"Automobile industry speeds up country's economy and progress": PM Modi tells MSME entrepreneurs in Madurai

Prime Minister Modi termed automobile industry as a powerhouse of the economy and added that MSMEs are key players in propelling this industry forward.

"Automobiles not only provide pace on the road...Automobile industry also gives the similar pace to the national economy and to its growth story," PM Modi said addressing the entrepreneurs.

The Prime Minister lauded Tamil Nadu, which has a large number of automobile companies operating and producing for India and the world.

"Today the country is looking at the future of MSMEs as the future of the country. All-round work is being done to increase the resources of MSMEs, from money to talent," he said.

PM Modi said around 7 per cent share of the GDP comes from the automobile industry.

"This is a huge share of the GDP. Therefore, the automobile industry speeds up the country's economy and progress. The role of the automobile industry in promoting manufacturing and innovation is huge," he said.

In India, around 45 lakh cars are manufactured annually. Around two crore two-wheelers, 10 lakh commercial vehicles and 8.5 lakh three-wheelers are also manufactured.

"Today, our MSMEs have a big opportunity to be part of the global supply chain. However, for this, our MSMEs have to work on its quality and durability. We need to work to live up to the global standards," PM said.

"When new technologies come to the country, global investment related to new technology will also come to India. This is also a huge opportunity for our MSMEs so this is the right time to expand our MSMEs capabilities, start working in new areas."

The prime minister appreciated the work done by the Indiand MSMEs during the once-in-a-century pandemic.

"The MSMEs of India played a vital role in winning the fight against the pandemic. Therefore, the country views the future of the MSMEs as the future of the nation," he asserted.

He said his government is working on multiple fronts to improve the resources of the MSMEs. PM MUDRA yojana and PM Vishwakarma Yojana are playing a huge in this direction, he said.

"Our govt is taking care of the need for new skills and new technologies for the MSMEs. For this, special skill development programmes and training institutions are being run. Earlier, skill development was considered routine work. Since I was given the opportunity to work, I have made a separate ministry for Skill Development," he added.

During the Madurai event, the Prime Minister also launched two major initiatives designed to support and uplift MSMEs in the Indian automotive industry. The initiatives include the TVS Open Mobility Platform and the TVS Mobility-CII Centre of Excellence.

These initiatives will be a step towards realising the Prime Minister's vision of supporting the growth of MSMEs in the country and helping them to formalise operations, integrate with global value chains and become self-reliant.

Tomorrow morning from Thoothukudi, the Prime Minister will lay the foundation stone of Outer Harbor Container Terminal at V.O.Chidambaranar Port. This Container Terminal is a step towards transforming V.O.Chidambaranar Port into a transshipment hub for the east coast.

The project aims to leverage India's long coastline and favourable geographic location, and strengthen India's competitiveness in the global trade arena. The major infrastructure project will also lead to creation of employment generation and economic growth in the region.

The Prime Minister, among others, will also dedicate four road projects in Tamil Nadu, developed at a total cost of about Rs 4,586 Crore.

The projects include the four-laning of the Jittandahalli-Dharmapuri section of NH-844, two-laning with paved shoulders of the Meensurutti-Chidambaram section of NH-81, four-laning of the Oddanchatram-Madathukulam section of NH-83, and two-laning with paved shoulders of the Nagapattinam-Thanjavur section of NH-83. (ANI)