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Industry News- Sep 26,24
The minister noted that the Production-Linked Incentive (PLI) schemes launched in 2020, with an outlay of Rs 1.97 trillion, have been a significant driver for 14 sectors, particularly electronics and pharmaceuticals.
The Indian government has identified 300 legal provisions for potential decriminalisation as part of its efforts to ease the compliance burden on businesses under the Jan Vishwas 2.0 initiative, according to Commerce and Industry Minister Piyush Goyal. Speaking on the 10th anniversary of the Make in India initiative, Goyal mentioned that the goal is to simplify at least half of these provisions to further support the growth of the manufacturing sector.
The Make in India initiative, launched on September 25, 2014, aims to transform India into a global manufacturing hub, facilitating investments, building world-class infrastructure, and promoting innovation. Goyal emphasised that the initiative was conceived independently of geopolitical strategies like the “China-plus-one” or “Anywhere-but-China” policy, with a focus on creating local jobs and entrepreneurial opportunities. He noted that despite disruptions such as the COVID-19 pandemic and geopolitical tensions, the program has made substantial progress.
Goyal highlighted that India’s strong stance against corruption has been instrumental in attracting record levels of Foreign Direct Investment (FDI) year after year. FDI inflows more than doubled to $667 billion between FY15 and FY24, compared to $304 billion in the previous decade, with over 90% coming through the automatic route. While ruling out any immediate changes to the FDI policy, Goyal stated that the government's zero-tolerance approach to corruption has created a favourable environment for foreign investments.
The minister noted that the Production-Linked Incentive (PLI) schemes launched in 2020, with an outlay of Rs 1.97 trillion, have been a significant driver for 14 sectors, particularly electronics and pharmaceuticals. He reiterated the ambition that every electronic device should have a "Make in India" component, underscoring the push for enhanced domestic manufacturing.
Goyal also emphasised the need to encourage youth participation in manufacturing and entrepreneurship. He outlined plans to collaborate with the education and skill development ministries to guide young entrepreneurs in transforming their ideas into viable businesses. This initiative aims to nurture the next generation of entrepreneurs and align them with the broader goals of Make in India.
Currently, manufacturing contributes around 17% to India’s GDP. Goyal asserted that for the sector to reach 25% of GDP, the country would need to maintain high economic growth rates. He highlighted that India is already the fastest-growing economy globally, but further acceleration in manufacturing output is essential to achieve the target.
Looking ahead, Goyal said that the goal is to make India a manufacturing powerhouse by 2047, in line with the government’s vision for the “Amrit Kaal.” He noted that initiatives like the National Logistics Policy, the National Single Window System, and the Jan Vishwas (Amendment of Provisions) Act—which decriminalised 183 provisions in 42 legislations—are critical components in fostering a more business-friendly environment.
Goyal also emphasised the government’s commitment to supporting both traditional sectors like handicrafts, textiles, and handloom, as well as emerging industries. He said the Make in India journey will continue with new initiatives to promote entrepreneurship, investments, and startups.
The Make in India initiative has laid a solid foundation over the past decade, but Goyal believes there is still a long way to go. With ongoing reforms, the focus remains on positioning India as a global leader in manufacturing, innovation, and sustainable growth.
(ET)
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