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Informist, Tuesday, Mar. 4, 2025

 

NEW DELHI – The Indian industry should "actively participate" and not be a "spectator" to the rising global demand for quality products, Prime Minister Narendra Modi said Tuesday. "The world looks at India as a dependable economy that can produce quality products with reliable supply," Modi said at a post-Budget webinar, adding that the industry should build on this reliance and integrate into the global value chain better.

 

For any industry to grow, governments should have stable policy and conducive business environment, both of which, Modi said, his government has ensured in his last two terms and will continue to ensure in the third-term as well. "Our government has given assurance to the industry, especially the manufacturing and exports sector to be self-reliant," he said. "It is time we take our products to the world."

 

Modi said India has proved its resilience even amidst global turmoil, and at a time when the world continues to go through political uncertainties, other nations are looking at India as a "growth centre". This has led to nations wanting to get into partnerships with India, from which the manufacture industry stands to benefit the most, he said.

 

This assumes importance against the backdrop of many experts flagging potential risks to the Indian manufacturing industry amidst the current uncertainty with regard to global trade policies. Data released Monday by S&P Global showed India's manufacturing sector activity expanded at the weakest pace in more than a year in February, with the HSBC India Manufacturing Purchasing Managers' Index dropping to a 14-month low of 56.3.

 

At 56.3, the final number for February is the lowest since December 2023 and also lower than the flash figure of 57.1, released on Feb. 21. A PMI reading of more than 50 denotes expansion in activity, while a print below it shows contraction. However, new export orders continued to rise strongly, albeit at a softer pace than January's near 14-year high. 

 

Modi also said that Indian companies should manufacture products that have huge global demand, and even make new products that can potentially be a key import item for other nations in the future. "This can form an integral part of our trade strategy," he said.  End

 

Reported by Priyasmita Dutta

Edited by Ashish Shirke

 

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