Reduce import dependence, increase domestic manufacturing : PM Modi

Prime Minister Modi called for the transformation of India into a manufacturing hub and the reduction of sectoral reliance on imports during the ‘Make in India for the World webinar’ organized by the Department for Promotion of Industry and Internal Trade (DPIIT) on March 3rd. In order to achieve the aforementioned objectives, domestic manufacturing is to be scaled up across sectors and manufacturing standards be elevated to global standards. Given the disruptions in the supply chain owing to the pandemic, the Prime Minister called for the potential of the manufacturing sector to be realized such that the objectives of ‘Make in India’ are achieved. 

The Prime Minister identified a variety of steps that can be taken to increase the pace of domestic manufacturing and sectoral growth, including: 

• Utilizing the ‘zero defect-zero defect’ principle while manufacturing commodities across multiple sectors in order to ensure better quality and competitiveness. 
• Tapping into the nation’s demographic dividend and natural resource availability. 
• Reduce import dependence in connection with iron ore. 
• Strengthen the supply chains in the Electric Vehicles and Semiconductor industries. 
• Periodically integrate the ‘Vocal for Local’ messaging into company marketing as against festival-based messaging. 
• Increase private sector funding for Research & Development and identify newer markets for Indian exports. 
• Tap into the demand for millets and leverage new opportunities in the mining, coal and defence sectors. 
• Prepare Indian mills to meet export quality production and packaging standards. 
• Work towards diversifying the export product portfolio. 

The provisions outlined in the Atmanirbhar Bharat stimulus packages, Union Budget as well as the upcoming reforms in the Special Economic Zone Act are indicative of development-conducive policymaking. The Prime Minister asserted “Aatmanirbharta is all the more important if we see from the prism of national security,” he said, adding that manufacturing accounts for 15% of India’s GDP, but there are infinite possibilities for Make in India,” and called for companies to take pride in the Indian customer base.