MUMBAI: Launching an all-out sales blitz to woo potential investors, India’s Prime Minister Narendra Modi has highlighted attractions of a four-dimensional India pivoted around 4Ds — Democracy, Demography, Demand and Deregulation – and showcased India’s enormous manufacturing potential.
Make in India: Biggest Brand Ever
In his inaugural address on February 13 at the star-studded ‘Make in India’ week, Mr Modi underlined that the ‘Make in India’ initiative was the biggest brand India has ever created. “In a year’s time, Make in India has become the biggest brand that India has ever created. Both within and outside the country, it has captured the imagination of people, institutions, industries, media and the political leadership,” Mr Modi said.
Predictable tax regime
Promising the investors a predictable and transparent tax regime along with easier licensing and simplified clearing process, Mr Modi asserted that his government had simplified processes like licences, security and environmental clearances. “We will not resort to retrospective taxation. We are making our tax regime transparent, stable and predictable,” he said India’s financial hub Mumbai.
4D effect: $12 billion FDI pledges
On the first day of the event, it is estimated that companies have pledged investments worth Rs 80,000 crore ($12 billion approx.). The aim of the ‘Make in India’ week is to rope in foreign investment to make it a global manufacturing hub. Citing one of his frequently used acronym of 3Ds democracy, demography and demand, Mr Modi said a fourth D has been added now which was deregulation.
Manufacturing in India has been at a record low, with falling factory output in recent months. The falling of stock markets and rising non-performing assets of banks has only added to the Indian economy’s woes. The prime minister has been working towards implementing his poll promise of growth with jobs and to implement that promise he has invested a lot of political capital in the ‘Make in India’ initiative.
Competitive federalism
India is the fastest growing economy in the world at present, growing at over 7 percent. India has contributed to 12.5 percent of the global growth, according to Mr Modi. Speaking about competitive federalism, he said that changes were taking place at the state level too with healthy competition among states in attracting potential investors. Some of the India’s corporate titans who participated in the event on the inaugural day included Ratan Tata, Kumar Mangalam Birla, Y C Deveshwar, Adi Godrej, Ajay Piramal, Baba Kalyani and Chanda Kochhar. The prime ministers of Finland and Sweden, Scandinavian countries known for innovation and green technologies, were among those who participated in the signature event.
Advising the industrialists not to wait to make investment decisions, Mr Modi said: “There are immense opportunities in India. In the manufacturing sector, we have taken decisive steps to simplify processes and rationalise provisions. This includes licensing, cross-border trade, security and environmental clearances. We have announced attractive schemes in several sectors, including electronics and textiles.”
Mr Modi pitched for investments in next generation infrastructure like roads, ports, railways, airports, telecom, digital networks and clean energy. The ‘Make in India’ week is expected to witness the participation of over 9000 companies with 1000 international companies and 8000 Indian companies.
(Sridhar Ramaswamy contributed inputs for this article)
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