‘Make in In­dia’

The Economic Times - - Around The World -

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)

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