Looking to up investments and encourage companies to ‘Make in India’, Commerce and Industry Minister Suresh Prabhu today held a meeting with the Invest India team. Invest India is the official Investment Promotion and Facilitation Agency of the government. At the meeting, Prabhu, who assumed charge of the ministry on Monday, deliberated on how to promote investments in the country. Prabhu called for a “paradigm shift in approach for enhancing investments”, said a press statement from the Ministry of Commerce & Industry. This, Prabhu said, should be in line with the idea of rolling out “red carpet” for investors.
Prabhu also stressed on the need to not only ‘Make in India’, but to also ‘Design in India’. This should be a part of the entire value chain, he said. “In a bottom-up approach the Minister called for preparation of district wise plan and creation of core competencies for states based on district wise plan,” the release said. Prabhu called for a proactive approach to reach out to global companies, the release said, adding that India’s long coastline is a natural advantage which should be kept in focus when bringing in investments.
Prabhu, the former Railway Minister, has a tough task ahead of him to further improve on the ‘ease of doing business’ in the country. With ‘Make in India’ being one of the pet projects of the Narendra Modi government, there is need to ensure that the business environment in the country is investor friendly. PM Modi has time and again expressed hope that India would become one of the top 50 countries in terms of ease of doing business – a challenging task, considering that India currently ranks at 130 in a list of less than 200 countries.
A TOI report suggests that Prabhu has identified exports and job creation as his focus areas. On the exports front, with GST coming into effect, Prabhu faces yet another uphill task. A strong rupee also doesn’t help his cause. Modi government has come under criticism for not being able to create as many jobs as promised and the manufacturing sector plays a crucial role in that. Prabhu’s focus on job creation would hence be of paramount importance to the government.