Key Points

Speaking to reporters in Delhi, Manjhi said, "PM Modi is committed in every way to the development of both India and Bihar. His clear vision is that until we empower small entrepreneurs, farmers, and MSMEs, big industries alone cannot ensure people's welfare. That is why MSME was separated from the Industries Ministry."

He highlighted that since 2020, nearly seven crore new MSME units have been registered. "If each unit employs even five people, nearly 35 crore jobs have been created. MSMEs contribute 31 per cent to the GDP, 35 per cent to manufacturing, and 46 per cent to exports. After agriculture, MSME is the largest contributor to India's economy. The Vishwakarma Yojana is another step to strengthen small industries," he added.

On GST reforms, Manjhi called Wednesday's decision "historic."

He said, "The government has simplified GST into two slabs - 5 per cent and 18 per cent. Luxury and intoxicating products will now face 40 per cent GST to discourage excessive fashion and alcohol consumption. Importantly, GST on health and insurance, earlier 18 per cent, has been reduced to nil, a big relief for citizens."

Manjhi further asserted that the reforms would bolster India's global economic resilience. "Some countries are trying to bully India through tariffs. Our new GST reforms will be a weapon against that," he said, referring to the tariffs imposed by US President Donald Trump on Indian goods.

With India targeting to become the world's third-largest economy by 2030, Manjhi underlined that Modi's slogan of 'Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas' will guide the country's economic rise.

- IANS