What is preventing Indian Inc. from establishing manufacturing industries in India? Is it like Hanuman? You don’t believe in your own capacity? Do you need someone to remind you of your strengths and skills?
Nirmala Sitharaman provoked Indian industries to set up manufacturing units. She reported that many global industries are likely to set up their units in India. Having an abundance of opportunities to choose from, Indian businessmen should actively participate in the country’s growth. The government of India has introduced regulations like competitive tax rates, ease of compliance, and production-linked incentive schemes that attract many global firms.
India is considered an alternative to China
Leading global companies have started showing an interest in India as an alternative to China. Back then, China was the spot for trading and investment. But India’s trade policies have changed the interest of global firms in investing in the country.
Indian industries and the mythical creature “Hanuman”
Sitharaman addresses Indian industry as a mythical creature in the Ramayana. The great epic story has a mythical character named Hanuman. He had to be reminded of his extraordinary strength. Besides having liberal trade policies and an ecosystem, Indian industries are not involved in the setting up of manufacturing sectors.
“I equally would want to know from Indian industries, what is that they are reluctant about? Since 2019, when I’ve taken charge of the Finance Ministry, I’ve been hearing the industry doesn’t think it’s potential…”
India as the leading economy
In a recent study conducted by the State Bank of India, the report states that India has transcended the UK and now India is the fifth largest economy after the US, China, Japan, and Germany.
The economist forecasts that by 2029, India will become the third-largest economy in the world.
Credits to the Indian government and the public
During the time of the pandemic, Modi’s government had a strategic approach that contradicted the free money policy declared by other nations. Nirmala Sitharaman complements Modi’s government on its dedicative approach. She also gives credit to the general public who accepted the schemes and followed them, leading India to be shaped into a better economy.
India seeks skilled youngsters for the foreseeable future
As a fact, India has the world’s largest young population. Artificial intelligence, the Internet of Things, and digitalization have all grown in popularity in India. It is in the hands of the youngsters to upskill themselves and contribute to the country’s economic progress.
The RBI’s attractive policy
Speaking about the RBI’s mechanism, the finance minister said, “I am elated that the RBI has come up in spite of the time”.
The RBI has announced a new trade mechanism that attracts many foreign traders to consider bilateral trade in Indian currency.
What is more impressive about the trade is that it has been sanctioned by top trading countries like Russia and Iran. According to records, India imports 85 per cent of its crude oil needs. Despite the country’s ongoing inflation, countries such as Russia and Iran are showing an interest in providing us with discounted sources.
It is likely to be known that India purchases a considerable amount of crude oil from Russia. whereas imports from Iran have not yet started.