Madurai: Prime Minister Narendra Modi engaged with thousands of Micro, Small, and Medium Enterprises (MSMEs) entrepreneurs in the automotive sector during the program titled ‘Creating the Future – Digital Mobility for Automotive MSME Entrepreneurs’ held in Madurai, Tamil Nadu. The event witnessed the Prime Minister addressing the MSMEs and interacting with women entrepreneurs trained at Gandhigram and schoolchildren.
Expressing his delight to be among the technology and innovation enthusiasts, the Prime Minister commended Tamil Nadu’s global standing, particularly in the automotive sector. The theme of the event, ‘Creating the Future – Digital Mobility for Automotive MSME Entrepreneurs,’ was appreciated by the Prime Minister, who acknowledged TVS company’s effort in bringing together MSMEs and aspiring youth on a unified platform.
Highlighting the significant role of the automobile industry, Prime Minister Modi stated that it contributes to 7 percent of the country’s GDP, making it a crucial component of India’s autonomy. Recognizing the symbiotic relationship between the automobile industry and MSMEs, he emphasized the integral part MSMEs play in manufacturing essential components for millions of vehicles produced annually in India.
Prime Minister Modi stressed the global potential for Indian MSMEs, which are already contributing components to many cars worldwide. He encouraged the entrepreneurs to tap into the global supply chain and strive for excellence in quality and durability, aligning with the philosophy of ‘zero defect-zero effect.’
Reflecting on the resilience of India’s MSMEs during the pandemic, the Prime Minister highlighted the government’s support through initiatives like PM Mudra Yojana and PM Vishwakarma Yojana. The focus on low-cost loans, working capital facilities, and skill development programs for MSMEs has been a strategic move by the government.
He expressed optimism about India’s MSMEs becoming an integral part of the global supply chain and emphasized the need for expanding capacity to meet the growing demand for Electric Vehicles (EVs). Prime Minister Modi encouraged entrepreneurs to participate in the recently launched PM Suryaghar Yojana, promoting rooftop solar installations that offer free electricity and additional income.
The Prime Minister mentioned a 26,000 crore rupees PLI scheme for the auto and auto components sector, emphasizing the promotion of hydrogen vehicles and advanced automotive technologies. He urged the entrepreneurs to explore new areas and expand their capacity to attract global investments.
Acknowledging challenges like digitalization, electrification, and market demand fluctuations, Prime Minister Modi stressed the importance of converting these challenges into opportunities through strategic planning.
In the context of formalization of MSMEs, the Prime Minister highlighted key steps, including amendments in the definition of MSMEs and the removal of obstacles for growth. He reassured the government’s commitment to supporting every industry, simplifying compliances, and creating infrastructure under PM Gatishakti National Master Plan.
Addressing the scrapping policy, the Prime Minister encouraged replacing old vehicles with modernized ones, highlighting the government’s focus on innovation and recycling. He concluded by extending his best wishes to the entrepreneurs and emphasizing the government’s support in their efforts to elevate the nation to new heights.