Corporate bigwigs suggest measures to boost manufacturing in India
Tata Group chairman Cyrus Mistry speaks to Reliance Industries chairman Mukesh Ambani during the PM's conference to launch the Make-in-India campaign in New Delhi on Thursday (Photo: PTI)
New Delhi/Mumbai: Prime Minister Narendra Modi’s ‘Make in India’ campaign on Thursday got the backing of country’s top business tycoons and CEOs. Cyrus Mistry, Mukesh Ambani, Kumar Mangalam Birla and Azim Premji were among the businessmen who gave their support to Prime Minister’s Make-In-India campaign.
“Make In India is about the present and the future, ‘Made’ is always in the past...We commit ourselves to the Make In India movement that was given to a billion Indians by our PM,” said Mr Ambani. He said in order to succeed in this campaign, it was important to be open to capital and expertise from all over the globe, and implementation of GST will make India one market and strengthen overall ‘Make in India’ programme.
“Our aspirations on the global manufacturing arena will be fulfilled if we address certain challenges on priority basis,” said Mr Mistry. These will include the build-up of critical infrastructure across the country supported by stable policies, transparent and competitive tax and duty structure, efficient and time-bound administration, he said. Aditya Birla Group chairman Kumar Mangalam Birla said that India has come to be know as a global IT hub and reservoir of intellectual capital. “It’s high time that India becomes a preferred centre of choice for manufacturing for global companies,” said Mr Birla.
ICICI Bank MD and CEO Chanda Kochhar said the ‘Make in India’ programme would become the next growth driver for the country. Meanwhile Sidharth Birla, president, FICCI said Mr Modi’s ‘Make in India’ can become the trigger in transforming Indian manufacturing, with its share in GDP languishing at 15-16 per cent for several years.
However he said “the ease of doing business must be improved, there should be an encouraging fiscal framework and enabling manufacturing set-up by providing a conducive eco-system that supports factor advantage, nurtures innovation and strengthens inter-linkages with other industries and institutions.” Welcoming the “great initiative”, Sumit Sawhney, country CEO and MD of Renault (India) said, “What stands out clearly is the intent of easing business processes in India, favourable policy intervention will attract FDI. I am confident that the manufacturing sector, led by the auto industry will bounce back stronger, and deliver on its potential of becoming one of the largest and most efficient in the world.
( Source : dc correspondents )
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