PM Narendra Modi asks industry to make the most of trade deals

Modi tells India Inc to ramp up investments in R&D and never compromise on quality

Prime Minister Narendra Modi on Tuesday urged industry to leverage the opportunities opened up by recent trade deals, asked companies to stop being “miserly” in their investments in research and development, and reiterated his core mantras of “build more, produce more, connect more, and export more”.

 

Addressing the second webinar on Budget for 2026-27, the Prime Minister said it is “our responsibility that we should never compromise on quality” if the country is to utilise the full potential of these trade agreements. He said quality is one area where “we must apply maximum strength, intelligence and focus” and that “our products must meet global standards”.

 

 

Modi termed the carbon capture, utilisation and storage (CCUS) mission an important initiative, adding that integrating sustainability into core business strategy will be essential. He said industries that invest in clean technology in time will build better access to new markets in the coming years.

 

On Monday, Modi and Canadian Prime Minister Mark Carney, in their talks, “underscored solutions for CCUS as a key area of cooperation offering a significant opportunity for the sustainable production of energy and critical minerals.”

 

In his address at the webinar, the Prime Minister stressed that studying the needs and expectations of other countries, and understanding the preferences and comfort of consumers in those markets, is key. “We must create user-friendly products tailored to their needs,” he said, adding that “only then can India truly benefit from the opportunities opened by various free trade agreements, which have created a highway of growth for you”.

 

He said the world is seeking reliable and resilient manufacturing partners. The direction and resolve, he added, are clear: “Build more, produce more, connect more, and now the need is to export more.” He urged industry not to be parsimonious in investing in research and development, and to embrace emerging technologies.

 

Modi said the days of being frugal in research are over. “We must have only one mantra — quality, quality, quality,” he said. Referring to trade deals, especially the one with the European Union focusing on increasing linkages with India’s MSMEs, the PM said reforms in MSME classification have had a wide impact.

 

“Enterprises no longer fear that expanding their business will deprive them of government benefits. Continuous efforts have been made to improve MSMEs’ access to credit, promote technology upgrades and build capacity,” he said. He, however, added that the real impact of these efforts will be visible only when MSMEs become competitive, increase productivity, raise quality standards, adopt digital processes and integrate into strong value chains.

 

Modi said that by focusing on sectors such as Dedicated Rare Earth Corridors and container manufacturing, India is working to strengthen its trade ecosystem. He noted that there is a global shift towards sustainability, as markets now look beyond cost to environmental impact. “Incorporating sustainability into core business strategies is now essential,” he said.