Emphasizing On Make In India To Favor Economic And Employment Growth Of Various Sectors
Under the Make in India campaign, the government will make policies about some key sectors which are expected to create employment opportunities and can accelerate economic growth in the country. Now in this campaign, 25 sectors are being stressed, but the government is going to pick 4–5 major sectors which will be given special attention. Later, this focus will be shifted to other sectors as well. The spotlight is likely to be on such sectors, in which labor force is more needed. Such sectors may include leather, textiles, garments, engineering, pharmaceuticals, and automobiles.
In this regard, high-level meetings have been held in the Policy Commission, Industry Department and Heavy Industries Ministry to make changes in the policy for the auto industry. This industry is being seen as a more probable sector. The government is also considering ways to encourage global automotive companies to manufacture their products in India, many of them are presently assembling in the country. A senior government official said, “No country in the world has been able to develop without a strong auto industry. We need to pay special attention to the auto sector in this highly competitive environment.”
Investment entity, promoting investment, has given many suggestions to the Heavy Industries Ministry regarding auto industry. It has also been proposed that the government should promote design in automotive engineering and for this, the companies that bring technology to India should be offered incentives. Vikas Sehgal, Vice Chairman, Rothschild’s South and Southeast Asia, said, “Future technology is of a transfer. India should take a lesson from countries like China, which made fewer cars in 1999 and have gone ahead today. In the case of auto industry, the government should promote design and majorly focus on export.
Rothschild Invest India is also functioning to create policy strategy for many sectors. There are also some tough proposals for companies that have the intention to take advantage of the benefits offered in India and engineering and designing their goods in India. The government will also encourage such joint ventures, which bring international skills in India. In such ventures, Mahindra & Mahindra’s operations with Ford Motor Company can be counted. India is the fifth largest passenger vehicle and commercial vehicle market in the world. It is estimated that more than 60 Million hybrids and electric vehicles will be sold annually by the year 2020.
The quick identification of what India needs to be among the top gainers will definitely help the country to introduce this action plans in the upcoming period.