India is the only economy which has not been affected by the global economic crisis which has hit the world, primarily due to the policies being implemented by the government, Prime Minister Narendra Modi said on Sunday.
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Kicking off the “Make In India Week”, Prime Minister of India on February 13, 2016 inaugurated the Make In India Centre at the MMRDA Grounds, Mumbai along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of Finland, Juha Petri Sipila. We were also aware that under the pressure of this campaign, the government machinery will be required to make a number of corrections on the policy front. “We want that youth should be job creators rather than job seekers”, he said.
Want to make India a global manufacturing hub.
Addressing reporters at the Make in India Centre, DIPP Secretary Amitabh Kant said, “It was important to exhibit what has been achieved and therefore, the Make in India Week is going to be the largest multi-sectoral exhibition in Asia”.
India’s former prime minister Manmohan Singh says the current government should use the country’s improving fiscal balances to raise investment opportunities and credit availability to businesses.
He also pointed out that the business ties between the two countries go back many decades and that Sweden’s interest in India was definitely a long term one.
He further said that results of the initiatives were manifesting themselves as India has become the fastest growing economy in the world. “We have launched financing schemes which are dedicated to promote entrepreneurship”, he said.
“Make in India is a great initiative and has created a lot of positive sentiments”, Vikas Agarwal, general manager of mobile phone maker OnePlus in India, told Reuters.
“We have added a fourth D -deregulation”, he said. In a crisp speech, Modi handed out some friendly advice to the Indian corporate houses. He added that the World Bank and the International Monetary Fund have also recognised India’s growth.
The new government has attracted the largest ever FDI inflow into the country in the one year period upto December 2015, a growth of 48 percent, at a time when FDI inflows were slowing down in most countries.
The government, the Prime Minister said, will soon be putting in place an effective IPR policy and patent regime and expects to pass the bankruptcy law, which has been tabled in Parliament.
He called upon the youth to take a pledge to enhance India’s prestige in the world fora through their skills and knowledge.
“We are trying to remove all bottleneck that was affecting investments”.
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“Both prime ministers agreed that there would be a lot to gain to increase cooperation in innovation and transforming ideas into internationally marketable product”, the statement said. Since then, it has improved substantially and manufacturing growth is expected be around 12.6 percent.
