Job Creation, enforcement to Secondary and Tertiary sector, Boosting national economy, Converting the India to a self-reliant country and to give the Indian economy global recognition.
• Make in India is an international marketing strategy, conceptualized by the Prime Minister of India, Narendra Modi on 25 September 2014, Thursday, with an audience of CEOs that packed Delhi’s Vigyan Bhawan, where Mr. Modi launched his ambitious “Make in India” campaign.
• The campaign aims at turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the country’s infrastructure.
• Foster innovation.
• Enhance skill development.
• Protect intellectual property.
• The focus, on creating jobs and helping the “poor reach the middle class faster”.
The Step of a Lion
The logo is a striding lion made of cogs, symbolizing manufacturing, strength and national pride.
Here are 10 key points from PM Modi’s speech:
1) FDI gets a new lingo:
For the world foreign direct investment (FDI) is an opportunity, but FDI is also a responsibility for the people of India, the prime minister said. My definition of FDI for the people of India is “First Develop India…for foreigners, it is an opportunity,”he said. We have to create opportunities of employment, he added.
2) Do not treat India as a market:
PM Modi said global businesses have always viewed India as a big market, but Indians lack purchasing power. Investors will lose an opportunity, if they continue to look at India as a market, he said. The Prime Minister said the faster people move out of poverty, the faster India’s purchasing power will grow.
3) Do not leave India:
Trust forced Indian companies to leave the country in the last few years, PM Modi said. “A trust was broken that when a policy will be changed, when CBI will come…this is what I heard from all you,” PM Modi said. We do not want any industrialist being forced to leave India, he added.
4) Government to ensure capital preservation:
Investors first want security of their investment, followed by growth, while profit is the last priority, PM Modi said. The new government will ensure the preservation of capital, he said.
5) Improving the ease of doing business a priority:
According to World Bank, India ranks 134 out of 189 countries in terms of the ease of doing business. PM Modi today said that his government will see that the country climbs quickly to 50th position on the list.
6) India best destination to invest in Asia:
The world is looking at Asia. I do not have to waste time to invite…I need to give the address, PM Modi said. Only India has the unique combination of democracy, demographic dividend and demand, he added.
7) Easy governance, effective governance:
The “Digital India” push is aimed at effective governance, PM Modi said. Industry does not come when there are too many incentive schemes. A development & growth oriented environment is need, he added.
8) Skilled manpower:
India needs manpower according to requirements and if we can develop the right skills, we can achieve sustainable development, PM Modi said.
9) Look East, but Link West:
India needs to pursue the Look East policy, but also absorb the best practices of the western world, PM Modi said.
India needs better infrastructure for further growth, the PM said, adding there is a need for not only highways, but also i-highways (information highways). The country needs electric, water, gas and optical fibre grids, he added.
Five challenges that the ‘Make in India’ could face:
1. Creating healthy business environment will be possible only when the administrative machinery is efficient. India has been very stringent when it comes to procedural and regulatory clearances. A business-friendly environment will only be created if India can signal easier approval of projects and set up hassle-free clearance mechanism.
2. India should also be ready to tackle elements that adversely affect competitiveness of manufacturing. To make the country a manufacturing hub the unfavorable factors must be removed. India should also be ready to give tax concessions to companies who come and set up unit in the country.
3. India’s small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors.
4. India’s make in India campaign will be constantly compared with China’s ‘Made in China’ campaign. The dragon launched the campaign at the same day as India seeking to retain its manufacturing prowess. India should constantly keep up its strength so as to outpace China’s supremacy in the manufacturing sector.
5. India must also encourage high-tech imports, research and development (R&D) to upgrade ‘Make in India’ give edge-to-edge competition to the Chinese counterpart’s campaign. To do so, India has to be better prepared and motivated to do world class R&D. The government must ensure that it provides platform for such research and development.
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What you think about “Make in India” Campaign and how would you like to contribute to this campaign.