Make in India has been the NDA government’s flagship campaign to boost manufacturing in India. In a mega launch ceremony, Indian Prime Minister Narendra Modi threw open the doors of the Indian manufacturing sector to foreign investors with a promise to enhance the ease of doing business in the country. The Government’s vision to craft out a manufacturing hub in the nation is the first step to enhancing the contribution of the manufacturing sector towards the GDP. Twentyfive key sectors were marked out as priority sectors and foreign investors have been promised all assistance and information required to set up businesses in India.
The Prime Minister followed up on the Make in India campaign with a series of labour reforms that were long overdue. The response to Make in India call has been quite promising, domestic as well as foreign, although it’s not time yet to see the impact of these reforms. Tying it up with Digital India and the expansion targets of the economy, the Government is certainly working on what seems to be a comprehensive plan to rope in foreign investments to boost the economy and growth.
Make in India to strengthen India-Oman ties
The President of India, Pranab Mukherjee, extended an invitation to all the private and public sector companies of Oman to set up manufacturing units in India and enter into close ties with the 25 priority sectors. The hope of lucrative returns and the plethora of opportunities for investment in the country were the highlights of President Mukherjee’s message to Dr. Ali Bin Masoud Al Sunaidy, Commerce and Industry Minister of the Sultanate of Oman. Dr. Masoud Al Sunaidy called on the President at the Rashtrapati Bhawan on Monday. “Bilateral trade between India and Oman has increased from USD 4.6 billion in 2012-13 to USD 5.77 billion in 2013-14. However, trade remains much below its potential and both sides need to bring it to a higher level commensurate with the depth of the bilateral relationship,” President Mukherjee told the visiting Omani Minister.
The soon to be held seventh joint commission meeting between India and Oman is likely to provide both the nations a perfect platform to strengthen trade ties and for investors from Oman to explore investment opportunities in our country. The Omani Minister welcomed the Indian President’s suggestions and expressed the hope that the two countries could further strengthen traditional ties in the years to come with more companies deciding to manufacture in India.
Fiat plans for ‘Make in India’
Modi’s call to Make in India has had things moving in the automobile sector. Fiat Chrysler Automobiles has come up with a plan to manufacture a range of C-segment Jeep brand premium sports utility vehicles in India and export these SUVs to countries such as Australia, South Africa, and the United Kingdom. This manufacturing (export) unit is likely to be up and running within two years and shall bring in an investment of about INR 1,500-2,500 cr. The project has been called M6 or 556 and will see the production of the first SUVs in the country. Fiat Chrysler has hitherto been sustaining losses due to low sales numbers in their Indian operations and the exports are likely to reverse this trend. A formal announcement is still awaited, though.
The Fiat-Chrysler merger has enabled the company to look at various new investment options and the automobile manufacturing sector of India looks rather promising. Fiat is likely to produce the new Jeep line at its Ranjangaon plant in Maharashtra. Almost 20,000 such C-segment SUVs are likely to be produced every year and they will be priced between INR 20 and 25 lakh in domestic markets.
Defence boost to Indian manufacturers
In a major boost to the Indian defence manufacturing sector, the Indian Government has cleared INR 80,000 cr worth of defence deals including the construction of six submarines. On October 26 last, the Defence Acquisition Council (DAC) approved the manufacturing of these diesel-electric submarines in a single domestic shipyard. The entire project is likely to cost the Government INR 50,000 crore. Defense manufacturing is one of the core sectors identified by the Make In India campaign. This acquisition is also likely to boost the morale of the Indian Navy which has been hurt due to a series of accidents over the past year.
Sweden praises ‘Make In India’
The NDA Government’s Make In India campaign has become the key highlight at the Sweden India Nobel Memorial Week which is currently being held across 10 different Indian cities – Ahmedabad, Bangalore, Chennai, Delhi, Guwahati, Hyderabad, Indore, Kolkata, Mumbai and Pune.
This is the eighth such memorial week being held by the Swedish Embassy in India. Swedish companies such as Tetrapak, Scania, Ericsson, and Volvo India have committed to successfully participating in Make in India and strengthening their decade old relationship with the Indian manufacturing sector. The Swedish Ambassador, H E Harald Sandberg praised Modi’s initiative to boost the manufacturing, automobile, infrastructure and other sectors of the Indian economy drawing upon the traditional strengths of the country. The Sweden India Nobel Memorial Week is being held between October 26 and November 1 and apart from the campaign is also focusing on Nobel Peace Laureate Kailash Satyarthi.
Healthcare through ‘Make in India’
Make in India is not only for foreign investors, says Modi. The Indian healthcare industry must utilize the full potential of India’s burgeoning manufacturing industry and produce world class medical devices indigenously. This will bring quality healthcare to the doorstep of the poor masses of the nation, he said at the inaugural ceremony of the HN Reliance Foundation Hospital in Mumbai. Want of affordable primary healthcare is of primary importance in a populous country like India, said the PM. The only means to achieving this end is by cutting costs and manufacturing in domestic units. With the help of technology and Digital India, the quality standards of such products can be raised as well.
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