: ‘Make in India’ need of hour: PM #FinanceIndia #StockMarketNEWS #Business Modi appeals to the industry to reduce imports and boost domestic manufacturing New Delhi: Prime Minister Narendra

@StockMarketNEWS Mon 07 Mar, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

‘Make in India’ need of hour: PM #FinanceIndia #StockMarketNEWS #Business
Modi appeals to the industry to reduce imports and boost domestic manufacturing

New Delhi: Prime Minister Narendra Modi on Thursday said ‘Make in India’ is the need of the hour and appealed to the industry to reduce dependence on imports and boost domestic manufacturing.

He urged the industry to take challenges and make efforts to cut imports of goods that can be manufactured in India.

“Today, the world is looking at India as a manufacturing powerhouse,??? Modi said while addressing Department for Promotion of Industry and Internal Trade (DPIIT)’s webinar on ‘Make in India for the World’.

The Prime Minister added that the industry will have to maintain global standards and compete globally and it is not acceptable that a country like India ends up merely as a market.

He said that the Budget has many significant provisions for Aatmanirbhar Bharat and Make in India. He pointed towards supply chain disruptions during the pandemic and other uncertainties to underline the critical importance of Make in India.

Positive factors like demographic dividend of young and talented population, democratic setup, and natural resources “encourage us to move towards Make in India with determination???, he said.

The Prime Minister asked the captains of the manufacturing sector to pick up some areas and work to remove foreign dependence on them.

Referring to his call for ‘zero defect-zero effect’ manufacturing, Modi said Indian products should not have any defect at all and in this competitive world, quality is the key.

“Aatmanirbharta is all the more important if we see from the prism of national security,??? he said, adding that manufacturing accounts for 15% of India’s GDP, but there are infinite possibilities for Make in India and “we should work with full strength to create a robust manufacturing base in India???.

The Prime Minister also cited the examples of new demands and opportunities in sectors like semiconductors and electric vehicles where manufacturers should move with a sense of removing dependencies on foreign sources.

Similarly, areas like steel and medical equipment need to be focussed for indigenous manufacturing, he added. He also pointed out the difference between the availability of a product and the availability of made-in-India products in the market.

Modi expressed his dismay that many foreign products are supplied for India’s various festivals, which can be easily provided by local manufacturers.

The ambit of ‘vocal for local’ goes well beyond buying ‘diyas’ on Diwali and the private sector should push the factors of ‘vocal for local’ and Aatmanirbhar Bharat in their marketing and branding efforts, the Prime Minister said.