India’s ready to become the world’s industrial hub

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India is in a hurry to develop, to lead the world out of its recession. The largest democracy in the world is not satisfied with its present high growth rate of 7.5 percent that is an envy even of the major economies in the world.

The recent budget in February is cast from the theme ‘Make in India’ launched by Prime Minister Modi on September 25, 2014. It identifies three sectors that converge on to the theme – Smart Cities and Urban Solutions, Agri-business and Mining and Resources. India has to prepare for a massive move towards urbanisation that may send 300-400 million people from rural areas towards the cities.

This has to happen quickly – within the next five years according to experts from Confederation of Indian Industry (CII) for which the Indian Government has empowered the States to take the lead, according to Sumit Mazumder, its president.

The Special Envoy for Trade, Andrew Robb, recognised the political gravity of the globe shifting towards India and China that has profound effect on the world, he said, at the Make in India Conference on March 30 at the Shangri-La Hotel in Sydney.

The Indian Minister of Finance, Arun Jaitley, said that India became a low-cost service provider but not a low-cost manufacturing provider, a change India is keen to implement. “Despite global down turn, India has shown remarkable resilience. 7.5 per cent growth does not reflect our true potential,” he said.

Mr Jaitley said the buying capacity of a large middle class constituting nearly 30-45 percent of Indian population, no investor could ignore. The States and regions have become competitive, both in policy and attitude, complemented by people who have shown acceptance for technology advancement, start ups etc. That makes trained manpower readily available. Mr Jaitley quoted Australian Prime Minister, Malcolm Turnbull’s remarks at the Lowey Institute about a resurgent India that would become a leading economy in the world.

 

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