Prime minister Narendra Modi on Thursday launched 'Make in India' campaign to attract both domestic and global companies to set up manufacturing base in India. The government plans to increase the share of manufacturing in Gross Domestic Product (GDP) to 25% from the current 15%, and also create jobs in the 25 sectors that have been identified by the government for the campaign. This translates into Rs 25 lakh crore share from the current 15 lakh crore. During the launch, PM urged a wide section of India Inc representatives to tap waste-to-energy potential in the country.
As a part of the launch of the campaign, the government has set up an eight member investor facilitation cell under the ministry of commerce and industry, to facilitate investors looking to make investments in India.
Prime Minister Modi also said that the government wishes to cut the red tape in the processes and lay out a red carpet for the industries and business. The campaign has synchronized all the central government services on one e-platform, the e-biz portal to handle the enquiries from those willing to make investments in the country. The state governments will also be aligned with this website.
During the launch, Modi said, "We all talk about FDI. But I see FDI in a different way. FDI is a huge responsibility upon all the fellow Indians, as for me FDI stands for First Develop India."
The government has laid out a list of the key priority areas in which the investments are likely to be invited. These areas are automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways among others. The government has issued brochures outlining the basic investment policies in each of these.
On PM's "Make in India" campaign, Harish H V, partner, Grant Thornton India, said, "India desperately needs to grow its shrunken manufacturing sector to create jobs for its huge population particularly those of the youth to prevent the demographic dividend from becoming a social disaster. Hence the make in India campaign is critical. This needs to be more than a slogan but must become the key mantra for the Central and State Governments.
The new initiatives that are under way are creation of National Industrial Corridor Development Authority, and identification of five new smart cities on the Delhi Mumbai Industrial corridor. The government has also given approval to seventeen national investment and manufacturing zones.
The campaign launch was attended by a wide array of global as well as Indian industry leaders. RIL chairman Mukesh Ambani said, "Prime Minister Narendra Modi motivates a billion Indians to dream and do." Similarly, other captains of the industry also showered praises on Modi. Industrailist Kumar Mangalam Birla said the country needed to do a lot of catching up on the manufacturing sector.
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