New Delhi: Prime Minister Narendra Modi on Thursday made a spirited pitch to push domestic manufacturing and reduce dependence on imports, citing heightened geopolitical risks and supply disruptions due to the COVID-19 pandemic.
Addressing a post-Budget webinar, Modi flagged off electric vehicles, semiconductors, medical devices and special steel and argued for staying away from unwanted imports so as to create value addition and job creation in India. He also called for national security which was seen as a reference to the defense sector.
“If you export raw materials and import manufactured goods from them, it is a deficit proposition. If a country like India is only a market (for foreign goods), it can neither progress nor give opportunities to the youth. During the global pandemic, we are seeing how supply chains have been destroyed. These days we are seeing how the economy of the world has been shaken. When we see all the negative things, let’s look at the other side – when the situation changes and challenges come before us, the need for Make-in-India increases,” he said.
The war in Ukraine has once again highlighted the many items on which India depends on Russia and its neighbors such as defense products and sunflower oil and a renewed effort is being made to devise a strategy.
The PM’s statement comes a day after US President Joe Biden’s “Let’s Make It in America” call, which also included slashing costs for more manufacturing.
Soon after coming to power in 2014, Modi launched a Make-in-India campaign to boost domestic manufacturing, but with limited success. After the nationwide lockdown, he launched Atmanirbhar Bharat and followed it up with a production plan and other measures, including higher import duties for certain focus products and their inputs.
He listed semiconductors, specialty steel, medical equipment and electric vehicles as products where there was an urgent need for domestic manufacturing. All the sectors are part of the PLI scheme of about Rs 2 lakh crore, which has linked investments in several sectors.
Calling upon the Indian industry to become globally competitive, the PM said that there is a need to focus on quality, R&D and new marketing strategies, in which green areas are creating opportunities. He suggested that Indian manufacturers could create “Made in India” as part of an advertising campaign and business strategy.
Modi said that even though global competition may take some time, Indian manufacturers can target the domestic market where they should be the preferred choice for consumers as compared to competing imported products. “We have so many festivals and the scale is huge. But even there imported goods have made a place. Earlier local manufacturers used to meet the demand, we need to change and can’t stick to the old mould. Indian industry should take the lead,” he said, adding that “vocal for local” did not just mean buying locally produced diyas on Diwali.
Suggesting that Indian consumers should prepare a list of products that are manufactured domestically in their consumption basket, he also urged the industry to identify products where import substitution can take place and in some cases It should work to achieve within a year.
Addressing a post-Budget webinar, Modi flagged off electric vehicles, semiconductors, medical devices and special steel and argued for staying away from unwanted imports so as to create value addition and job creation in India. He also called for national security which was seen as a reference to the defense sector.
“If you export raw materials and import manufactured goods from them, it is a deficit proposition. If a country like India is only a market (for foreign goods), it can neither progress nor give opportunities to the youth. During the global pandemic, we are seeing how supply chains have been destroyed. These days we are seeing how the economy of the world has been shaken. When we see all the negative things, let’s look at the other side – when the situation changes and challenges come before us, the need for Make-in-India increases,” he said.
The war in Ukraine has once again highlighted the many items on which India depends on Russia and its neighbors such as defense products and sunflower oil and a renewed effort is being made to devise a strategy.
The PM’s statement comes a day after US President Joe Biden’s “Let’s Make It in America” call, which also included slashing costs for more manufacturing.
Soon after coming to power in 2014, Modi launched a Make-in-India campaign to boost domestic manufacturing, but with limited success. After the nationwide lockdown, he launched Atmanirbhar Bharat and followed it up with a production plan and other measures, including higher import duties for certain focus products and their inputs.
He listed semiconductors, specialty steel, medical equipment and electric vehicles as products where there was an urgent need for domestic manufacturing. All the sectors are part of the PLI scheme of about Rs 2 lakh crore, which has linked investments in several sectors.
Calling upon the Indian industry to become globally competitive, the PM said that there is a need to focus on quality, R&D and new marketing strategies, in which green areas are creating opportunities. He suggested that Indian manufacturers could create “Made in India” as part of an advertising campaign and business strategy.
Modi said that even though global competition may take some time, Indian manufacturers can target the domestic market where they should be the preferred choice for consumers as compared to competing imported products. “We have so many festivals and the scale is huge. But even there imported goods have made a place. Earlier local manufacturers used to meet the demand, we need to change and can’t stick to the old mould. Indian industry should take the lead,” he said, adding that “vocal for local” did not just mean buying locally produced diyas on Diwali.
Suggesting that Indian consumers should prepare a list of products that are manufactured domestically in their consumption basket, he also urged the industry to identify products where import substitution can take place and in some cases It should work to achieve within a year.