Indian Prime Minister Narendra Modi stated that in the latest budget, the Indian government has reinforced support for MSMEs by doubling the loan guarantee cover to US$2.29 million. 

Additionally, a customised credit card scheme has been introduced to facilitate access to working capital, addressing a long-standing challenge for smaller enterprises. This is reported by IANS, a partner of TV BRICS.

In an effort to simplify regulations and enhance ease of doing business, the government has implemented the “Jan Vishwas Act”, removing over 40,000 compliance requirements at both central and state levels. Further reforms are underway, including the development of the “Jan Vishwas 2.0 Bill” and simplified income tax provisions.

The Prime Minister urged Indian industries to take proactive steps in the global supply chain, encouraging them to embrace innovation. He highlighted the success of the production-linked incentive scheme, which has attracted investments exceeding US$2.29 billion and facilitated exports worth over US$5.72 billion across 14 sectors. 

More than 750 industrial units have benefitted from the initiative, leading to substantial growth in manufacturing and exports.

To further enhance India’s manufacturing capabilities, the government is set to launch two new missions aimed at improving technology, product quality, and workforce skills. Modi called on stakeholders to identify high-demand products for domestic manufacturing and strategically position India in the global export market.

African Times published this article in partnership with International Media Network TV BRICS