Addressing a post-Budget webinar on ‘Make in India for the World’, organised by the Department for the Promotion of Industry and Internal Trade (DPIIT), the prime minister said a spurt in domestic manufacturing is the need of the hour in sectors, including electric vehicles, speciality steel and medical equipment.
Prime Minister Narendra Modi on Thursday exhorted industry to tap growing opportunities in areas like semi-conductors and electrical vehicles (EVs), and spur manufacturing to reduce dependence on imports in critical sectors.
Addressing a post-Budget webinar on ‘Make in India for the World’, organised by the Department for the Promotion of Industry and Internal Trade (DPIIT), the prime minister said a spurt in domestic manufacturing is the need of the hour in sectors, including electric vehicles, speciality steel and medical equipment. Even the opening up of the coal, mining and defence sectors have opened up huge opportunities for domestic industry, he added.
A shortage of semiconductors in the global market in the aftermath of the pandemic hit domestic supply of cars, laptops and cell phones, prompting the government to announce a Rs 76,000-crore production-linked incentive (PLI) scheme in December 2021, to boost manufacturing of chips in India.
Similarly, in a bid to promote manufacturing in critical areas in a big way, the government announced over a dozen PLI schemes in 2020, with estimated incentives of Rs 1.97 lakh crore over five years. These schemes cover sectors including telecom, electronics, auto part, pharma, chemical cells and textiles.Manufacturing accounts for only about 15% of India’s GDP, “but we have infinite opportunities”. “Our products need ‘zero defect, zero effect’ — best quality with no effect on environment,” Modi said.
The PM also highlighted the uncertainties caused by supply-chain disruptions in the wake of the pandemic to push for greater self-reliance in critical areas. “It is not acceptable that a country like India ends up merely as a market,” he said.
Moreover, factors such as demographic dividend, democratic set up and natural resources should encourage industry to manufacture in India with greater vitality. “Aatmanirbharta (self-reliance) is all the more important if we see from the prism of national security,” he said. It’s also disappointing to note that products used in various Indian festivals are imported when these can easily be produced locally, he added.
He also called on the private sector to be more “vocal for local” in their marketing strategy, boost investment in research and development and broaden and diversify their product basket.
https://www.financialexpress.com/industry/cut-import-reliance-on-evs-chips-pm-modi-tells-industry/2450612/
