Piyush Goyal Discusses Investment and the Make in India Initiative for Manufacturing Growth
The Rise of Investment in Make in India
Piyush Goyal, Union Minister, highlights the importance of investment in the Make in India initiative, portraying it as the fulcrum for a manufacturing revolution. The program has significantly enhanced the manufacturing sector, nearly doubling its scale from ten years ago while contributing to 17% of the GDP. Goyal attributes this success to substantial reforms, including the Goods and Services Tax (GST) and ease of doing business policies, enabling smoother operations for industries.
Four-Dimensional Advantage
India now boasts a '4D Advantage' essential for attracting investments: decisive leadership, a young demographic, burgeoning demand, and a stable democracy. These factors create a compelling appeal for domestic and international investors eager to capitalize on India's immense market potential.
Future Prospects: From Basic to Specialized Manufacturing
- Critical technologies: Collaboration with nations like Australia to enhance manufacturing.
- Entrepreneurial spirit: Encouraging innovation among youth to transition from traditional to specialized industries.
- Global partnerships: Expanding India’s capacity to export varied products.
The journey of Make in India over the past decade showcases a remarkable evolution, with ambitious goals set forth for the next ten years, focusing on specialization and high-value manufacturing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.