Private sector must invest boldly in R&D, supply chains, quality says PM Modi 

Prime Minister Narendra Modi on Sunday said the private sector should focus less on protecting profit margins and invest more in research and development, supply chains, and quality.

In an interview with PTI, he said the private sector is critical for the next phase of India’s economic transformation and called for a “decisive response” from them.

He added that the next leap to Viksit Bharat will depend on bold investment by businesses in innovation, long-term capacity, and global competitiveness.

Modi also said this year’s Union Budget reflects India’s desire to become a “developed nation.” “Budget not a ‘now or never’ moment born out of compulsion but a ‘we are ready’ moment born out of preparation, inspiration,” he said.

Speaking on India’s trade deals, the Prime Minister said political stability and predictability have restored investor confidence. He added that stronger manufacturing, services, and MSMEs have allowed India to negotiate trade pacts from a position of strength. He highlighted that India’s Free Trade Agreements are designed to expand market access for MSMEs in textiles, leather, chemicals, handicrafts, gems, and other sectors.

He criticised the UPA government, saying its economic mismanagement left India unable to negotiate confidently. “During UPA rule, talks would begin and then breakdown, a little real substance achieved despite long negotiations,” he said. He stressed that reform is a commitment of his government, demonstrated in both letter and spirit.

The Prime Minister also noted that India’s national character has stood out even in difficult times. “Our national character has revealed itself even in challenging times; we are bright growth spot in difficult global circumstances,” he said. He added that India is now witnessing the most expansive infrastructure push in its history, with projects being planned and executed with future readiness in mind.