PM urges industry to boost investment, prioritise R&D, quality to tap FTAs

Stressing that India has entered into free trade agreements with numerous countries, PM Modi said, these agreements have opened up a wide range of opportunities for the country

Prime Minister Narendra Modi on Tuesday urged industry leaders to step up investments, embrace emerging technologies and prioritise research to help India Inc fully leverage the vast opportunities offered by free trade agreements with various nations.

"The days of cutting corners in research are over. We must now make substantial investments in research and development and ensure that our products meet global quality standards. Now we have got opportunities to move forward, so we should have only one mantra - Quality, Quality, Quality," he said while addressing a second webinar on Budget 2026-27.

Stressing that India has entered into free trade agreements with numerous countries, he said, these agreements have opened up a wide range of opportunities for the country.

 

"In such a situation, he said, "our responsibility is that we should never compromise on quality."  Today, the world is seeking reliable and resilient manufacturing partners, he said, adding that India has a strong opportunity to fulfil this role.

"Our direction is clear. Our resolve is clear. Build more, produce more, connect more, and now the need is to export more," he said.

Pointing out that a significant transformation is currently underway in the global economy, he said that markets are no longer focused solely on cost; sustainability has become an equally important consideration.

"The Carbon Capture, Utilization, and Storage Mission is a key initiative driving this shift. Incorporating sustainability into core business strategies is now essential. Industries that invest early in clean technologies will gain better access to emerging markets in the years ahead," he said.

Highlighting the importance of infrastructure and logistics, he said, they serve as fundamental pillars of our growth strategy.

This year's budget proposes a record level of capital expenditure to support these priorities, he said.

As India emerges as a beacon of hope for the world thanks to its robust economy, and as global supply chains undergo transformation, the prime minister said, rapid economic development has become the cornerstone for realising the vision of Viksit Bharat.