Prime Minister Narendra Modi emphasized the importance of MSMEs (Micro, Small and Medium Enterprises) in India's future growth. He urged the sector to prioritize quality and durability to meet global standards and seize opportunities in the global supply chain.
The government, on its part, is implementing various initiatives to support MSMEs, including the PM Mudra Yojana and PM Vishwakarma Yojana, which provide financial and talent assistance. Infrastructure development through the PM Gatishakti National Master Plan is also aimed at enhancing connectivity for MSMEs.
To foster innovation and technological advancement in the automotive industry, PM Modi inaugurated the CII-TVS Mobility Centre of Excellence on Employment and Livelihood. The centre aims to extend its support beyond the automotive sector, promoting "Zero Defect, Zero Effect" production in both technology and environmental aspects.
The government's Production Linked Incentive (PLI) scheme for the automobile industry has attracted global investment and promoted advanced automotive technologies, creating opportunities for Indian manufacturers. PM Modi commended the sector's role during the COVID-19 pandemic and its contribution to the country's economic growth.
The automobile industry, with its significant GDP share, is expected to drive manufacturing, innovation, and employment in India. The country produces a substantial number of vehicles annually, including cars, two-wheelers, commercial vehicles, and three-wheelers.