Prime Minister Narendra Modi has called upon the Indian industry to respond to new demand and opportunities in sectors like semi-conductors and electrical vehicles and stop dependence on foreign sources.
Manufacturers also need to focus on indigenous manufacturing of steel products and medical equipment, the PM said while addressing a post-budget webinar organised by The Department for Promotion of Industry and Internal Trade (DPIIT) on ‘Make in India for the World’.
“Our manufacturing sector is 15 per cent of our GDP, but we have infinite opportunities. Our products need ‘zero defect, zero effect’- best quality with no effect on environment,” Modi said.
Stresses on domestic manufacturing
Stressing on the need for increased domestic manufacturing, the PM pointed out the problems and uncertainties caused by supply chain disruptions during the pandemic. “It is not acceptable that a country like India ends up merely as a market”, the PM said.
Opening up of areas like mining, coal and defence was leading to new opportunities and the Indian industry should prepare a new strategy to maximise benefits. “You will have to maintain global standards and you will also have to compete globally”, Modi said.
Positive factors
Positive factors such as demographic dividend of young and talented population, democratic set up, natural resources should also encourage us to move towards `Make in India’ with determination, Modi said. `Aatmanirbharta’ is all the more important if we see from the prism of national security, he added.
The PM said that it was disappointing to find that many of the supplies for India’s various festivals are from foreign providers whereas they had been and can be easily provided by local manufacturers.
He asked the private sector to push the factors of `vocal for local’ and `Aatmanirbhar Bharat’ in their marketing and branding efforts. “Take pride in the products your company makes and instill this sense of pride in your Indian customers as well. For this some common branding can also be considered”, he added.
The private sector needs to step up spending on R&D and should diversify and upgrade their product portfolio.
Referring to declaration of 2023 as `International Year of Millets’, the PM said that since global demand for millets was rising, Indian mills need to be prepared in advance for maximum production and packaging.