PM Modi: Need to work hard to make manufacturing globally competitive

Prime Minister Narendra Modi spoke about the importance of working hard to make manufacturing in India globally competitive and iterated that the Centre is working with “minimum government, maximum governance”

PM Modi addressed the webinar on Production Linked Incentives scheme via video conferencing, Modi said successful attempts have been taken to promote “Make in India” initiative over last 6-7 years.

Modi said, “Manufacturing transforms every aspect of the economy, creating an ecosystem. Increasing manufacturing capabilities increases employment generation. We have examples from all over the world where countries have accelerated the development of the country by increasing their manufacturing capacities.”

He further added, “We need to work hard to make manufacturing in India globally competitive. Our production costs, quality and efficiency of products should leave a mark in the global market and we must work together to make this possible. Our products must be user-friendly, most modern, affordable, and sustainable.”

Regarding the Production linked incentives, PM said, “If Production Linked Incentives is for a sector, it will benefit the entire ecosystem associated with that sector. From Production linked Incentives in auto and pharma, there will be very less foreign dependence related to auto parts, medical equipment and raw materials of medicines.”

He also mentioned about the attempts to reduce over 6,000 compliances at the state and Central level and with technology the compliances can be reduced. He further added, “In the past, the industrial incentives were in the form of an open-ended input based subsidy.Now, it as been transformed to a targeted, performance-based competitive process.”

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