Atmanirbhar Bharat does not mean isolated India: Prasad
By IANS |
Published on
Tue, Jan 19 2021 12:51 IST |
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Ravi Shankar Prasad. (File Photo: IANS). Image Source: IANS News
New Delhi, Jan 19 : Union Minister for Communications, Electronics and Information Technology Ravi Shankar Prasad on Tuesday said that Atmanirbhar Bharat does not mean an isolated India.
Speaking at the 15th India Digital Summit, organised by the Internet and Mobile Association of India (IAMAI), the Minister said: Atmanirbhar Bharat means India is an active participant in the global economy. This is the crux of the whole PLI scheme. India s time in the global electronic manufacturing has come.
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On November 11, 2020, the Union Cabinet chaired by the Prime Minister approved the Production-Linked Incentive (PLI) scheme for 10 sectors, to encourage domestic manufacturing. The scheme, first envisaged in March this year,
entails earmarking financial outlays that will drive the country’s manufacturing sector by cutting down on imports and provide scope for harnessing the growth potential of domestic manufacturing.
As a driver of the manufacturing sector, the PLI scheme will help embrace Atmanirbhar Bharat. It will enhance India’s manufacturing capabilities and increase exports for these champion sectors, which include automobiles and auto-components. It will make domestic manufacturing competitive internationally, build economies of scale, and help India position itself firmly on the global supply chain map.
In the current environment, it would be best to take a 3-year view as the economy and earnings would have normalized by then. From current levels, we can expect a 10-12 percent CAGR return for the Nifty, says Patil.
End Red Tape, Roll Out Red Carpet
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Finance Minister Nirmala Sitharaman.
Snapshot
In the post-pandemic world, being the fastest growing economy is an imminently attainable target for India.
However, for that, the government must double down on the ease of doing business reforms it has already initiated.
When Prime Minister Narendra Modi took office in May 2014, he vowed to end the red tape that for decades had choked Indian business. He pledged to instead roll out the red carpet, attract foreign investment and improve the ease of doing business in India.
More than six years later, on the eve of the 2021-22 Union Budget, itâs time to take stock.
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