The Make in India programme, first introduced by the Prime Minister during his Independence Day speech on August 15, has the goal of developing India into a manufacturing hub.
On this score, India’s government has identified 25 priory sectors, including automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways among others to focus on.
Heralding the launch, Modi released sector specific brochures, along with a general brochure that details investment opportunities, sector specific FDI and other policies alongside relevant guidelines to make investment easier.
This programme envisages developing India as a manufacturing hub that would transform the nature of India’s economy from a services-driven economy into a labour-intensive manufacturing driven economy.
Speaking on the occasion, Modi expressed his belief in the skill and capability of India and its people. “Mantra of our Government is that we want to trust each and every India. The atmosphere of trust can change a lot of things,” said Modi.
He added that it saddened him to see a lot of manufacturers leaving India because of the lack of clear policies, rules and regulations and investment climate. He, however, added that his government has reversed that discouraging trend.
In a wonderful play of words the Prime Minister said that for him FDI meant First Develop India.
He also voiced his belief that the strength of India is also linked with the global reach of Indian companies. “I want Indian companies to be multi-national ones. But they should make the country stronger,” he added.
The campaign will push for policy reforms that will make it easier for prospective investors from across the world and India to explore, start and conduct business here. The Modi admiration has taken up the challenge to improve India’s standing as a business friendly nation. The World Bank in its report ‘Doing Business 2014’ has ranked India 134 among the 189 economies.
Modi also spoke about the need to enhance the public-private partnership in India, especially in skill development. He remarked that he always reminded companies to not think of India as just another market. He observed that there was a need to create opportunities of employment, and if the poor get jobs, the purchasing power of families will increase.
‘Make in India’ has also created an ‘Invest India’ which consists of an eight-member expert panel, who have been tasked with working with foreign investors as well as guiding them through the labyrinth of central and states departments to resolve policy and allied issues that hurdle investments.
Before his speech Modi also unveiled the ‘Make in India’ logo, which is derived from the Ashok Chakra; the wheel symbolise peaceful progress, while the lion stands for strength and tenacity.
Also present at the meeting were some of the biggest names in Indian trade and industry. These included Mukesh Ambani of Reliance Industries Ltd., Kumar Mangalam Birla of Aditya Birla Group, Chanda Kochhar of ICICI Bank and Aziz Premji of Wipro Ltd.
“On behalf on Indian industries I commit myself to the Make in India programme,” opined Mukesh Ambani.
On his part, Kumar Mangalam Birla said, “Manufacturing has to become the next big wave. India is already a manufacturing hub for Birla group. More than 80% of revenue comes from Indian manufacturing for Birla group.”
Speaking on what India need to improve on to fulfil its ambition, Chanda Kochhar said that India needs to focus on four key areas – rules and regulations, infrastructure, policies and skill training.
‘Make in India’ is not a slogan but a mission to be accomplished with single minded commitment, about new processes, added India’s Commerce Minister Nirmala Sitharaman.
- India and the World2020.02.19Saving big big-ticket trade deal with India for later: Trump
- China Connect2020.02.19China’s early victory over coronavirus will benefit India & world: Envoy
- Diplomacy2020.02.18India, Russia sign 14 MoUs for joint defence production
- Diplomacy2020.02.17Jaishankar invokes Indian democracy to resolve Kashmir, pitches for UN reforms