The world wants to do in India

Piyush Goyal

September 25 marked 10 years in the country since Prime Minister Narendra Modi’s groundbreaking “Make in India” initiative, which is transforming India’s industrial landscape, encouraging job-creating investment and giving many ordinary citizens the confidence to become wealth creators.
It has been a remarkable 10-year journey that has energized industrial sectors, transforming them into growth engines that meet domestic demand as well as contributing to exports. This exciting journey began at a difficult time when domestic investors were dispirited due to policy paralysis and mismanagement by the indecisive Congress government. The economy collapsed, confidence was shaken, a regular dose of corruption scandals dominated the headlines, inflation was soaring, interest rates were high and the outlook for the rupee was uncertain.
To end the sense of doom and gloom, the Indian voter overwhelmingly voted for Prime Minister Modi. Our Prime Minister came with a vision for India. He wanted to ensure that India becomes a world superpower. He wanted India to provide jobs and opportunities to our youth, recognizing that manufacturing was central to India’s success story. The Prime Minister then launched the ‘Make in India’ initiative.
Ten years is an extraordinary journey, but it would not have been possible without the multidimensional and transformative changes made by the Modi government. Initiatives include GST, Bankruptcy Code and many other reforms. To make it easier to run a business, as many as 42,000 compliance requirements were abolished, and 3,700 provisions providing criminal sanctions for offenses were removed from various acts to protect small entrepreneurs against harassment. India has rapidly improved its position in the World Bank’s Doing business report from 142nd in 2014 to 63rd in 2019.
The government’s Startup India initiative has encouraged many job seekers to become job creators with the help of the Startup India initiative. This helped increase the number of recognized startups to 1,40,803 in June this year, bringing in investments and creating over 15 lakh jobs. These startups are driving the country’s innovation ecosystem by working on solutions to pressing issues in areas such as sanitation, space navigation, reducing food waste, improving access to healthcare and empowering women.
Another area of ​​interest for the government is the development of 11 industrial corridors. Under the program, 20 smart industrial cities are being built, which will make these corridors the basis for manufacturing growth in India. Four of these smart cities have already become investment magnets thanks to their infrastructure and approvals for the construction of manufacturing plants. Potential investment of Rs. 1.7 lakh crore has already been committed, which will provide direct employment to 80,000 people and many more indirectly.
The government’s PLI programs focus on key sectors such as electronics, pharmaceuticals, automobiles, textiles and medical devices to create ecosystems in these sectors for sustainable growth and ensure their global competitiveness. PLI schemes have resulted in investments worth Rs 1.32 lakh crore and a significant increase in manufacturing output of around Rs 11 lakh crore. Thanks to this initiative, over 8.5 thousand jobs were created directly and indirectly. jobs.
The Prime Minister’s infrastructure initiatives are another shot in the arm for the Indian industry. Apart from generating demand for goods and services, infrastructure development is a major factor in facilitating industrial activities. Currently, India has a huge and constantly expanding network of expressways and highways. New, world-class railway stations are being built and new freight corridors are being created.
India is increasingly perceived as a very attractive country for investment. Country provides 4D advantage – Prime Minister Modi’s decisive leadership; The demographic dividend of our young, talented and skilled Indians; Demand that 140 crore Indians be generated in the economy; and Democracy that ensures investor safety and the rule of law that will never allow discrimination against one or the other. The 4-D model is a very, very compelling case that can attract manufacturers to India. Today, domestic and international investors find an excellent opportunity to develop their business.
There is increased activity in the investor community. A number of delegations are visiting India eager to invest and participate in India’s economic growth story. Foreign governments and global CEOs are closely watching opportunities emerging in India. Many countries are willing to sign trade agreements with India.
The world now sees India as a manufacturing destination. And the main reason for this interest is India’s competitive advantage and solid economic foundation. Today, inflation is under control, economic growth is strong and the Modi government maintains rigorous fiscal discipline. This is even more commendable in the current global situation, marked by conflict and uncertainty. Prime Minister Modi’s initiatives have helped India rise from the unenviable position of being one of the world’s “fragile five” in 2014 to one of the world’s top five.
As a result, Prime Minister Modi’s initiatives such as Make in India have helped make the last 10 years a decade of transformation – a quantum leap from the lost decade of Congress rule.
(The author is a Union minister
Trade and Industry)