LM NEWS 24
LM NEWS 24

Govt Eliminated Manufacturing ‘Speed Breakers’: Modi

Prime Minister Narendra Modi on Thursday said that the ease of doing business has remarkably improved in the country after the government eliminated over 25000 compliance norms, making the manufacturing eco-system smoother while also ensuring transparency in the regulatory framework.

With the lifting of several compliance norms in recent years, India’s manufacturing journey has become smoother, said the Prime Minister.

He stated that India’s manufacturing journey faced too many compliance burdens which acted as a big speed breaker. “Last year, we removed over 25,000 compliance norms. Auto-renewal of licenses has also been initiated. These measures helped in speed and transparency in the regulatory framework,” said PM Modi while virtually addressing a post-budget webinar on ‘Make in India for the World’ organized by the Department for Promotion of Industry and Internal Trade (DPIIT).

The Prime Minister also said the unveiling of several ‘Production Linked Incentive (PLI)’ schemes in recent months to give the boost to self-reliance will create national manufacturing champions and generate employment opportunities for the youth.

To promote the “regional manufacturing ecosystem”, the Prime Minister said, “PM DevINE scheme has been created”, which is specifically for the northeast region.

He further said that similar models can be developed for various regions to promote the vibrant manufacturing ecosystem.

“Reform in Special Economic Zones (SEZ) Act is meant to boost exports and promote ‘Make in India’,” the Prime Minister said.

Citing an example of visible developments in the economy due to reforms, the Prime Minister said that the target of Rs 1 lakh crore worth of production was achieved in December 2021 in PLI scheme for large scale electronics manufacturing. “Many other PLI schemes are in the important stages of implementation,” he added.

The Prime Minister expressed confidence in the capability of the people in making “competitive products” to boost ‘Vocal for Local’ initiative.

“Our people are capable of bringing a revolution in making competitive products that can empower the locals as well as build a supply chain with the help of local manufacturers to rightfully promote ‘Vocal for Local’,” he said.

Also, PM Modi pointed out that just buying terracotta ‘diyas’ on Deepawali is not being ‘vocal for local’. He said that domestic manufacturers need to maintain global standards. “We need a research-based futuristic approach,” the Prime Minister added.

PM Modi, in his address, also pitched for the people to advertise indigenous products with ‘vocal for local’ and ‘Make in India’.

“Branding of our indigenous products should also highlight ‘Made in India’ and ‘Vocal for Local’. It will help sales of our products,” PM Modi said.

“Our private sector needs to find markets for its products as well. We need to increase investment in R&D and product portfolio also needs to be diversified,” he added. (ANI)

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