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PM Modi emphasizes on importance of finance for strengthening of MSMEs

Prime Minister Narendra Modi has called financing as the most important factor for the growth and strengthening of micro, small and medium enterprises (MSMEs) by stressing the link between India’s aspirations and strength of MSME.

“We have done many fundamental reforms and made new schemes to strengthen MSMEs. The success of these reforms is dependent on strengthening their financing,” he added while speaking at the post-budget webinar on ‘Financing for Growth & Aspirational Economy.

PM Modi said that Indian economy is once again picking up momentum after once-in-a-century pandemic and this is reflection of our economic decisions and strong foundation of economy.

He said that the government has taken many steps to maintain the momentum of high growth in this budget. 

“By encouraging foreign capital flows, reducing tax on infrastructure investment, creating institutions like NIIF, Gift City, new DFIs, we have tried to accelerate financial and economic growth”, he said.

In the direction of balanced development of the country, the Prime Minister reiterated priority of the schemes such as Aspirational Districts Programme or the development of eastern India and the North East.

The Prime Minister insisted that Industry 4.0 is not possible till the country moves ahead in the fields like fintech, agritech, meditech and skill development. Help of financial institutions in such areas will take India to new heights in industry 4.0, said the Prime Minister.

He talked at length about the vision of finding sectors where India can figure in top 3 countries and asked whether India can emerge among top 3 countries in the sectors like constructions, startups, recently opened up sectors like drones, space and geo-spatial data. 

For this, he said, it is imperative that our industry and start up get full support of the financial sector. The expansion of entrepreneurship, innovation and search for new markets among the startups will happen only when there is deep understanding of these ideas of future among those who finance them. 

“Our Financing Sector will also have to consider innovative financing and sustainable risk management of new futuristic ideas and initiatives”, he emphasized.

The Prime Minister also touched upon environmental and ecological dimension of the budget.