Vannakkam! (Greetings)

First and foremost, I extend my sincere apologies to all of you for my delay in arriving here, causing you to wait. I departed from Delhi on schedule this morning, but as various programmes tend to overrun by 5 to 10 minutes each, I found myself delayed. So, I apologize to you all for being late.

Friends,

It's truly invigorating to be amidst such a gathering of minds in the realm of technology and innovation. It feels as though I have stepped into a laboratory shaping the future. Tamil Nadu has notably showcased its prowess in technology, particularly in the global automotive industry. I am delighted that you have aptly named this event 'Creating the Future'. 'Creating the Future – Digital Mobility for Automotive MSME Entrepreneurs'! My congratulations to the TVS Company for convening a multitude of MSMEs and numerous talented youth on a single platform. I am confident that this initiative will drive forward not only the automotive industry but also contribute to the creation of a developed Bharat. I understand that simultaneous interpretation is being provided.

Friends,

You are aware that the automobile industry accounts for 7 percent of our total GDP, a substantial part of the economy. This contribution underscores the pivotal role that automobiles play not just in facilitating transportation but also in propelling the nation's economy and progress. The automobile industry also plays a critical role in fostering manufacturing and innovation.

Friends,

The significance of the automobile industry to the nation's economy is mirrored in the role played by MSMEs within this sector. Bharat manufactures approximately 45 lakh cars, 2 crore two-wheelers, 10 lakh commercial vehicles, and 8.5 lakh three-wheelers annually. As you are well aware, any passenger vehicle comprises 3000 to 4000 parts. This means that every day lakhs of parts or components are required to make such vehicles. Many of these components are supplied by Indian MSMEs, predominantly located in Tier-1 and Tier-2 cities. Today, components manufactured by Indian MSMEs are integrated into vehicles worldwide, opening doors to numerous global opportunities.

Friends,

Our MSMEs currently have a significant opportunity to establish themselves as integral components of the global supply chain. However, to seize this opportunity, our MSMEs must prioritize enhancing their quality and durability to meet global standards. I once stated from the ramparts of the Red Fort that if Bharat is to make its mark on the world stage, it must wholeheartedly embrace a fundamental principle: zero defect, zero effect. When I refer to zero defect, I emphasize the importance of maintaining impeccable quality standards, while zero effect underscores the necessity of ensuring that production processes have no adverse environmental impact. Adhering to this basic mantra is imperative for our success.

Friends,

The initiative "Digital Mobility for Automotive MSME Entrepreneurs" is poised to chart a new course for the country's small-scale industries and equip them for the future.

Friends,

Amidst the challenges posed by the COVID-19 pandemic, Bharat's small-scale industries demonstrated their resilience and potential. Their pivotal role in Bharat's triumph over the pandemic has elevated the MSME sector to the forefront of the country's future prospects. Comprehensive efforts are underway to bolster the resources available to MSMEs, encompassing financial support and talent development. Schemes such as the PM Mudra Yojana and PM Vishwakarma Yojana are pivotal in this regard. During the height of the pandemic, the MSME Credit Guarantee Scheme played a crucial role in saving lakhs of jobs, underscoring the sector's significance during times of crisis.

Friends,

Today, there is a concerted effort to ensure access to affordable loans and working capital for MSMEs across various sectors. As their resources expand, so too does their capacity for innovation. Our government places a heightened emphasis on supporting small-scale industries and fostering innovation in emerging sectors. This continual upgrade and attention to innovation will further fortify our MSME sector. Additionally, recognizing the importance of technological advancements and evolving skill sets within MSMEs, we have established specialized skill development programmes and training institutes. Formerly viewed as routine, skill development has now garnered dedicated focus, evident in the establishment of a separate Ministry of Skill Development under my tenure. I wholeheartedly recognize the pivotal role that skills play in shaping the future generation, emphasizing the need for modern, continually upgraded skill universities.

