The new Government promises to turn India as preferable manufacturing destination. With much promoted initiative “Make In India”, Investors looked back to country’s untapped potential in certain sectors including manufacturing.
Not surprisingly, The Government of India took internet route to promote the ambition. Interestingly, Its social media handles run quiz educating the community about updated policies in this regard with the hashtag #MakeInIndia being active on social media.
67 years old independent India is one of the fastest growing economies in the world. After liberalising the economy in 1990s, Investments surged and growth multiplied. With changing trends, there is need to simplify the whole economy to create pro-business environment. Investors around the world are skeptical about red-tapism.
India has recorded significant growth in exporting automobiles. Imagine your dream car running on foreign roads with ‘Made In India’ tag. How proud ?
There is another side to it:
RBI Governor has cautioned the Government saying the demand in developed nations is decreasing and so, the market being India – ‘Make For India’.
It is obvious that China and India are biggest consumer markets. China has been successful as global manufacturing hub and now India follows the same.
Here are some must haves in the process :
#Simplified tax structure is the need of the hour and hence GST on cards.
#Labour reforms : It simply doesn’t only include payouts, but also the cultural side. When a foreign company comes to set up its unit near a village, communication gap between company officials and villagers need to be filled. This is learnt from British rule.
#Infrastructure : Capital being its biggest roadblock, One needs to explore ways to fuel big-ticket infra projects.
#Power : 24*7 power supply is our netas’ election promise. Serious crisis that the country has faced in this sector is corruption. Biggest ‘Coal Scam’ ruined the sector and investor’s hope. Transparent auction as promised by the new Govt. yet to be observed.
#Telecommunication : Though FDI allowed is 100%, India’s telecommunication is incomplete.
#Government policies and regulations should never increase cost of production.
#Reforms in education to be rolled out with long term goals.
India Inc. set to make only with the process being simpler.
Last but not least, India Inc. expects long pending rate cut from RBI. Early 2015 to see Central Bank’s soft stand. There is no need for India to compromise on its values while making economic reforms.
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