New Delhi, August 21, 2026 (Yes Punjab News)
Prime Minister Narendra Modi on Friday said India had moved from the restrictive economic approach associated with the Licence Raj to a system that incentivises higher production, describing the performance of the Production Linked Incentive (PLI) scheme as evidence of the country’s changing policy framework.
Addressing a media event in the national capital, Modi said the PLI scheme had attracted Rs 2.5 lakh crore in investment and supported production and sales worth Rs 22 lakh crore.
The scheme has also contributed Rs 15 lakh crore in exports and generated more than 14 lakh jobs, he said.
The Prime Minister described the change as part of a broader transformation in the government’s approach towards businesses and manufacturing. Instead of imposing restrictions, the government was seeking to create conditions that encourage companies to expand production, investment and employment, he said.
Modi contrasted the current approach with what he described as the “Production Linked Punishment” mindset of the Licence Raj era, saying the focus was now on incentivising production and strengthening manufacturing.
He also spoke about the increasingly uncertain global environment, saying resources were being weaponised and distrust was becoming a dominant feature of international relations.
Against this backdrop, Modi described India as “the light at the end of this tunnel” and a source of growth and hope. He said the International Monetary Fund (IMF) expected India to remain the world’s fastest-growing major economy.
The Prime Minister stressed that India’s future could not be built in isolation and said the country needed to work with the international community amid continuing global upheavals.
He highlighted India’s approach of “leading with all”, emphasising partnerships and cooperation as important to navigating an increasingly uncertain global economic and geopolitical environment.
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