Indian Economy News

According to Union Minister Mr. Mahendra Nath Pandey, India needs to embrace advanced localisation to be a Global Manufacturing Hub

  • IBEF
  • November 24, 2023

Mr. Mahendra Nath Pandey, Union Minister of Heavy Industries, said that to become global suppliers, high standards and high-tech localisation is necessary.

Speaking at the Ministry of Heavy Industries (MHI)'s "From Local to Global India - Manufacturing to Self-Reliance" discussion at the Yashobhoomi Convention Centre in Dwarka, the minister stated, "India is moving forward at a fast pace towards a strong economy, be it the Faster Adoption and Manufacturing of Electric (FAME) scheme or the Production Linked Incentive (PLI) scheme launched by the Ministry to promote localisation." The goal of the Capital Goods Scheme and other manufacturing-related initiatives is to create employment for the youth by enabling the nation to produce goods of a global calibre.

He said, "The Prime Minister had emphasised the mantra of making local vocal before going local to global, but in order to do this, we must first become vocal for local and then local to global (from local to global).” He continued, "This mantra will play a crucial role in the 'Self-reliant India Campaign.”

Key stakeholders in the event, which aimed to examine localisation options, included Secretary Mr. Kamran Rizvi, Union Minister Mr. Mahendra Nath Pandey, and senior MHI officers.

The "local to vocal, and then local to global" maxim was stressed by the Minister as a vital component of the "Self-reliant India Campaign."

Furthermore, Mr. Kamran remarked that the Ministry of Heavy Industries has already been taking several steps to curb imports and promote localisation in the country. He went on to state that industry expansion and assistance may help fulfil the nation's goals of deep localisation and the construction of new R&D facilities.

"Therefore, in order to understand the causes behind imports in various tariff lines, establish policies for the reduction of imports, and devise methods to encourage exports, comprehensive meetings and talks have been done with various industry representatives,” Mr. Kamran Rizvi stated.

The Union Minister Mr. Mahendra Nath Pandey also launched the new Ministry of Heavy Industries website at the occasion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.