Make in India-a clarion call to global investors


This article deliberates on PM's clarion call, "Make in India: zero defect, zero effect". Efforts by previous government, India's possibilities to emerge as a global player, the future road map and frameworks are also discussed here.

Prelude

In today's changed social and business environment, India needs to hone its skills to compete world market as well as for the benefits of India's vast population due to social obligation. In current context, corporate India need to serve platter as per customer's choice and it should emphasis on the quality of the products which must be free of all probable defects only to ensure that those products never get rejected in world market. Also as a moral and trade obligation, we need to expect that our products should not leave any adverse effect on environment which is long been considered as the most important protective barrier for mankind. "Our manufacturing should have zero defects so that our products should not be rejected in the global market. Besides, we should also keep in mind that manufacturing should not have any negative impact on our environment."-this was the clarion call from Prime Minister of India, Narendra Modi. To project our nation as "brand India" globally, this can be considered as a right and timely initiative in this regard.

What was the idea behind this?

The catch phrase and the idea was conceptualized by the Prime Minister of India, Narendra Modi on 25 September 2014 for the purpose of attracting global investors, bolstering India's stature and thereby strengthening India's manufacturing sector.

The purpose of Make in India

Its basic purpose is to convert India a manufacturing hub for speedy economic transformation. While doing so special thrust was given to make bureaucratic processes easier and shorter while eliminating the unnecessary laws and regulations. Also it wants to achieve more transparency, responsive attitude and accountability of government.

Emerging India and its future potential

If we believe in some future probabilities, we have much to rejoice. Let's hear what McKinsey & Co, the management consulting firm, predicts about India. It says that by the year 2025, India's manufacturing sector could reach 1 trillion USD and it may open up a domestic job prospect in a tune of up to 90 million as manufacturing sector contributes about 25 to 30 per cent of India's current GDP. This could be due to the inclination of big MNCs to establish low-cost plants in India.

The road map and framework to achieve the target

India should not stagnate on developing five 'M's, i.e. man, material, machine, money and minerals. Our country is mineral rich and we have enviable human resources of skilled, semi-skilled and unskilled labourers. The plan focused on preparation of short-term or one-year and long-term or three years growth plans for 25 already identified sectors like that of auto, textiles, cement, aviation, food processing, entertainment and chemical industries. As a need based frame work, government has initiated time-bound project clearances through a single online portal, a fully dedicated team of eight members for answering investor queries within 48 hours and also addressing key issues including labour laws, skill development and infrastructure.

History to raise Indian stature

The then Prime Minister Narsimha Rao and Finance minister Manmohan Singh have been instrumental for liberalization and privatization that gave an impetus for Indian economy in 1991-92. They tried to change India's hitherto socialist economy to a more capitalistic one. They dismantled the License Raj, a system which interrupted private businesses. Many obstacles have been removed in favour of Foreign Direct Investment (FDI) and the process also initiated privatization of public sector companies.

How it is different from "Made in India" slogan?

The difference is simple. In the previous case the Indian investors were encouraged only. But in the new scenario, the wider participants are targeted. The call is for global investors, in particular. Our Prime Minister highlighted the importance of skilled workforce, while laying stress on protecting the environment too.

Overcoming difficulties

We have many difficulties and challenges in manufacturing segment. Increasing cost of raw materials, growing prices of industrial land, land acquisition, non-availability of labour force, delayed payments and Chinese invasion, to name a few. A strict and visionary roadmap together with a good intention only can dispel away those obstructions and our government has been taken right steps towards that direction, it seems.

To conclude

Despite global economic crisis and other internal constraints, we cannot undermine the global opportunities which are waiting at our doorstep. Indian Inc. has to capitalize opportunities by attaining excellence in manufacturing field. We have a vast pool of young and energetic workforce to make India proud and to regain its lost glory for which India used to be revered worldwide in ancient times.

Jai Hind and Jai Bharat.


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Comments

Author: K Mohan12 Feb 2015 Member Level: Platinum   Points : 2

Alarmed over the growing presence of China items in India, probably our Prime Minister thought of inducing local and foreign manufacturers to make the products in India and sell to other countries. No doubt it is a very good thought and surely enhances the prestige and pride of our country. But given the corrupt practices being followed at every step of Industrial progress, the founder of any company may think twice to enter India as he is being constantly bothered for bribe in every moment of his progress in the business. If corrupt free environment is assured to the companies, then there shall be sweeping changes within some years to come.



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