Major focus on SME sector as it generates millions of jobs: PM Modi

Prime Minister Narendra Modi on Tuesday said the government is paying special attention to the SME sector as it generates millions of jobs.

“The manufacturing ecosystem has been transformed in the last 10 years. Our major focus is on the SME sector as it generates millions of jobs,” said PM Modi.

“Today, there are 1.40 lakh startups in India and 800 million people have started their businesses with the help of MUDRA loans,” Prime Minister Modi said at the CII conference after the Budget.

Our government has clear intentions and commitments, we are working with full focus on Viksit Bharat, Modi said.

He also said that during his third term, India is expected to become the world’s third-largest economy.

Prime Minister Modi said the budget size has increased three-fold to Rs 48 lakh crore during the 10 years of the NDA government.

He added that the government had led India to new records even as it managed to overcome the pandemic.

“India is growing at 8%, we will soon become the world’s third largest economy,” said Prime Minister Narendra Modi.

He added that the capital expenditure has increased more than 5 times to over Rs 11.11 lakh crore in 10 years.

As the Prime Minister said, over the last 10 years, we have lifted 250 million people out of poverty and our focus is on ensuring ease of living, skill development and employment.

India is the only country with high economic growth and low inflation; its share in global economic growth is 16%, he added.

Prime Minister Modi emphasised that the pace and scale at which the government is building infrastructure is unprecedented.

The Prime Minister said that over the past 10 years, the government has made record increases in allocations to individual ministries, while tax rates have been reduced to record lows.

PM Modi added, “…During the pandemic, we had discussions and the focus of those discussions was ‘regaining growth’. I said then that India will soon be on a growth path. Currently, India is growing at 8%…”

Prime Minister Modi added that the journey towards “Viksit Bharat” is not just a matter of sentiments but also of self-confidence.

The Prime Minister was addressing the inaugural session of the conference ‘The Journey Towards a Viksit Bharat: A Post-Unification Budget 2024-25’ at Vigyan Bhawan, organised by the Confederation of Indian Industry (CII) in the national capital, outlining his government’s broader vision for economic growth and the role of industry in it.