Prime Minister Narendra Modi’s seventh Independence Day speech was a clarion call for companies—both foreign and domestic—to make India their manufacturing hub. The speech was keenly followed by the business and investor community amid a fast evolving global order.
In 2014, just after assuming charge Modi called for the need to focus on ‘Make in India.’ Today he changed the narrative from the same ramparts of the Red Fort. ‘Make in India and Make for world’ will be the thrust going forward.
India must now become the world’s factory, something enjoyed by China for years.
“We have to move forward with the mantra of Make in India as well as Make for World,” he said at a time when several economic analysts have criticised Modi’s thrust on ‘Vocal for Local’ and making India self-reliant through the ‘Atmanirbhar Bharat’ programme.
Delivering his speech, Modi outlined a blueprint for taking India further on the road to becoming a major economic power while remaining connected with the rest of the world. “India has always believed that the entire world is one family. While we focus on economic growth and development, humanity must retain a central role in this process and our journey,” he said.
“Companies have been closely weighing Modi’s words in this changed scenario. It was a speech that seems to have gone down well with potential investors,” a person tracking this said.
Modi added that there was a record 18 per cent increase in the inflow of foreign direct investment (FDI).
Modi also said that over Rs 100 lakh crore will be spent to develop 7000 national infrastructure projects – something that would boost economy and create jobs.
“About 7,000 projects of different sectors have also been identified. It would be like a new revolution in infrastructure. The country is moving towards spending more than Rs 100 lakh crore on this project,” the Prime Minister said.
A month earlier, Modi, speaking at the India Global Week 2020 said that the country would roll out the red carpet for all foreign companies wishing to invest here.
Economic reform measures such as ‘one nation one tax’, Insolvency and Bankruptcy Code (IBC) and exercise of bank merger have generated attention of global investors, he said.
India’s first quarter GDP numbers will be released later this month. Many economists have projected a sharp contraction in the economy. The country went into a complete lockdown from March 25 till end of May bringing economic activities to a near halt..