Marking 10 years of the “Make in India” initiative, Shri Piyush Goyal, the Minister of Commerce and Industry, called on Indian businesses to prioritize the production of high-quality goods. He emphasized that focusing on sustainable manufacturing aligns with Prime Minister Narendra Modi’s vision of “Make in India” with “Zero Effect; Zero Defect.” This approach aims to enhance Brand India by producing goods with no negative environmental impact and ensuring they meet global standards.
Shri Goyal delivered this message during a meeting with over 140 CEOs of companies benefiting from the Production Linked Incentive (PLI) Scheme. The gathering was organized to celebrate the achievements of the PLI Scheme, which has been instrumental in boosting India’s manufacturing sector.
Focus on Quality and Sustainability
During his address, Shri Goyal praised the efforts of companies that have contributed to growth across various important sectors. He commended them for creating jobs and helping India become a global leader in manufacturing. He also thanked international companies for their significant investments in India, their innovation, and their role in generating employment through the PLI Schemes.
Shri Goyal encouraged the CEOs to focus on increasing the domestic value added to their products. This would help India reduce its dependence on imports and become more self-reliant. He also asked companies to support local manufacturers, highlighting the importance of collaboration between global and local businesses.
Open Dialogue with Industry Leaders
The meeting lasted three hours, during which CEOs shared their experiences with the PLI Schemes. They discussed their success stories and offered suggestions on how the government can improve the scheme’s implementation. Shri Goyal actively sought feedback on issues like decriminalizing and liberalizing business laws, aiming to make it easier to do business in India.
The Minister emphasized the need for ongoing communication between industry leaders and the government. He encouraged companies to work closely with the various Ministries and Departments responsible for implementing the PLI Schemes, as well as with Project Management Agencies (PMAs). Shri Goyal also mentioned that Invest India, the National Investment Promotion and Facilitation Agency, can help companies with technology transfer and foreign collaborations.
Shri Goyal reaffirmed the government’s commitment to fast-tracking all necessary approvals for companies involved in the PLI Schemes. He promised continued support to ensure these businesses gain greater market access.
Achievements of the PLI Schemes
Senior officials from various Ministries and Departments also attended the meeting, which highlighted the positive impact of the PLI Scheme on India’s manufacturing capabilities. The scheme, which covers 14 sectors, has significantly boosted India’s global competitiveness in manufacturing.
The results of the PLI Schemes are impressive: actual investments worth ₹1.46 lakh crore (approximately $17.6 billion) have been made by August 2024, and this number is expected to reach ₹2 lakh crore ($24 billion) by next year. These investments have led to the production and sales of goods worth ₹12.50 lakh crore ($150 billion) and have created around 9.5 lakh jobs (both direct and indirect), with expectations that the number of jobs will increase to 12 lakh soon. Additionally, exports have crossed ₹4 lakh crore ($48 billion), with key sectors like electronics, pharmaceuticals, and food processing making major contributions.
Mann Ki Baat and the Importance of Quality
As part of the interaction, participants tuned in to the 114th episode of Prime Minister Narendra Modi’s “Mann Ki Baat.” During the broadcast, the Prime Minister reflected on the success of the “Make in India” campaign. He noted how the initiative has helped India become a manufacturing powerhouse, leading to increased exports in sectors like electronics, defence, textiles, aviation, and automobiles. There has also been a steady rise in Foreign Direct Investment (FDI) in the country.
The Prime Minister emphasized two key ideas: producing high-quality products that meet global standards and promoting local products through the “Vocal for Local” campaign.
Growth in Key Sectors Under the PLI Scheme
The PLI Scheme has had a significant impact on several key sectors:
- Electronics: The electronics sector has seen a threefold increase in mobile phone exports since FY 2020-21, with mobile phone manufacturing now accounting for half of India’s total electronics output.
- Pharmaceuticals: The pharmaceutical industry has boosted domestic production of essential drugs and complex generics, reducing India’s dependence on imports and strengthening its healthcare sector.
- Automobiles: Major global companies have launched electric vehicles (EVs) in India, contributing to the country’s growing EV industry. These companies have also made significant investments in India’s automobile sector.
- Medical Devices: The medical devices industry has seen significant technological advancements. For example, local companies are now producing advanced equipment like CT scanners, which were previously imported.
- Food Processing: The food processing sector has also experienced growth, with a focus on sustainable agriculture. The production of millet and organic products has contributed to this sector’s success.
- Drones and Emerging Sectors: The drone industry has experienced a sevenfold increase in turnover, driven by micro, small, and medium enterprises (MSMEs) and startups. Other emerging sectors, such as solar photovoltaic (PV) modules and specialty steel, are also seeing robust growth, with significant investments in localized production.
Future Outlook
Shri Piyush Goyal concluded the session by expressing confidence in India’s manufacturing sector. He reiterated the government’s commitment to supporting businesses in their efforts to innovate, create jobs, and contribute to India’s economic growth.
The PLI Schemes have been a key driver of India’s manufacturing growth, and the government remains dedicated to fostering an environment that supports continued investment, innovation, and employment generation.
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