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‘Make in India’ week starting 13th Feb 2016

Prime Minister Narendra Modi will inaugurate the “Make in India” week in Mumbai on 13th February, 2016. Its expected that more than 1,000 companies and delegates from over 60 countries will participate in this mega event. The theme of the event will be innovation, design and sustainability. The main aim of this event is to attract more FDI into the country. Foreign direct investment has grown by 35% in the last 17 months (Since BJP came to power in the center) as compared to the 17 months before that. There have been substantial investments in areas including electronics, automotive, food processing, textiles, renewable energy and construction.

Make in India aims to boost entrepreneurial spirit and domestic companies, to help create more jobs and facilitate swift increase in GDP. Also, with the PM’s “Come make in India” slogan announced during his Independence Day speech, Mr. Modi has invited global MNCs to set up manufacturing units in India to supply goods to the rest of the world.

The objective cut out for Make in India is to take manufacturing growth on a sustainable 10% growth path, over the long run. The department of industrial policy and promotion has set up an 8 member expert panel to redress grievances and handle queries of global and domestic investors within 1 day.

Companies like Xiaomi, Huawei, Foxconn, Lenovo and Motorola have already assured New Delhi of strategic investment. The World Bank rated Gujarat, Andhra Pradesh and Jharkhand as the top 3 states in India for ease of doing business. This upcoming week should spark a renewed sense of pride in India’s manufacturing and take corporate and public participation to the next level.

There is a need to move forward, taking advantage of the strength of human resources as the world over, startups are changing the economic landscape, creating immense employment and cascading entrepreneurial ship. The global flow of funds, quick evolution of technology and fast pace of innovation makes this a very competitive field. Given these internal dynamics, startups have very limited time and resources to navigate a complex regulatory environment. A startup policy that recognizes the needs of the sector and helps them with simple, minimal and supportive regulations is needed.

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