Politics
India to become manufacturing hub soon, says PM Narendra Modi | India News
The government is taking steps to transform India into a global manufacturing hub, Prime Minister Narendra Modi said on Thursday, calling for improving the quality of products and services to meet international standards.
In his Independence Day address to the nation, Prime Minister Modi said the focus should be on “design in India, design for the world” and urged to create products that meet the needs of both domestic and international markets.
India is known for its quality. Now we have to focus on the field of design in India for the world. We have to try to make the Indian standard the international standard. When the Indian standard becomes the international standard, then whatever we do will be easily approved. It will depend on the quality of our production, service and approach, Modi said.
The day is not far when India will be the hub of industrial production and the world will look towards it, Modi said.
He also spoke about the government's ambitious and highly successful Rs 1.97 trillion Production Linked Incentive (PLI) scheme, which aims to make India a manufacturing powerhouse, reduce import dependency and create employment opportunities.
According to Prime Minister Modi, thanks to the policies implemented by the government, India has been able to create an ecosystem to manufacture mobile phones and export them worldwide, instead of depending on importing phones in the past. The result has been similar even in the case of toys.
“FDI reforms have also given us a big strength. MSMEs have got a big boost. A new system has developed and because of this our manufacturing sector has become a global manufacturing hub,” Modi said.
The prime minister's speech also reflected the Bharatiya Janata Party's manifesto which promised to make India a global manufacturing hub and improve employment in crucial sectors such as electronics, defence, mobile telephony and automobiles.
The party wants to make India a global electronics manufacturing hub by 2030.
Modi also said that the world's biggest companies are keen to invest in India.
“I have seen this after the elections, most of the people who are asking to meet me for my third term are investors. This is a very big golden opportunity. I appeal to the state governments to attract investors,” he said.
He added that India is striving to become self-reliant in defence and is emerging as a global manufacturing hub due to the steps taken by the government in the last few years.
He also pointed out that there was a time when most of the defence budget was used to purchase arms and equipment from abroad, but his government focused on local manufacturing to make the nation self-reliant.
According to government data, annual defence production hit a record high of Rs 1.27 trillion in FY24, rising by nearly a third to Rs 21,083 crore. In the April-June quarter of the current fiscal, defence exports rose 78 per cent year-on-year to Rs 6,915 crore.
First published: August 15, 2024 | 3:21 p.m. EAST
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