India Inc. welcomes Modi's I-Day speech
India Inc. Friday welcomed the maiden speech of Prime Minister Narendra Modi on the occasion of Independence Day in which he presented a vision to transform India into a global manufacturing hub.
Addressing the nation from the ramparts of the historic Red Fort, Modi said: "I tell the world, Make in India! Sell anywhere but manufacture here. We have the skill and talent."
He said it should be every Indian's dream to see "Made in India" products around the world -- environment-friendly and with zero defects.
Industry body Confederation of Indian Industry (CII) welcomed the prime minister's speech citing high importance attached to manufacturing and investment in it.
"As PM said, manufacturing is necessary for employment and for trade expansion. Come, make in India - what an inspiring statement! CII is sure these words will be welcomed by foreign investors," Chandrajit Banerjee, director general, CII said.
Prime Minister Modi, 63, who took charge May 26, elaborated in his hour-long speech, which he delivered extempore, that: "electricals, chemicals, automobiles, agro value-addition, pharma, paper, satellites and submarines - all can be made in India."
CII said it has been working with the government on a facilitative investment climate and improving ease of doing business to promote the manufacturing sector.
"Some of the areas to be addressed for this would be taxation, including introduction of the GST, land acquisition, faster approvals, trade policy," Banerjee said.
The Federation of Indian Chambers of Commerce and Industry (FICCI) also welcomed the prime minister' speech which, it said, gave clear signals to investors - both domestic and global.
"We are now confident that the 'Make in India' and 'Made in India' vision will be supported by requisite policy and implementation measures for enhancing the competitiveness of our manufacturing sector," said Sidharth Birla, president, FICCI.
"This is critical if we have to create a million jobs each month for the next ten years and ensure a sustainable balance of payments," said Birla.
FICCI further said that the new structure that replaces Planning Commission will provide a concrete direction towards broad-based development and its monitoring and that good governance would be greatly enhanced by e-governance and digitisation.
"This is an absolute imperative for connecting the remotest of villages and sharing the fruits of growth with people in these regions. Digitization will also help realize the vision of financial inclusion and skill development," Birla said.
The Associated Chambers of Commerce and Industry of India (Assocham) also welcomed the prime minister's speech specifically stating that it illustrated commitment to reach and connect to rural India through mobile governance.
"The initiative will empower our rural population as they will come closer to the governance machinery. This, combined with a big initiative of financial inclusion through bank accounts and debit cards, will go a long way in bringing millions of people in the mainstream of economic development," said Rana Kapoor, president, Assocham.
Kapoor added that the announcement to completely revamp the Planning Commission and make it relevant to the present-day challenges of governance, direction, and thinking is a refreshing idea.
(Posted on 15-08-2014)