'Make in India' need of hour if seen through prism of national security: PM

Make in India, according to Prime Minister Narendra Modi, is the need of the hour, and he urged businesses to minimise reliance on imports and increase domestic manufacturing. He asked the all the industries to rise to the occasion and make strenuous efforts to reduce imports of commodities that might be produced in India.

He went on to say that the industry must adhere to global standards and compete globally. He claimed that Aatmanirbhar Bharat and Make in India are well-represented in the Budget.

The Prime Minister also emphasised new demands and opportunities in industries such as semiconductors and electric cars, urging businesses to advance with the goal of reducing reliance on foreign sources. Similarly, fields such as steel and medical equipment should be prioritised for local manufacture.

He stated that the scope of 'voice for local' goes well beyond buying 'diyas' on Diwali, and that the commercial sector should emphasise the factors of 'vocal for local' and Aatmanirbhar Bharat in their marketing and branding activities.

Modi also emphasised the importance of finding new markets for local products, while urging the private sector to increase R&D spending and diversify and improve their product portfolio. In addition, he stated that amendments to the Special Economic Zone Act will enhance exports.

When it comes to lowering compliance costs, he cites the Common Spice Form and the National Single Window System as examples of how the industry is benefiting from the government's pro-development stance at every turn.

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