Friends,

The government's current promotion of Electric Vehicles (EVs) is opening up new avenues for the MSME sector. I encourage all the small entrepreneurs gathered here to enhance their capacity in line with the growing demand for EVs. As you may be aware, the Government of India has recently introduced a significant policy regarding Rooftop Solar. This initiative offers substantial financial assistance to every household, including free electricity up to 300 units and the option to purchase additional electricity. Initially, we have set a target for one crore houses. We envision that this policy will facilitate the establishment of charging stations for e-vehicles at individuals' homes, powered by rooftop solar energy. This translates to zero transportation costs, presenting a tremendous opportunity for you all.

Friends,

The government has initiated a Production-Linked Incentive (PLI) scheme amounting to approximately Rs 26,000 crore for the Auto and Auto Components sector. This scheme not only promotes manufacturing but also incentivizes hydrogen vehicles. It has facilitated the promotion of over 100 Advanced Automotive Technologies. With the introduction of new technologies, we anticipate an influx of global investments in related fields, presenting significant opportunities for our MSMEs. Hence, now is the opportune moment to expand the capabilities of our MSMEs and venture into new domains.

Friends,

Where there are opportunities, challenges also arise. Presently, MSMEs encounter numerous challenges such as digitalization, electrification, adoption of alternative fuel vehicles, and fluctuations in market demand. By taking timely and strategic measures, we can transform these challenges into opportunities. There is a pressing need for self-upgradation to meet these challenges. Additionally, formalizing MSMEs poses a significant challenge. Our government has undertaken several initiatives in this regard, including revising the definition of MSMEs. This decision has paved the way for the growth of MSMEs by removing barriers to their development.

Friends,

The Government of India is steadfastly supporting each of its industries in the pursuit of a developed nation. Previously, whether it was an industry or an individual, one had to visit government offices even for minor issues. However, today, the government is addressing the concerns of every sector. Over the past few years, we have eliminated over 40,000 compliances and decriminalized many minor business-related errors. It may surprise you to learn that there were laws in our country where failure to paint the factory toilet every six months could lead to imprisonment. It took the country 75 years to rectify such outdated regulations.

Friends,

Whether it's the new logistics policy or GST, all these measures have benefitted the small-scale industries, particularly in the automobile sector. The government has charted the course for infrastructure development in Bharat through the PM Gatishakti National Master Plan. Within PM Gatishakti, the infrastructure of the future is being built by analyzing data from over 1500 layers, promising significant enhancement in multi-modal connectivity. We are also prioritizing the establishment of support mechanisms for every industry. I urge the Automobile MSME sector to capitalize on these support systems and propel innovation and competitiveness forward. The government stands firmly behind you. I am confident that TVS's initiative in this regard will greatly benefit you.

Friends,

I would like to share a couple more points with you. As you may know, the Government of India has implemented a policy regarding vehicle scrappage. We aim to scrap all old vehicles and introduce newer, more modern vehicles into the market. This presents a significant opportunity for the industry right now. I encourage all of you, industry stakeholders, to leverage this scrappage policy and contribute to the scrapping initiative. Currently, our country leads globally in shipbuilding. The recycled materials from shipbuilding have created a substantial market. I believe that if we develop a comprehensive plan, our neighbouring countries, as well as Gulf countries where vehicle replacement is rapid, will turn to Bharat for scrap. This could lead to the establishment of a significant industry, benefiting MSMEs in various ways. How can we capitalize on these opportunities?

Additionally, I have been informed that there are individuals associated with the transportation sector present here. When I consider any matter, I tend to view it holistically. For instance, discussing mobility and transport without addressing the welfare of drivers would be incomplete. You may have recently read about our plan in the newspapers. As a pilot project, we intend to establish 1000 rest areas along major highways. These centres will offer comprehensive facilities for drivers, reducing accidents, providing rest, and ensuring essential amenities. We have already begun the process of constructing these centres to global standards. To my brothers and sisters in the transportation sector, these initiatives aim to enhance driver security, satisfaction, and create new business opportunities. Every aspect is inter-connected.

Friends,

It's a privilege to be among you all. You harbour aspirations and dreams, and I am wholeheartedly committed to turning them into reality by adopting them as my own resolutions. Rest assured, whatever plans you have for the next five years, proceed with confidence, knowing that I stand beside you, supporting you, and together, we will propel the country to greater heights. Once again, I extend my heartfelt gratitude to each of you with sincere wishes for your success.

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

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DS/VJ/IG/AK