling for deeper research into global consumer preferences to create user-friendly products.

On the MSME front, the Prime Minister noted that recent classification reforms have eliminated the fear of expansion among small enterprises. While the government is facilitating access to credit and technology upgrades, he stressed that real transformation depends on MSMEs embracing global competition. “Now is the time for MSMEs to further increase their productivity, raise their quality standards, and connect with digital processes and strong value chains,” Shri Modi emphasised.

Describing infrastructure and logistics as the backbone of national growth, the Prime Minister pointed to record capital expenditure in the current budget. He highlighted investments in high-speed rail, multi-modal connectivity and ship repair facilities as key enablers of efficiency, adding that industry must strategically align with this expanding infrastructure ecosystem to maximize benefits.

On urbanization, Modi underlined that India’s future growth is closely linked to effective planning and management of cities. He invited suggestions on how Tier-II and Tier-III cities can evolve into new growth engines, reinforcing the need for balanced and inclusive development.

Addressing the global shift toward sustainability, the Prime Minister observed that markets today evaluate not only cost but also environmental responsibility. He described the Carbon Capture, Utilisation and Storage Mission as a critical initiative and stressed that integrating sustainability into core business strategies is no longer optional. “A major transformation is happening in the world economy today, as markets now look not only at cost but also at sustainability,” he said, adding, “The industries that invest in clean technology in time will be able to build better access to new markets in the coming years.”

Calling for collective ownership of the development agenda, the Prime Minister urged stakeholders to translate discussions into tangible action in partnership with the government’s framework. “Every suggestion and every experience of yours has the potential to bring excellent results on the ground,” Shri Modi concluded, reiterating that a resilient, sustainable and innovation-led economy is the foundation of a truly ‘Viksit Bharat.’