World looking at India as trusted partner, industry should take advantage: PM Modi

New Delhi: Prime Minister Narendra Modi on Tuesday asked the Indian industry to take "big steps" for taking advantage of global opportunities at a time when the world is looking at India as a trusted partner, which can produce quality goods.

Addressing a post-Budget webinar on Regulatory, Investment and Ease of Doing Business Reforms, Modi also said that amid supply-chain disruptions caused by economic uncertainties globally, the world today needs a trusted partner which can produce high-quality products and have a reliable supply chain.

"Our country is capable of doing this, all of you (industry) are capable, this is a great opportunity for us. I want that our industry should not look at these expectations of the world as a mere spectator. We cannot remain spectators, you will have to look for your role in this, you will have to seek opportunities for yourself," Modi told the industry players.

The Prime Minister said the government is working together with the industry for the last 10 years and has shown its commitment for undertaking reforms, financial discipline, transparency and inclusive growth.

"Today, India is a growth engine for the global economy. India has proved its resilience even in difficult times... Today every country wants to strengthen its economic partnership with India. Our manufacturing sector should take advantage of this partnership," Modi added.

The Prime Minister said industry has gained new self confidence due to the government's consistency and assurance for reforms, he said.

"I want to assure the stakeholders in manufacturing and exports sectors that this will continue in the coming years. I urge you to move ahead with confidence, take big steps. For the country's manufacturing and exports sectors new avenues have been opened," Modi said.

Stressing that India's manufacturing is the backbone for industrial growth, Modi asked the stakeholders to identify new products which have demand in the world, and whose manufacturing can happen in India. This can then be pitched for exports.

Highlighting the role of R&D, the Prime Minister said industry should focus on manufacturing innovative products and do value addition through research and development.

"The world knows our capability in toy, footwear and labour intensive sectors. Combining traditional craft with modern technology can help achieve success. We can become global champions in these sectors and increase exports manifold. This will also create jobs in labour intensive sectors and entrepreneurship," Modi said.

He said at a time when the world is passing through geopolitical uncertainties, India is being looked at as a "growth centre".

Nudging states to undertake ease of doing business reforms, Modi said states play an important role to increase investments. More investments will come in as states push ease of doing business reforms.

"States should compete amongst themselves... The states which come forward with progressive policies, companies will find them as attractive destination for investment," Modi said.