Prime Minister Narendra Modi will launch the “Make In India” campaign on September 25, aimed at reviving the job-creating manufacturing sector — key to taking the economy on a sustainable high growth path.
The drive, the Modi government hopes, will do for investment sentiment what the “Incredible India” campaign has accomplished for tourism. With his “Come, make in India” slogan in his Independence Day speech, Mr. Modi had invited global companies to set up manufacturing units in India to supply to the rest of the world.
For the launch, the government is likely to invite the who’s who of the global corporate sector from the U.S., Japan, Korea, Sweden, Poland, Australia, China, Italy, Germany and France.
The campaign includes invitations to the world’s top 3,000 companies to explore investment possibilities in India. Indian Embassies around the world are expected to join the campaign. “The objective is to take manufacturing growth on a sustainable basis to 10 per cent over the long term,” a senior Industry Ministry official told presspersons on Saturday. The Department of Industrial Policy and Promotion has set up an eight-member expert panel to redress grievances and handle queries of global and domestic investors within 24 hours.
Its role will be to provide information and solve investors problems.
Panel to work with States to ease investment process
The ‘Make in India’ campaign to be launched by Prime Minister Narendra Modi on September 25 will eventually take up policy reforms involving changes in laws to ensure ease of doing business in the country. An infrastructure push and tax issues are also on the cards, with the setting up of an eight-member expert panel by the Department of Industrial Policy and Promotion. Besides interfacing with investors, team Invest India will also work with Central and States departments to resolve policy and other issues.
“We will work with the States to accomplish de-bureaucratisation and deregulation and to ensure officials mindsets change from being permits issuers to partners in investment processes,” an official said.
Starting a business in India at present needs an entrepreneur to follow 12 procedures, which on an average takes 27 days. Similarly, enforcing contracts takes years, the official said adding that these need to be streamlined. The latest World Bank report on the ‘ease of doing business’ placed India at the 134th rank out of 189 economies on various parameters relating to business and regulatory environment.