Amid the growing coronavirus cases in the world, India has enhanced its prestige all over the world by adopting a cooperative attitude towards all in the fight against corona. India is showing new possibilities of global investment, global trade and export growth. Many of the basic reasons for the possibility of investment and export opportunities coming out of China to India are also showing brightness. Recently, in a meeting of chief ministers of various states with Prime Minister Narendra Modi on May 11, the Prime Minister underlined the immense potential of investment from China to various states of the country. The Prime Minister urged the States to simplify the path of industrial activities and simplify labour laws. It is noteworthy that these days, US President Donald Trump and Japanese Prime Minister Shinzo Abe, as well as the heads of the world’s developed countries, have become leaders to end the dependence of their countries ‘ companies on China.
Recently, reports published by several global organizations, including the us-renowned organization Advocacy Group, said that more than 1,000 giants from several countries want to make manufacturing in India by covering their investments from China. Many companies, especially in Japan, the UNITED States, South Korea and britain, are showing priority to India. These four countries are among the top-10 trading partners in India. On May 5, a report published by the putative global company Bloomberg says that India is working on providing land without any hassle to attract companies originating out of China. The government has identified 4, 61589 hectares of land in industrial areas to set up factories of these companies. It is also important that in order to realize the new possibilities of India becoming a global manufacturing hub, the Prime Minister has pointed out the need for early strategic steps to realise the plug and play model. In this context, some departments of the central government have also initiated the initiative.
The Ministry of Industry and Finance has also initiated special contacts with foreign companies trying to take investment from China to other countries. Similarly, in the recent past, the Ministry of Commerce and Industry of the central government held a meeting with the Export Promotion Council, wherein it was decided to start work on a plan to make India a major part of the world’s supply chain after the corona virus crisis was over. The Ministry of Commerce and Industry has indicated a change in the modified industrial infrastructure upgradation scheme and use of non-useful vacant land in the special economic zone for industrial production in view of realizing Prime Minister Modi’s plug and play model to attract investors. Certainly, amidst the growing negativity of China worldwide due to Kovid-19, India has enhanced its prestige all over the world by adopting a cooperative attitude towards all in the fight against corona.
India is showing new possibilities of global investment, global trade and global exports. Many of the basic reasons for the possibility of investment and export opportunities coming out of China to India are also showing brightness. India is still ahead of China on many economic parameters. India is also the fastest growing country in the areas of pharmaceutical manufacturing, chemical manufacturing and biotechnology. One of the positive aspects of India’s manpower is that the labour cost in India is lower than that of China. India also does not lack technical and professional talent. India has the largest population in the world under thirty-five years of age. The highest English speakers in the world are also in India, all these features are more suitable for India than other countries in view of the investment and business emanating from China. It is also noteworthy that Prime Minister Narendra Modi has steadily pursued economic reforms.
Has improved the commerce-trade sector, taken strategic steps in a number of areas such as increasing exports and changing taxes and interest rates. has also worked to develop infrastructure in the rural sector. The labour laws have been amended keeping in view the interests of the growers and labourers. As there is currently good potential for export of many commodities like agriculture, processed food, garment, gems and jewellery, leather and leather products, carpets and engineering products, including medicines, the government’s strategic efforts for such export sectors will be beneficial. There is no doubt that the Indian pharma industry is important all over the world. India is the only country that has the largest number of drug making plants outside the US as per USFDA standards. At a time when the corona is highlighting the possibilities of global investment, global exports and the world’s new factory for India, we have to focus on many things to realise these possibilities.
The economy has to accelerate the pace of digital. The Government will have to take more effective steps for export promotion. The manufacturing sector has to be played an important role. The infrastructure will have to reduce the cost of production of its product by controlling inefficiency and corruption. The ever-increasing gap between demand and supply of skill trained youth in industry business has to be removed. Along with these various efforts, a new vigorous effort has to be made that companies that want to withdraw their investments from China to other countries will have to intensify their campaign to invite them to India. The Embassies of India in all countries with the Ministry of Industry and Finance will also have to come forward dedicatedly.
Through a new effective and luminous marketing strategy, India will have to be effectively introduced as a country with attractive investment and export potential. At the same time, special facilities will also have to be mobilized effectively for foreign companies coming to India. We expect that in view of the growing global negativity towards China and the growing confidence of the world countries towards India, India will be able to see a large part of the emerged bright opportunities of foreign investment from China in its own way. Subscribe chauahnsameer.com for latest news and opinions updates.