‘Make in India’
country as a whole.
In the past two years, the slew of measures towards easing doing business undertaken include industrial entrepreneurship memorandum applications being available online 24x7 with longer validity SMEs which form the backbone of any manufacturing industry. In India, more than 90% of the manufacturing companies are SMEs. 'Make in India' focusses on providing a boost to several novel sectors such as aerospace and defence, ports and shipping, etc.
Already several Indian firms in the aerospace and defence space for example, have started partnering with multinationals leading to increased localization of products. Apart from creating more business for SMEs, such partnerships also help in transferring world class technologies and enable SMEs to create more value. 'Make in India' along with 'Startup India' backed with more ease of doing norms is enabling the creation of a robust SME eco-system.
Given the general slowdown of the global economy, several countries are aggressively trying to capture a larger share of the global pie. With India as one of the few countries with a growing demand, time is right to ensure that a strong manufacturing sector can help capture and retain this value within the country and help drive manufacturing led economic growth. The world is looking at 'Making in India' and the time to make in India is now.
(The author is Director General, Confederation of Indian Industry)