Come, Make in India, Modi tells investors

Prime Minister Narendra Modi promised investors a secure environment for their investments, a stable policy regime, and easy and effective governance at the launch of the ‘Make in India’ initiative to promote manufacturing activity in the country.

While doing so, Modi also sent out a strong message to Indian industry looking for greener pastures abroad by stating that they should not ignore their country.

“For foreign investors, India is an opportunity, but for Indian investors, it is also a responsibility. FDI stands for ‘first develop India’” he said, addressing CEOs from top Indian and global companies invited for the launch.

While corporate honchos such as Mukesh Ambani, Cyrus Mistry, Azim Premji, YC Deveshwar and Kumar Mangalam Birla endorsed Modi’s call, they also sought policy support, stable tax regime and quick decision making. A large number of foreign CEOs, who are doing business in India, were also present at the event.

Shortly before leaving for his much publicised official visit to the US on Thursday, Modi said that his Government was as interested in strengthening ties with the West as with the East. “We have been discussing the ‘Look East’ policy for some time. But, today, when I talk about our Make in India initiative, I also want to talk about linking with the West,” the PM said.

The Prime Minister is scheduled to meet CEOs from a number of US companies during his visit to the country and the campaign could not have been better timed.

“An investor’s decision to invest is not so much influenced by incentive schemes as by the existing growth environment and investment security. We will assure investors that their investments won’t sink and also guarantee a stable policy regime,” Modi said.

Taking a dig at the previous UPA regime, the Prime Minister said that businesses at that time had lost faith in themselves living in constant fear of inspectors, CBI raids and policy instability. “Investors were fearful of what is going to happen next and what the Government would do. This is going to change as we believe that the Government needs to act responsibly and there has to be policy stability,” he said.

Commerce and Industry Minister Nirmala Sitharaman, who also spoke at the launch, promised further liberalisation in the labour laws and greater deregulation and delicensing.

The Minister said that the Government will focus on 25 sectors to push manufacturing, including textiles, leather, automobile & parts, electronics, engineering goods, roads & highways, and IT.

To promote India as a hassle-free and attractive investment destination for both domestic and foreign industry, the Commerce and Industry Ministry has decided to address investor queries round the clock within a specific time through a three-tiered process that would include a team of experts.

Modi said his Government’s focus will be on physical infrastructure creation as well as creating a digital network for making India a hub for global manufacturing of goods ranging from cars to software, satellites to submarines and paper to power.

COMMENT NOW