New Delhi September 26 2014: Indian Prime Minister, Narendra Modi, has launched the nation's 'Make in India' initiative which seeks to give the Indian economy global recognition. Addressing top global CEOs in the capital yesterday, the Prime Minister said "FDI" should be understood as "First Develop India" along with "Foreign Direct Investment." He urged investors not to look at India merely as a market, but instead see it as an opportunity.
Mr Modi said it is important for the purchasing power of the common man to increase, as this would further boost demand, and hence spur development, in addition to benefiting investors. The faster people are pulled out of poverty and brought into the middle class, the more opportunity will there be for global business. Investors from abroad need to create jobs. Cost effective manufacturing and a handsome buyer - one who has purchasing power - are both required. More employment means more purchasing power, he added.
The Prime Minister said that India is perhaps the only country in the world which offers the unique combination of democracy, demography, and demand. He said the new Government was taking initiatives for skill development to ensure that skilled manpower was available for manufacturing. He also referred to the Digital India mission, saying this would ensure that Government processes remained in tune with corporate processes.
The Prime Minister said he had felt a mood of gloom among India`s business community in the last few years, due to lack of clarity on policy issues. He said he had heard even Indian businessmen say that they would leave India and set up business elsewhere. The Prime Minister said this hurt him, and added that no Indian business should feel a compulsion to leave the country under any circumstances. He said on the basis of the experience of the last few months, he could say that the gloom has lifted.
Mr Modi admitted that India ranks low on the "ease of doing business" and added that he has sensitized Government officials in this regard. He also emphasized the need for "effective" governance.
To the expression "Look East," the Prime Minister added "Link West", and said a global vision was essential.
The Prime Minister also unveiled the Make in India logo, and launched the website makeinindia.com