Prime Minister Mr. Modi inaugurated “Make in India Week” on Saturday, Feb 13, 2016, in Mumbai, the commercial capital of India.
On this occasion PM, Modi said the Make in India is a great opportunity to generate employment and self-employment in India. This is to note, that 65% of the population is youth.
Modi added “India is blessed with three Ds. These are Democracy, Demography, and Demand. To this, we have added the 4th D that is Deregulation. Today’s India is this four dimensional India.”
Make in India week is an opportunity look back and measure how India has performed and decide the road of future accordingly.
Make in India has become the biggest brand that India has ever created in history. Through the world, it has received an amazing response from People, Industries, Institutions and Political parties.
What Make in India has done so far
Modi explained the success of make in India with an example of FDI. He said
“Our FDI inflows have gone up by 48 percent since the day my Government came into office. In fact, FDI inflow in December 2015 was the highest ever in this country. This is, at a time, when global FDI has fallen substantially.”
PM Modi said, that after making changes to existing taxation policy, we are working on more stable and transparent taxation engine.
India has changed the way of doing business. India is working to simplify the process of licensing, cross-border trade, security and environmental clearances.
India has changed many policies in the defense sector.
In 2015, India recorded the highest generation of electricity and in 2016, India will record highest coal production.
PM Modi added “I believe in Minimum Government and Maximum Governance. Therefore, almost on a daily basis, we are trying to remove the bottlenecks that were affecting investments and growth.”
According to a report by IMF, India has become the fastest growing emodiconomy in the world. Real GDP report by IMF shows the growth rate of 7.3 for the Indian economy.
Also, in 2014-15, India contributed 12.5 per cent of global growth. Its contribution to global growth is 68 per cent higher than its share of the world economy.
Key Indicators about Indian Economy
Some other key indicators were included by PM Modi, as listed below
We have jumped twelve ranks in the latest global ranking by the World Bank on ease of doing business.
• India has improved its UNCTAD ranking of investment attractiveness, from the fifteenth to ninth.
• India has jumped sixteen places on the World Economic Forum’s global competitive index.
• Moody’s has upgraded the rating of India as positive.
The composite PMI output index has climbed to an eleven-month high of 53.3 per cent in January 2016.
• The total number of investment proposals during the last eight months is higher by 27 per cent.
• We have recorded the highest ever production of motor vehicles in 2015.
• As many as fifty new mobile phone factories were set up in the country during past ten months.
• Electronic manufacturing has grown six-fold to 18 million.
• 159 Electronic System Design and Manufacturing units, popularly known as ESDM units were established in India in 2015.
• As per estimates of certain agencies, the Indian job market is now on a strong footing. For example, the Monster Employment Index for India stood at 229 in January 2016 which is up by 52 percent over January of last year.
PM Modi ended the speech by saying “I have been saying that this century is Asia’s century. My advice to you is to Make India your center; if you want this century to be your century. I invite everyone sitting here and also those not here, to be a part of India’s unfolding story.”