India will emerge as a global player in sunrise sectors: PM Modi

New Delhi : Prime Minister Narendra Modi on Tuesday said that as India is headed to become the third largest economy soon, he was confident that the country will emerge as a global player in the sunrise sectors such as semiconductors, electronics manufacturing and green energy.

Addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at the Vigyan Bhavan here, PM Modi said new opportunities are emerging in sunrise sectors and India Inc. must capitalise on them.

"The whole world is looking at India today. India's policies and ethics and aims and investment is the basis for progress for the whole world,” the Prime Minister remarked.

PM Modi said that despite global headwinds, India is the only 'high growth, low inflation' country in the world in contrast to the “low growth, high inflation” other countries. India's fiscal prudence is a role model for the world," he added.

"The world today wants to invest in India, and world leaders are positive about India. This is a golden chance for Indian industry and we must not lose this opportunity," he told the captains of Indian industry.

“I sincerely believe that industry will help make India a global player in sunrise sectors. A confident India will become a global player,” the Prime Minister said.

“The wealth creators are the driving force for India's growth story,” he remarked.

Prime Minister Modi pointed out that the last Budget presented by the Manmohan Singh government in 2014 was only Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days ago is Rs 48 lakh crore, which is three times the amount.

The Prime Minister said that Budget 2024-25 would strengthen the momentum towards achieving Viksit Bharat.

He pointed out that the Budget would give further impetus to the manufacturing sector with schemes such as the industrial parks being created in 100 big cities with plug-and-play facilities for setting up industries. These parks will emerge as the industrial hubs nationwide powering the country to Viksit Barat.

He also pointed out that MSMEs, which are large creators of jobs, would get a big boost from the budget which had made it easier for them to get working capital and credit loans. Taxes for these small units had also been reduced, he added.

He also said that the country was embarking on a green energy roadmap which includes green hydrogen projects, electric vehicles and nuclear energy. Industry will benefit from our steps on small nuclear reactors, he added.

The Prime Minister said that the government was according high priority to critical minerals and very soon the first phase of bidding for offshore mining blocks would start.

He also said that the PM’s package in the budget was a holistic and comprehensive strategy that would benefit more than 4 crore youth in the country and create a skilled workforce that will be in demand both in India and abroad.

"The budget is focused on skill development, employment keeping in mind industry 4.0," the PM said.

He highlighted the incentives being offered to the industry under the internship scheme as he urged India Inc. to march shoulder to shoulder with the government towards achieving the goal of Viksit Bharat.