Winning Bizness Desk
Mumbai. For any country’s development, stable policies and a favorable business environment are crucial. Emphasizing this, Prime Minister Narendra Modi stated that over 40,000 compliance regulations have been eliminated to improve the ease of doing business. He also highlighted the introduction of a simplified income tax system and announced that the government is now working on Jan Vishwas Bill 2.0. PM Modi made these remarks while addressing a post-budget webinar on MSMEs on March 4.
Seven Key Takeaways from PM Modi’s Address
During the webinar, PM Modi discussed the significance of the Union Budget, calling it the first full-fledged budget of his government’s third term. He said this budget had exceeded expectations in terms of policy implementation. He noted that experts had predicted several economic measures, but the government had gone beyond those predictions to take additional steps for various sectors. Modi also mentioned that the global economy is keen on strengthening economic partnerships with India, and the manufacturing sector must take full advantage of these opportunities.
PM Modi further stressed that reforms and the Aatmanirbhar Bharat (Self-Reliant India) vision have helped the country recover from the economic impact of COVID-19. He pointed out that India is now one of the fastest-growing economies, thanks to consistent policy measures. He also emphasized the need to boost research and development (R&D) to promote innovation and value addition in Indian manufacturing.
PLI Scheme Driving Growth in 14 Sectors
PM Modi highlighted the Production-Linked Incentive (PLI) scheme, which has benefited 14 key sectors. Under this scheme, 7.5 crore units have been approved, leading to an investment of over ₹1.5 lakh crore, a production boost of over ₹13 lakh crore, and exports worth ₹5 lakh crore. The scheme has played a crucial role in strengthening India’s manufacturing sector and increasing its global competitiveness.
He also underlined the importance of new lending mechanisms for MSMEs, ensuring that they receive credit at lower costs and in a timely manner. In a landmark move, the government has announced that for the first time, loans up to ₹2 crore will be provided to five lakh women entrepreneurs, SC, and ST business owners, enabling them to expand their businesses.
Major Business Announcements from the Budget
The budget introduced several measures to support MSMEs and small businesses. The credit guarantee cover for MSMEs has been doubled from ₹5 crore to ₹10 crore. A new credit card with a ₹5 lakh limit has been introduced for registered micro-enterprises. To boost domestic toy manufacturing, a Make in India scheme will be launched specifically for the toy sector. Additionally, the PM SVANidhi scheme’s loan limit for street vendors has been increased from ₹10,000 to ₹30,000, providing them with better financial support.
Stable Policies and a Better Business Environment
PM Modi reiterated that his government is committed to reducing bureaucratic hurdles and ensuring a stable policy framework for businesses. By removing over 40,000 compliance requirements, the government has significantly eased the regulatory burden on businesses. The introduction of a simplified income tax system is another step in this direction. Looking ahead, the government is actively working on Jan Vishwas Bill 2.0, which aims to further enhance business confidence and simplify regulations, making India a more attractive destination for investment.
