Modi reiterated the BJPs manifesto, saying, If we have to provide more and more employment to the youth, we will have to promote manufacturing sector. If we have to develop a balance between imports and exports, we will have to strengthen manufacturing sector ... we also invite world powers. I want to appeal all the people world over ... come, make in India, come, manufacture in India. Sell in any country of the world but manufacture here.
The BJP, in its manifesto, had said that after coming to power, it will work towards making India a global manufacturing hub to bridge the demand-supply gap for price stabilisation and creating millions of jobs and increasing incomes.
The Prime Minister said that while global companies can invest in a wide range of sectors including electrical, electronics, chemicals, pharmaceuticals, satellites and submarines, Indian youths should also work towards manufacturing items which are currently imported by the country.
My countrys youth can resolve ... he would manufacture at least one such item (which is imported) so that we need not import the same in future. We should even advance to a situation wherein we are able to export such items. If each one of our millions of youngsters resolves to manufacture at least one such item, India can become a net exporter of goods, the Prime Minister said.
However, he added that the entrepreneurs must never compromise on quality of the product and its impact on environment. He urged them to aim for zero defect and zero effect.
We should manufacture goods in such a way that they carry zero defect ... exported goods are never returned to us. We should manufacture goods with zero effect that they should not have a negative impact on the environment, he said.
India Inc lauded the clear signals given by the Prime Minister to both domestic and global investors.
We are now confident that the Make in India and Made in India vision will be supported by requisite policy and implementation measures for enhancing the competitiveness of our manufacturing sector. This is critical if we have to create a million jobs each month for next 10 years and ensure a sustainable balance of payments, Sidharth Birla, president, Federation of Indian Chambers of Commerce and Industry (Ficci), said. Further, expressing concerns over increasing electronic goods import, Modi said that the country needs to focus on electronic manufacturing.
* Modi exhorts youths to begin manufacturing commonly imported items to create jobs and reduce the trade deficit
* The difference with this approach is not to merely substitute imports with local manufacture, but to aim at high quality and in an environmentally friendly manner
* Modi invites global investors to set up manufacturing operations in order to turn India into the worlds factory, a signal welcomed by industry