In order to make India a manufacturing hub, there is a need to focus on the core areas which are crucial for promoting exports. Discuss in the backdrop of Atmanirbhar Bharat Abhiyan.
After the covid-19 lockdown, Atmanirbhar Bharat Abhiyan was launched by the Prime Minister to make India into a self-reliant superpower. The goal to create 10 crore manufacturing job and 25% of GDP by manufacturing is been given off fillip.
- Regional resource based manufacturing is needed, E.g. Coastal areas – coir, Northeast – Bamboo, West Bengal and Bihar – Jute, etc.
- MSMEs need to be promoted. Recently the definition of MSMEs has been changed. Avoid “MSME dwarfism” which prevents them from becoming the giants by tweaking rules.
- Textile promotion, as it helps lower skilled workers and women. It needs to be encouraged in rural areas as well. Also free trade agreement with European Union and other countries will help to boost the sector.
- Leather and Footwear – India is the second largest producer yet the exports are negligible. Signing of proprietary deals with global companies and R&D in synthetic leather is needed.
- Assemble in India and network products to be leveraged, as wages are rising in China. It will create around 7 crore new jobs by 2030.
Above initiative will help India become a dollar 5 trillion economy by 2025 and move millions out of poverty.
Topics: 043 - Government Policies and Interventions for Development in Various Sectors • 058 - Indian Economy Issues Relating to Planning • 075 - Changes in Industrial Policy and Their Effects On Industrial Growth
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