The Prime Minister, Mr. Narendra Modi, recently launched the ‘Make in India’ initiative with an aim to give the Indian economy global recognition.
Addressing a gathering consisting of top global CEOs at a function held in the capital, the Prime Minister said “FDI” should be understood as “First Develop India” along with “Foreign Direct Investment.” He urged investors not to look at India merely as a market, but instead see it as an opportunity.
Mr. Modi said it is important for the purchasing power of the common man to increase, as this would further boost demand and hence spur development, in addition to benefiting investors. The faster the people are pulled out of poverty and brought into the middle class, the greater the opportunity for global business. Therefore, investors from abroad need to create jobs. Cost-effective manufacturing and a handsome buyer – one who has purchasing power – are both required. More employment means more purchasing power.
He further observed that India is the only country in the world which offers the unique combination of democracy, demography and demand. The new Government is taking initiatives for skill development to ensure that skilled manpower is available for manufacturing.
He also referred to the Digital India mission, saying this would ensure that Government processes remained in tune with corporate processes. He feels a mood of gloom among India’s business community in the last few years, due to lack of clarity on policy issues. Indian businessmen even say that they would leave India and set up business elsewhere.
The Prime Minister said this hurts him, and added that no Indian business should feel a compulsion to leave the country under any circumstances. On the basis of the experience of the last few months, he could say that the gloom has lifted.
Mr. Modi gave the example of the new Government’s initiative on self-certification of documents, and said this is illustrative of how the new Government trusted the citizens. Trust is essential for investors to feel secure. If there is an issue, the Government can intervene. Besides, trust too can be a transformative force.
According to him, development and growth-oriented employment is the government’s responsibility. India now ranks low on the “ease of doing business”, and he has sensitized Government officials in this regard.
Emphasizing the need for “effective” governance, he referred to the expressions “Look East” and “Link West”, and said a global vision is essential. Mission Swachh Bharat and “waste to wealth” could lead to good revenue models for business as well. He also referred to his vision of waste water management and solid waste management in 500 towns across India through public-private partnership.
The Prime Minister also spoke of the infrastructure of the future, including i-ways besides highways, and mentioned port-led development, optical fibre networks, gas grids and water grids.
Mr. Modi also unveiled the ‘Make in India’ logo and launched the website makeinindia.com