With an aim to enhance India’s reputation as a manufacturing hub and a business-friendly country, India’s Prime Minister Narendra Modi is expected to launch the ‘Make in India’ campaign ahead of his maiden trip to the US.
This initiative, set for launch in New Delhi on September 25, seeks to showcase India as a global hub for a wide range of products and services. On this score, the Indian government has identified 25 priory sectors that it will focus on and these include ‘Make in India-Pharma’, ‘Make in India-Auto Component’ and ‘Make in India-Bio-Tech’ among others.
The campaign will also push for policy reforms that will make it easier for prospective investors from across the world to explore, start and conduct business in India. The World Bank in its report ‘Doing Business 2014’ has ranked India 134 among the 189 economies.
Incidentally, the slogan ‘Make in India’ was voiced by Modi during his Independence Day speech on August 15 that was widely appreciated across the country.
Along with economic policy reforms, the government is also planning a progressive major infrastructural drive besides identifying ways and means to ease tax burdens for entrepreneurs and business houses.
An eight-member expert panel, aptly named the Invest India team and constituted by the Department of Industrial Policy and Promotion has also been envisioned. This team will be 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.
These experts are expected to launch new mechanism for approving proposals for foreign companies, and advise central and state departments on streamlining various processes.
Around a thousand global and domestic corporate leaders are expected to attend this important event where the Prime Minister will reiterate his vision of an investment friendly India. Similar events are also planned in various state capitals and Indian missions abroad.
In a report released on September 10, global ratings firm Moody’s observed that it was optimistic about the changes mooted by the new administration in Delhi and termed these efforts to liberalise investments as the first step towards making India a manufacturing hub.
“Indian politicians are fond of such grandiose announcements, but in Modi’s instance it may have some substance,’ wrote Glenn Levine, an economist with Moody’s Analytics.
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