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OVERVIEW

The past few years have been To make India self-reliant allowed MSMEs to expand their
challenging for the global economy in manufacturing, the Modi operations and grow.
as it recovers from the aftermath government has initiated several
of the Covid-19 pandemic, and the programmes under Aatmanirbhar PM Modi has consistently assured
Russia-Ukraine conflict. As the world Bharat as well as Make in India. This the country’s wealth creators
struggles to find its feet, the Indian sector received further impetus with adequate support in their efforts
economy continues to break new the Production Linked Incentive (PLI) towards innovation and making
ground. In its latest projections scheme. The objective behind PLI is India self-reliant. This is reflected in
on world economic growth, IMF to make domestic manufacturing his personal focus and support for
recognizes India as the fastest- globally competitive and to create the Indian Semiconductor Mission
growing major economy in the domestic leaders in manufacturing. (ISM) and its vision of building
world. The PLI Schemes have created a semiconductor and display
lakhs of jobs and placed the manufacturing ecosystem in India.
The robust rise in GST collections, Indian economy on a rapid growth
increase in capital expenditure trajectory. From a net importer India has also emerged as a
outlay, and record growth in earlier, India has become a global preferred investment hub under
exports are indicative of a vibrant manufacturing hub for mobile Prime Minister Modi’s dynamic
and growing economy that has phones. The production of mobile leadership with it recording its
recovered from the effects of the phones has risen from about 60 highest ever annual FDI inflow of
pandemic. million in 2014-15 to approximately USD 83.57 billion in the Financial
310 million in 2021-22. Year 2021-22. The Modi government
This can be credited not only to has also announced a new Foreign
the Modi government’s holistic Trade Policy to boost Indian exports,
approach to managing the economic The Modi government has made as well as to take India’s goods and
fallout of the pandemic, but also MSMEs, a central focus of its services exports to 42 trillion by
to the consistent efforts since economic policy. The government’s 2030.
2014 to strengthen the economy. Emergency Credit Line Guarantee
The structural reforms initiated Scheme during the Covid pandemic The Indian economy has seen a
by the Modi government have protected more than one crore remarkable transformation in the
strengthened the Indian economy MSMEs and saved them from last nine years, and its impact can be
and enabled it to withstand the possible permanent closure. seen in the improved quality of life
unprecedented effects of the Moreover, reforms such as revision of all Indians across various sections
pandemic. of MSME definition and changes in of society.
labour and environment laws have
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76 9 Years - Seva, Sushasan, Garib Kalyan