“Make in India” promises more accountable and transparent governance

June 21, 2016 3:00 pm

  Policies under “Make in India” are focussing to improve the ease of doing business in India. Prafull Sharma, General Manager – Industry Business, Schneider Electric India explains what makes India an attractive destination for investors across sectors.
Need to pick up pace“Make in India” is a great initiative to make India a global manufacturing hub. It has encouraged multinational as well as national companies to manufacture their products in India. Key thrust of the programme has been to cut down on delays in manufacturing projects clearance, develop adequate infrastructure and make it easier for companies to do business in India. This has shown positive sentiments across sectors. It has resulted in good FDI inflow and lot of companies are showing interest in setting their research, development and manufacturing base in the country. However, there is still some scope of improvement as far as pace of manufacturing is concerned.
Improving ease of doing businessAll the policies under “Make in India” are focussing to improve the ease of doing business in India. This includes faster speed with which protocols are met, increased transparency. Online environmental clearances and online filing of income tax returns have been implemented. Also, validity of industrial licence is extended to three years and paper registers have been replaced by electronic registers. All these points are towards more accountability and transparency in the system and set up the stage for Indian manufacturers. In addition, new FDI policies will infuse much required capital in the system, which is a win-win situation for the manufacturers. There is also a need to find and develop the right talent to meet requirements.
India, a preferred destination for global investorsIndia is expected to become the third largest economy of the world by 2030. The country is expected to rank amongst the world’s top three growth economies and the top three manufacturing destinations by 2020. There is sustained availability of quality workforce and strong consumerism in the domestic market. The country has strong technical and engineering capabilities backed by top-notch scientific and technical institutes. Also, the cost of manpower here is relatively low as compared to other countries. All these factors have combined to make India an attractive destination for investors across sectors.
What has also helped India improve its global reputation to be investment hub is the strong policy push being provided by the government which has been ably backed by local corporate. If we talk about infrastructure advantage, every state in India has developed industrial parks for setting up of industries. Then there are National Investment & Manufacturing Zones and Special Economic Zones. The Government of India has been promoting the development of sector specific parks. The country also has few dedicated zones for industrial units from countries such as Neemrana Japanese Zone. The government is developing the Delhi-Mumbai Industrial Corridor (DMIC) as a global manufacturing and investment destination utilising the 1,483 km long, high-capacity western Dedicated Railway Freight Corridor (DRFC) as the backbone. The objective is to increase the share of manufacturing in the GDP of the country and to create smart sustainable cities where manufacturing will be the key economic driver.

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