Prime Modi has pledged toreinvigorate his flagship “Make in India”
Prime Minister Narendra Modi has pledged toreinvigorate his flagship “Make in India” drive todevelop a Chinese-style global manufacturing and export powerhouse, as part of the attemptto consolidate his country's position as the world’s fastest growing leading economy.
Speaking ahead of a week-long manufacturing showcase modelled on Germany’s annualHannover Messe in the financial capital Mumbai, Mr Modi pledged to redouble reform efforts toattract global manufacturers to India, promising to improve the taxation treatment of foreigncompanies and ease the country's famously complex business climate.
Mr Modi’s “Make in India” week is expected to see a range of commitments from globalindustrial groups. On Saturday, London-listed Vedanta pledged $10bn to set up India's firstLCD manufacturing plant in the western state of Maharashtra, while other, smaller, promiseshave begun to trickle in.
Mr Modi also reassured foreign investors on tax, a worry for companies such as Vodafone andCairn, who have been hit by officials reopening retrospective taxation disputes.
“We will not resort to retrospective taxation; we are making our tax regime transparent,stable and predictable,” Mr Modi said.
Many economists see increasing the size of India’s manufacturing sector as Mr Modi’s biggestchallenge as he strives to create much needed employment and generate jobs for a backlogof unemployed as well as an estimated 12m school leavers entering the workforce each year.
A job advertisement for office tea boys and night guards attracted 2.32m applicants last year,underlining the stresses that India is facing.
India’s manufacturing sector contributes about 17 per cent to GDP, according to World Bankdata. That is well below China’s 35 per cent, and the government’s short-term targets. “Wewant the share of manufacturing in our GDP to go up to 25 per cent in the near future,” MrModi said during his speech on Saturday.
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