Long a difficult place for foreign companies, India has launched a major effort to attract manufacturers and investors
Prime Minister Narendra Modi’s ‘Make in India’ campaign was unveiled just ahead of a visit to the United States where he is due to meet the bosses of leading companies.
Addressing a gathering of top corporate executives from both India and abroad, he played up India’s unique assets: “The whole world is ready to come here, but they don’t know where to go in Asia. Then they think that we should go to the place in Asia where there is democracy, a demographic dividend, and big demand. If there is any country in the world where all these three things are present, it is India.”
Critics point out Modi will have to do more about India’s bureaucracy and infrastructure problems as well as a lack of skills development and the fact that it is 134th in the World Bank’s “ease of doing business” ranking. By contrast China is 96th.
Modi said there was a need to restore faith in Indian manufacturing and its capacity to create millions of jobs with skills enhancement.
The sectors being targeted for potential investment include automobiles, IT, pharmaceuticals, textiles, ports, aviation, railways, renewable energy, mining and bio-technology.