Summary:
During his Independence Day speech, Prime Minister Narendra Modi emphasized the importance of raising India's product and service quality to global standards. He highlighted "design in India, design for the world" and aligning Indian standards with global benchmarks. Modi expressed optimism that this alignment would simplify product approvals and bring India closer to becoming a global manufacturing powerhouse. He also mentioned the government's US$23.67 billion (Rs 1.97 trillion) Production-Linked Incentive (PLI) plan, which aims to transform India into a manufacturing hub, reduce import dependency, and create jobs.
Modi noted that government policies have established a mobile phone manufacturing ecosystem, shifting from imports to exports, a trend also seen in the toy industry. Foreign direct investment (FDI) reforms have bolstered the economy and supported micro, small, and medium-sized enterprises (MSMEs), resulting in a new structure that positions India's industrial sector as a global leader. His remarks align with the Bharatiya Janata Party's goal of making India a top manufacturing base for electronics, defense, mobile technology, and vehicles by 2030.
PM Modi also observed that major global companies are eager to invest in India. Since the elections, many investors seeking meetings with him in his third term present significant growth opportunities. He urged state governments to actively attract these investors to maximize potential economic benefits.
Source: IBEF
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