Prime Minister, Modi, has launched a “Make in India” campaign in his Independence Day speech last month, with the aim of getting foreign companies to explore business possibilities in the country thereby making India a global manufacturing hub.
The initiative targets investment from around 3000 foreign companies in 25 sectors including automobiles, civil aviation, defence, railways, tourism and hospitality. As the first step, the government would chose 10 companies each from 30 countries across 10 sectors. The campaign to kick off on September 25 is expected to boost economic growth and create more employment opportunities. Modi had said during his I Day speech “Come, make in India. Sell anywhere, but manufacture here." Programs would be held in state capitals and Indian embassies abroad would join the mission by engaging with investors and consultants just as PM Modi addresses CEOs back home. An “Invest India” agency would be set up in the Commerce Ministry's Department of Industrial Policy and Promotion as a part of the campaign and an eight member expert panel would examine the proposals from the companies.
The new initiative is expected to revive the industrial sector and also focus on job creation and skill enhancement. At present, the procedures for starting a new business or securing construction sanctions are laborious and would take at least a month or sometimes even more to complete. With the “Make in India” initiative on, the arduous and complex government procedures would be simplified. Setting up new business ventures would be made easy contributing to economic growth and revival. But apprehensions are also surging up regarding the new move which apparently is believed to benefit cooperates. Excess foreign investments flowing into the country pose a risk to the country’s economy. The natural resources as well as the employment sector stand a risk of getting exploited by the companies investing in the different sectors. The various businesses and corporate firms set up neglecting nature and its safety will lead to environmental issues.
The “Make in India” proposal designed to make the country a manufacturing powerhouse targeting economic growth shouldn’t be a move to capitalize the natural as well as human resources of the same nation. Growth and development of a nation does not signify setting up and establishing successful corporate firms alone but giving equal priority and sustenance of all the country’s wealth. Reports have shown that in the bygone years, the economic inequality has been on a rise with the rich becoming more richer and poor, more poorer. The venture if vigilantly taken ahead by the government would change the nation’s current predicament and revive the economy to an extent. Let the initiative bring about the much needed change that will “make” India.