Industrialists hail ‘Make in India’

Industries Department Principal Secretary J.S.V. Prasad having a word with CII, AP, Chairman Suresh Chitturi at an interactive session on 'Make in India' campaign in Vijayawada on Thursday.PHOTO: V. RAJU  

The Confederation of Indian Industry (CII) has welcomed the ‘Make in India’ campaign launched by Prime Minister Narendra Modi on Thursday, terming it as a welcome departure from the past when India’s potential to become a global manufacturing hub remained untapped owing to its own inadequacies.

Suresh Chitturi, vice-chairman and managing director of the Srinivasa Hatcheries Private Limited, who has been appointed Chairman of the CII, Andhra Pradesh chapter, recently, told The Hindu that the manufacturing sector was vital for creation of employment on which the sustainability of economic growth was dependent.

With the demand for jobs far outstripping supply, companies, both domestic and multi-national, should focus on providing employment to the youth who constitute 65 per cent of India’s population, he asserted.The key lies in reducing consumption expenditure which cannot be allowed to grow at the cost of capital that goes into creating assets, he said.

Developed countries had their economies built on the foundation of core manufacturing sector. Its potential of employment generation was ignored in India and then, there are obstacles such as red-tape and others that dented the country’s ranking at 134 in the ‘ease of doing business’ index among 189 economies that were surveyed last year, he said.

Like Mr. Suresh, other captains of industry pointed out that emergence from the shadow of services sector was long overdue and that it would eventually pave the way for India’s rise as a favourite destination for global businesses.

The share of manufacturing in India’s Gross Domestic Product (GDP) is 16 per cent, which reflects the sordid state of affairs but all is not lost, they said, as the ‘Make in India’ campaign kick-started a buzz around the world. With bifurcation serving as a blessing in disguise, A.P is all set to make a good beginning by striking right balance between manufacturing and services, they opined.

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Printable version | Oct 19, 2021 11:59:57 AM |

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