Industry captains hail Modi for pro-business statements

Industry captains hailed Prime Minister Narendra Modi’s “ambitious and farsighted pro-business statements” in his Independence Day speech in which he invited global investors to make India their manufacturing base and called upon the young Indian industrial workforce and entrepreneurs to pitch in to building the made-in-India brand.

Zero defect goal

The Prime Minister exhorted them to resist two kinds of compromises: He said goods should be manufactured with zero defects or effects. “India-made products should carry zero defects so that exports are never returned and they should also have no negative impact on the environment,” he said.

The Prime Minister’s announcements made eminent sense, Godrej Group Chairman Adi Godrej told The Hindu. “It’s a good move to invite foreign manufacturers as only manufacturing can be the basis of high economic growth…for implementing the stated intent the government will have to improve the ease of doing business and address the tax issues,” Mr. Godrej said.

“The Digital India and Skill India schemes and the initiative for governance delivered through mobile phones, are all very crucial in delivering on ‘minimum government, maximum governance,’” Kiran Mazumdar-Shaw, founder of India’s largest biotech company Biocon, told The Hindu commenting on the speech.

Visionary speech: CII

In a statement issued here, the Confederation of Indian Industry (CII) called it a path-breaking and visionary speech: “Come, make in India – what an inspiring statement! CII is sure these words will be welcomed by foreign investors all over the world”.

Mr. Modi called for promoting jobs-creating manufacturing. “Sell in any country, but come, manufacture in India,” he said inviting global investors and pitched for factories ranging from electronics, automobiles, agro value addition, paper, plastics, satellites and submarines.

Some of the areas to be addressed for this would be taxation, including introduction of the Goods and Services Tax, land acquisition, faster approvals, trade policy, the CII recommended in its statement.

“Music to the ears”

“The Prime Minister’s vision on Digital India is music to the ears of the industry,” said global photography equipment giant Canon India’s executive vice-president Alok Bharadwaj. “The challenge will be that efficient electronic manufacturing occurs when there’s global scale and complete ecosystem of components and assemblies,” he said, stressing policy intervention in each of the whole gamut of the determinants such as design IP, Research & Development, taxation, predictability, infrastructure and labour laws.

Mr. Modi announced Mission ‘Skilled India’ for a countrywide network for developing a globally-competitive workforce. He called upon the young industrial workforce and entrepreneurs to pitch in to build the made-in-India brand, especially focussing on domestic production — even if only at a small-scale — of items of imports such as electronic goods and gadgets, so as to turn net exporters over time.

Bank accounts for poor

Announcing a move to make government machinery more dynamic with no business as usual, he said: When I talk of “Digital India”, I don’t speak of the elite but telemedicine, broadband connectivity, enabled quality education in village schools and delivery of governance and banking through mobile phones for the poor.” He announced the scheme ‘Pradhanmantri Jan-Dhan Yojana’ for providing the facility of bank accounts to the poorest, including a debit card with an insurance cover of Rs. 1 lakh per poor family.

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Printable version | Apr 15, 2021 2:20:45 AM |

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