Reduce slavery to foreign items, says PM Modi

PUNE: Prime Minister Narendra Modi issued a call to reduce “slavery to foreign goods” as the country marks its 75th anniversary of Independence — a message that fits in with his government’s Atmanirbhar Bharat (self-reliant India) campaign, and, specifically, its emphasis on local manufacturing through policy interventions such as the production-linked incentive (or PLI) scheme.

Speaking virtually at the inaugural ceremony of the Jain International Trade Organisation, a body of Jain entrepreneurs from around the world, Modi urged people to focus on domestic manufacturing and become “vocal for local”. Union minister for road transport Nitin Gadkari was also present at the ceremony.

“We have to reduce dependence on foreign products, find new destinations for export, create awareness in local markets, “the PM said. India’s exports touched a record $670 billion in 2021-22, and the country has aggressively pursued trade agreements — it has signed deals with the UAE and Australia for instance, and is in talks with the UK for one — to boost trade.

Simultaneously, it has also sought to reduce dependance on imports, including in strategically important areas such as defence. New Delhi has prohibited the import of a little over 300 types of military weapons and systems over the past two years — the latest negative list came out in April — in a bid to boost domestic manufacturing. These weapons and platforms will be indigenised in phases over the next five to six years.

“A self-reliant India is our path as well as resolve,” Modi said.

In addition to pitching self-reliance, the Prime Minister also spoke about the current business environment in India, and the increasing number of startups.