look news india
Addressing the nation from the ramparts of the Red Fort in the capital Delhi on the historic occasion of India’s 80th Independence Day, Prime Minister Narendra Modi has given a very important and visionary message regarding the future of the country’s economy, manufacturing and Micro, Small and Medium Enterprises (MSME). The Prime Minister told the country’s MSMEs and manufacturing sector in clear words that since 2014, India has signed Free Trade Agreements (FTAs) with about 40 major countries of the world, but the real benefits of these agreements will be available to our businessmen and industries only when they manufacture better and more affordable products than those available globally.
Told FTA as a big business opportunity, mentioned from Ludhiana to Tirupur
Describing Free Trade Agreements (FTA) as a golden opportunity for the industrial development of the country, Prime Minister Modi said that the textile industry from Ludhiana in Punjab to Tirupur in Tamil Nadu can reach the markets of the whole world. Apart from this, due to these agreements, there has been a huge increase in the possibilities of shrimp export from Kerala to Gujarat, Tamil Nadu and West Bengal. The Prime Minister called upon all the MSME industries of the country that these FTAs with 40 countries have brought a golden opportunity to expand their business manifold, which should be utilized to the fullest.
Special emphasis given on quality and cost reduction
Addressing the nation from the ramparts of the Red Fort, PM Modi once again emphasized that if we have to survive in the global competition, we will have to reduce the cost of manufacturing and take the quality of the product to the highest level. He said that we will have to manufacture not only the final product but also small parts within the country, so that the entire value chain remains with India. India will have to become one of the most reliable and strong centers of the global supply chain at every stage from designing to manufacturing. The country’s manufacturing units should be able to produce high quality products at low cost, which are completely user-friendly and whose packaging is as per international standards and is attractive to buyers across the world.
Double digit growth in exports and role of MSMEs
According to foreign trade experts, the strong double-digit growth recorded in the country’s exports during the first four months of the current financial year 2026-27 is a direct evidence that the acceptance of Indian goods is continuously increasing in the markets around the world. All this has been possible only because of the improvement in the quality of Indian products. At present, the export of Indian goods to developed countries like America, China, UAE, Australia, Singapore, Germany and France is continuously increasing, which has further strengthened the branding of ‘Made in India’ on the global platform. Since the MSME sector alone contributes a valuable 40 per cent to the country’s total exports, the Prime Minister in his address specifically addressed MSMEs, as the growth of the manufacturing sector also creates new employment opportunities in the country on a large scale.
Historic trade agreements signed with major countries of the world
During the last few years, India has signed strategic FTA agreements with many major and influential countries of the world. Countries like Australia, UAE, Britain, New Zealand, Switzerland, Norway, Iceland and Oman are prominently included in this list. Along with this, there is every possibility of full implementation of FTA with the European Union (EU) from the coming year, while India’s trade FTA document with the United States is also completely ready, which will provide a new global height to the Indian economy.