Prime Minister Narendra Modi launched the ambitious ‘Make in India’ campaign to make the country a global manufacturing hub before the domestic as well as global industrialists in New Delhi, on Thursday.
Modi said, "After what we have done and what I hear from you, I don`t think I need to assure you any further on ‘Make in India’."
While Modi expressed his grief for Indians leaving the country to seek opportunities abroad, he said that people have lost faith in Indian manufacturing and themselves. "We do not want any industrialist being forced to leave India," he added.
Modi said everyone should trust each other. "A trust was broken — that when a policy will be changed, when will the CBI (Central Bureau of Investigation) come. This is what I heard from all you. The biggest issue is trust. Why don`t we trust each other? I want to change that," he said.
Modi said that according to him the term FDI for the domestic industry refers not "foreign direct investment," but "first develop India". He said, "We have to create opportunities of employment. If the poor get jobs the purchasing power of families will increase."
Commerce Minister Nirmala Sitharaman had said that a number of steps had already been taken by the Modi government to make it easier to do business in India along with the removal or relaxation of foreign equity caps in several areas, ahead of the ‘Make in India’ campaign.
Sitharaman said, "The processes of applying for licences has been made online, it is 24/7. The validity of such licences has also been extended to three years.” She added that several norms and procedures have also being changed to make it easier to do business in India.
However, Reliance Industries chairman Mukesh Ambani said "Today we commit ourselves to the ‘Make in India` movement that was given to us by our beloved prime minister."
While Managing Director of Maruti Suzuki India Kenichi Ayukawa said that he was sure India will eventually become one of the most competitive economies, Ambani said that to achieve global competitiveness will be one of the major challenges for industries in India.
[category-Nation] [tags-Narendra Modi, Make in India, Campaign, Investors, Commerce Minister Nirmala Sitharaman, Mukesh Ambani, Kenichi Ayukawa]