Modi launches 'Make in India' campaign, rues flight of Indian industry

The Prime Minister said Indian manufacturing shouldn't have to move overseas because of regulatory issues

Promising effective and easy governance along with a stable regime, Prime Minister Narendra Modi today made a strong pitch before domestic and foreign companies to make India a manufacturing hub.

“In last few years many people told me they wanted to shift outside. It used to hurt me that businessmen were forced to leave their own country. We have to change that situation. And my experience in last few months tells that we have changed it,” Modi said at the launch of 'Make in India' initiative aimed at promoting manufacturing in the country and reduce dependence on exports.  

He, however, indicated that instead of providing sops the government would provide an enabling environment to the industry to invest and grow in India.  

“Incentives can’t attract business. We have to create development and growth oriented environment,” said the Prime Minister.

The ambitious scheme, which also puts in place the logistics and systems to address in a timely manner queries of potential investors, was unveiled along with a logo, a portal and brochures on 25 identified growth sectors before a Who's Who of the corporate world from India and abroad at the Vigyan Bhavan conference complex here.

On the eve of his five-day visit to the US, he said investors feared sudden policy changes or a being chased by agencies like the Central Bureau of Investigation, and tried to bridge the trust deficit between the government and the industry, represented by leading industrialists such as Mukesh Ambani, Azim Premji, Cyrus Mistry, YC Deveshwar and KM Birla among others.

“You cannot attract investment just by an invitation… The most essential factor is trust. Let’s start with trust and the government will intervene only if it sees any deficiencies,” Modi said.

As part of the ‘Make In India” initiative, the government released separate brochure for 25 sectors has created a website allowing investors to seek clarifications on policy matters within 72 hours. Pointing to campaign logo, he said: "This is the step of a Lion... Make in India."

The Prime Minister said his government's focus was not only to 'Look East' but also to 'Link West'.

“Global companies want to come to Asia but they don’t know where to look in Asia… Democracy, the demographic dividend and strong demand are important factors, and India has all three,” Modi said.
 

PM Narendra Modi launches Make In India initiative (Pic: PIB India's Twitter account)

He urged the industry to tap the potential of huge Indian market by working towards generating employment which can in turn increase purchasing power of the consumers.

“In ‘Make In India’ we provide you with an opportunity to create a market for your product. If there are no buyers it doesn’t matter how many Maruti cars you make,” said the Prime Minister, adding the campaign is a Lions Step towards making the country a destination for global manufacturing.

Commerce and Industry Minister Nirmala Sitharaman said measures have been taken on ease of doing business and the government was committed to de-licensing and deregulating.

Modi launches 'Make in India' campaign