World needs supply chains that could function uninterrupted by crisis: Modi

Prime Minister Narendra Modi addresses the Rising Rajasthan Global Investment Summit 2024, in Jaipur on December 9.
| Photo Credit: ANI

Prine Minister Narendra Modi on Monday (December 9, 2024), in the context of continuing challenges related to global supply and value chain, said the world needed a system which would function unhindered and uninterrupted even during the biggest crisis.

“For this it is imperative to have a large manufacturing base in India which is not only necessary for India, but also for the world economy,” he said while addressing delegates at the Rising Rajasthan Global Investment Summit in Jaipur. 

He said that India had taken a pledge of self-reliance in manufacturing, understanding this responsibility.

“India is putting emphasis on low-cost manufacturing under the Make in India program and India’s petroleum products, medicines and vaccines, electronics goods and the record manufacturing has benefited the world,” he emphasised. 

Mr. Modi pointed to the increase in update by electronics, specialty steel, automobiles and auto components, solar PVs and pharmaceuticals among the sectors avidly seeking support from the production-linked incentive (PLI) schemes. 

“The PLI Scheme has led to an investment of about ₹1.25 lakh crore. Products worth about ₹11 lakh crore had being made and exports have increased by ₹4 lakh crore,” Mr. Modi said.

The Prime Minister said Rajasthan was among the top five states in terms of the number of micro small and medium enterprises in India.

In his speech Mr. Modi emphasised the importance of leveraging youth, tech and data. He said, “This century is tech-driven and data-driven”.

He noted that in the last decade, the number of internet users in India has rose by almost 4 times and added that, “India has demonstrated how the democratisation of digital technology is benefiting every sector and community”. 

Citing various digital initiatives like the UPI, Direct Benefit Transfer, Government e-Marketplace (GeM), Open Network for Digital Commerce (ONDC), he said such platforms showcased the power of India’s digital ecosystem. 

Speaking on the occasion and inviting global and local investors to invest in Rajasthan, Chief Minister Bhajan Lal Sharma said MoUs worth ₹35 lakh crore of investment had already been announced. 

Industrialists who were present and spoke on the first day of the three-day event, included Anand Mahindra, chairman, Mahindra group, Karan and Gautam Adani from the Adani group; Anil Aarwal, chairman Vedanta group and Kumar Mangalam Birla, from the Aditya Birla group.

(This writer is in Jaipur at the invitation of Rajasthan Government)