The Festival of Manufacturing organised by The Times of India and attended by various entrepreneurs is an excellent platform for the different MSME manufacturers to grow their businesses. To increase employment, improve the country’s GDP, increase the country's overall exports, and make the country Aatma Nirbhar, is a well-known ambition of our Prime Minister Mr Narendra Modi
When Mr Narendra Modi became the Prime Minister of India in 2014, India ranked 10th in the world economy. Eight years later, we are in the 5th position and by 2030 we aim to be the 3rd largest economy in the world. Friends, if we want to achieve this target, we must focus on the manufacturing sector.
Friends, if you have gone through the 2023-24 budget, there is a lot of aid provided to the MSME industries. Meanwhile, I would like to congratulate the Times of India group for encouraging the MSME industry to participate in the Festival of Manufacturing.
That said, we are in the 21st century now, and as an industry, there is an utmost need to introduce new technologies to increase the overall production pattern. And this would help Indian companies to grow the export than imports. We must curb the import and truly believe in Make in India for India and the world concept. And, I am sure this would lead us to achieve the 3rd largest economy in the world target.
The young generation must know the latest technology. Robotics, 3D printing, Aerospace, Defence equipment, Drones, and Telecommunication industries need special attention.
Let me cite an example, a food processing unit in India can produce up to 10,000 juice cans at the same time a food processing unit from China can produce 100,000 juice cans. The question is how is that possible? It is possible with the help of the right technology and machinery advancements. Under my ministry, there are 6.4 crore MSMEs in India which is employing 11.5 crore people. We aim to increase the MSMEs by 12 crores in 2030.