Narendra Modi rolls out red carpet for investors through ‘Make in India’ campaign
What is Make in India campaign?
Seeking to make the country a global manufacturing hub, Prime Minister has launched the ambitious 'Make in India' initiative in the presence of global and domestic CEOs.
The Government has also released its logo which has a 'lion' in the background.
This will be the Prime Minister's first interaction with the entrepreneurs and comes close on the heels of the PM's maiden Independence Day address, when he invited the global business community to set up manufacturing facilities in India, giving the slogan 'come, make in India'.
PM's address is being broadcast globally
Country's top industrialists and CEOs as well as overseas investors, who are already present in India, are present at the function at Vigyan Bhavan in New Delhi.
Invites were sent to 30,000 top firms to attend the summit and Digital India Campaign will give a push to the manufacturing sector.
In a move that is not only expected to stimulate economic activity but also create jobs in the coming months, the Prime Minister will ask them to scale up investments.
How will it be different from Vibrant Gujarat Summit?
For those who are thinking it as a replica of the Vibrant Gujarat Summit, Make in India campaign will be very different from the former. In the Vibrant Gujarat Summit the state government, under CM Modi, used to finalise investment plans on the spot while the PM's campaign will focus on making a pitch to the captains of industries.
Sectors, especially those which are employment-intensive, will be offered for investment.
The Government is targeting investment in nearly two dozen sectors which are as diverse as automobiles, civil aviation, defence, hospitality, wellness railways and tourism.
The Government will give special emphasis on FDI, manufacturing policy, industrial corridors and intellectual property rights.
An eight-member expert panel set up jointly by the Department of Industrial Policy & Promotion and FICCI, has been given the responsibility of driving the campaign, will also ensure quick grievance redressal to any queries. It will also act as a helpdesk.
The expert panel will also act as the interface between the Government and investors. It will suggest reforms to Centre and States and also resolve policy issues.
What government aims?
As per a World Bank report India ranks 134th out of 189 nations on the ease-of-doing-business parameters and the government is desperately wants to shed this tag.
PM wants to get manufacturing growth to sustainable 10 per cent over long term.
Centre also wants to work with States to de-bureaucratise and deregulate.
Help simplify business procedures and usher in mindset changes.
The government feels that in order to create jobs and boost economic growth there is an urgent need to boost manufacturing sector on a sustainable basis for long term.