German companies are welcome

In May last year, in what was the largest elections in the history of mankind, the people of India voted my Government into office. For the first time in three decades Indian voters gave a clear majority mandate to a government. The verdict was for change and for good and effective governance. It was also a call for development reflective of growing aspirations of India’s youthful millions.

In the last 11 months, we have come a long way in keeping this promise. We have re-energised the Indian growth engine. The credibility of our economy has been restored. India is once again poised for rapid growth and development. It is the only emerging economy where growth rate is rising. The prospects are even better.

This has not happened by chance. My government has earnestly taken up the challenge of development and economic transformation of India. For us, development is not a mere political agenda; it is an article of faith. We have initiated specific policies and actions to realise our vision for New Age India with a clear set of economic goals and objectives. Our focus is not merely economic growth but an inclusive development. This requires creating jobs, upgrading skills, raising productivity, benchmarking quality with global standards. Our aim is to completely eliminate poverty and to propel all Indians into a life of purpose and dignity within a generation. My own life-experience and belief in the role of good governance in India’s economic development has convinced me that this noble objective can be achieved.

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Make in India: How to succeed

India’s Prime Minister Narendra Modi has launched the “Make in India” initiative, which is aimed at increasing the manufacturing output within India. This is a welcome step towards harnessing India’s large labour force and resource base. However, the manufacturing sector in India has lagged in recent years, and to succeed several reforms are necessary to unlock the potential of India’s manufacturing sector.
Rebooting India’s manufacturing sector is a challenging but essential task. India has a huge potential for manufacturing a wide range of products ranging from traditional and cultural-related products to the most modern sophisticated products. Many of these products have good export potential that can be exploited. The example of the auto sector is a lesson to follow. India has become a major producer and exporter of automotive products including a wide range of 2, 3 and 4 wheelers and components. This has happened as a result of liberalization and integration into the global economy.
The “Make in India” campaign needs the widest possible support to succeed. The central and state governments, business and industry, and labour organizations must work together to achieve this goal.

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