Prime Minister Narendra Modi has called on India’s domestic industry to take “big steps” by identifying new products for indigenous manufacturing and tapping into global opportunities.

As geopolitical uncertainties, including tariff barriers and wars, reshape global trade, Modi emphasised that India is increasingly seen as a reliable economic partner.

His remarks come as India negotiates key trade deals with the European Union and the United Kingdom, while commerce minister Piyush Goyal is in Washington for bilateral trade discussions.

“Today, the world needs such a reliable partner from where high-quality products come and the supply is reliable. Our country is capable of doing this. All of you are capable. This is a big chance for us, a huge opportunity. I want that our industry should not look at these expectations of the world as a spectator,” Modi said while addressing a post-budget webinar on Tuesday.

“We should open new avenues for manufacturing and export for the country. Today every country in the world wants to strengthen its economic partnership with India. Our manufacturing sectors should come forward to take maximum advantage of this partnership,” he said.

Modi also reassured industry that the government’s commitment to reforms and policy consistency would remain steadfast in the coming years.

“I assure every stakeholder in manufacturing and export that this consistency will remain the same in the years to come. I urge you with all my faith to take big steps,” he said.

Modern framework

Supporting India’s ambition to become a global manufacturing powerhouse, chief economic adviser V. Anantha Nageswaran emphasised the need for a “modern, responsive regulatory framework”. This, he said, would foster a business-friendly investment climate, especially as global FDI inflows face pressure from economic slowdowns.

“We need to enhance regulatory clarity, simplify business operations, and ensure that our regulatory framework aligns with broader economic reforms,” he stated.

He cautioned that global economic growth is under pressure due to recent government actions worldwide, making it essential for India to sustain “constructive optimism” domestically.

Reduce red tape

The US-India Business Council (USIBC), a key business advocacy group, has urged both governments to dismantle non-tariff barriers and bureaucratic red tape that hinder market access.

“We urge both sides to leverage this opportunity for shared growth,” said USIBC president Atul Keshap.