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What is the news?
The Prime Minister has addressed a post-Budget webinar on ‘Make in India’.
What are the key highlights from the PM’s speech?
Reduce Dependence on Imports: Make in India and atma nirbharta (self-reliance) is the need of the hour especially in the context of National Security.
But for this, Indian Companies need to make efforts to reduce the import of goods that can be manufactured in the country.
New Destinations for Local products: Companies should find new destinations for local products and enhance their spending on research and development.
Promote Manufacturing and Exports:
Commerce Minister shared a five-point vision for manufacturing and promoting exports which includes:
– Taking the manufacturing sector’s contribution to gross domestic product (GDP) to 25% from 14% now
– Increase global trade to 10% of the economy
– Become top three nations in services exports
– Support small businesses to aid foreign trade and
– Create 10 innovation centers.
Source: This post is based on the article ‘Make in India’ more crucial from prism of national security: PM Modi” published in Business Standard on 4th Mar 2022.
