'Make in India,’ amid global slowdown: High hopes riding on Mumbai biz conclave

It’s time for India, and make in India. Seeking to showcase India’s accomplishments in the manufacturing sector, the week-long ‘Make in India’ week in Mumbai, starting February 13, is set to position the world’s fastest growing economy as an investment, innovation, manufacturing hub.

Prime Minister Narendra Modi has been pitching the ‘Make in India’ initiative during all his overseas visits. Speaking at the curtain raiser to the showpiece event on February 8, India’s Commerce and Industry minister Nirmala Sitharaman spoke eloquently about the Indian economy’s revivalist fervor, which is attracting greater global interest by the day. “The government has incessantly pushed policy measures to boost manufacturing and today FDI in India is growing at 48 per cent while globally there is a sharp fall. The global business community has responded enthusiastically to Indian economy’s revivalist fervour and Make in India Week will further showcase the nation’s accomplishments in manufacturing and position India as investment, innovation and manufacturing hub.”

Alluding to cooperative federalism, Mrs Sitharaman said that the states have a significant role in building and sustaining a manufacturing revolution. The minister added that in the spirit of co-operative as well as competitive federalism the states will be the drivers of development, while the centre will act as a catalyst.

“The challenge before India is to sustain a 9-10 percent growth rate for the next 3 decades. This can be achieved only if India continues to offer an easy ecosystem for businesses to flourish and a robust manufacturing sector growth,” Amitabh Kant, Secretary, Department of Industrial Policy and Promotion, said.

The event would also serve as a platform for ideas and innovation with industry-academia interaction featuring manufacturing success stories. Various opportunities in sectors like auto, defence and aerospace, food processing, chemicals and petrochemicals, electronics and information technology, pharmaceuticals, textiles, industrial equipment manufacturing, construction equipment, and infrastructure will be showcased through 21 seminars. These events would be conceptualised and led by different ministries.

Apart from highlighting Maharashtra as an investment hub and Mumbai as a financial services destination, investment conclaves will be held simultaneously in 12 other states. The 12 states comprise Gujarat, Andhra Pradesh, Maharashtra, Odisha, Chhattisgarh, Haryana, Madhya Pradesh, Jharkhand, Punjab, Telangana, Karnataka and Tamil Nadu. The state investor summits will highlight key sectoral strengths to woo investments and display steps undertaken by the state governments to improve business environment, locational advantages, and industrial infrastructure availability.

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