PM Narendra Modi emphasises on working hard to make manufacturing in India globally competitive

New Delhi: Prime Minister Narendra Modi addressed and interacted with the captains of India Inc. on Friday (March 5). PM Narendra Modi deliberated on various production-linked incentive (PLI) schemes. PM Narendra Modi said that the government has taken various steps to boost trade and industry in the Union Budget for FY 2021.

PM Narendra Modi said that the increased manufacturing capacity results in increased job opportunities and the government has taken reforming measures to boost manufacturing. He stressed the fact that speed and scale have to be increased in order to boost manufacturing. While talking about domestic manufacturing he said "We need to work together to bring production cost, quality and efficiency at par with international benchmarks''.

Prime Minister Narendra Modi laid emphasis on working hard to make manufacturing in India globally competitive and said that the government`s thinking is "minimum government, maximum governance". "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 added.

He added by saying that "India wants to work with the same approach. Thus, our government has brought one reform after another in this sector. Our policy and strategy are clear in every way. Our thinking is - 'minimum government, maximum governance'. And we expect 'zero effect, zero defect".

PM Narendra Modi talked about the need for effective engagement of all the stakeholders of development, he said that the budget and policymaking should not remain only a government process. "Union Budget and country's policy-making shouldn't just be restricted to a government process. Every stakeholder associated with the development of the country should have an effective engagement in it," he said.

"We need to take big steps and increase our speed and scale (in manufacturing). After COVID's experience of the last one year, I am convinced that it's India's responsibility and not just an opportunity to move fast in this direction. Manufacturing transforms every segment of the economy," he 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," the Prime Minister said.

PM Narendra Modi said that the energy sector will be modernised with the help of advanced cell batteries, steel and solar PV modules.  "In the past, industrial incentives were in the form of an open-ended input-based subsidy. Now, it has been transformed to a targeted, performance-based competitive process," he added.