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FDI First Develop India:PM

FDI First Develop India:PM
Highlights

Prime Minister Narendra Modi on Thursday launched his pet ‘Make in India’ campaign to put India prominently on the global manufacturing map and, in turn, facilitate the inflow of new technology and capital, while creating millions of jobs.

New Delhi: Prime Minister Narendra Modi on Thursday launched his pet ‘Make in India’ campaign to put India prominently on the global manufacturing map and, in turn, facilitate the inflow of new technology and capital, while creating millions of jobs.
Prime Minister Narendra Modi launching ‘Make in India’ initiative at Vigyan Bhavan in New Delhi in the presence of Law Minister Ravishankar Prasad and Commerce Minister Nirmala Sitharaman
The ambitious scheme, that also puts in place the logistics and systems to address in a timely manner queries of potential investors, was unveiled along with a logo, a portal and brochures on 25 identified growth sectors before who's who of the corporate world from India and abroad at the Vigyan Bhavan conference complex here.

The event was watched live in several cities in India and abroad via video conferencing.

Pointing to the campaign logo, he said: "This is the step of a Lion... Make in India." He said for him the term FDI for the domestic industry did not expand to "foreign direct investment" but "first develop India". "We have to create opportunities of employment. If the poor get jobs the purchasing power of families will increase."

Laying out the red carpet before investors, the Prime Minister said: "After what we have done and what I hear from you, I don't think I need to assure you any further on 'Make in India'."

He hoped industry across the globe will take his invite seriously.

He said he was saddened in the past to see scores of Indians leaving the country to seek opportunities elsewhere. People have lost faith in Indian manufacturing and themselves. "We do not want any industrialist being forced to leave India," he said.

"A trust was broken – that when a policy will be changed, when will the CBI (Central Bureau of Investigation) come. This is what I heard from all you. The biggest issue is trust. Why don't we trust each other? I want to change that."

Commerce Minister Nirmala Sitharaman said: "The processes of applying for licences has been made online, it is 24/7. The validity of such licences has also been extended to three years." Several norms and procedures are also being changed to make it easier to do business in India.

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