India has become a major manufacturing hub. Our policies are stable and predictable: PM Narendra Modi | So Good News

Speaking at the meeting, the Prime Minister said that today we have taken a big step in the direction of making India the manufacturing hub of the world. India has jet fighters, tanks, submarines; Medicines vaccines; electronics; He said mobile phones and automobiles are made in many countries. The Prime Minister noted that India is moving forward with the mantra ‘Make in India, Make for the Globe’ and India is now the largest producer of transport aircraft in the world. The Prime Minister said that we can foresee that India will soon be manufacturing large passenger aircrafts that will proudly bear the words ‘Made in India’.

He said the building whose foundation was laid today has the power to transform the country’s defense and transport sectors. He pointed out that this is the first time such a huge investment has been made in the Indian defense sector. The transport aircraft produced here will not only empower the armed forces but also help in developing a new ecosystem for aircraft manufacturing. “Vadodara, renowned as a center of culture and education, will take on a new identity as the hub of the aviation sector,” the Chief Minister said, adding that he was happy that more than 100 MEMEs were associated with the project. In the future, we will be able to take orders to ship to other countries.

Talking about India’s rapidly growing aviation sector, the Prime Minister said that it will be among the top three countries in the world in terms of air travel. He said that the UDAN scheme has helped convert a large number of passengers into air travelers. Highlighting the growing demand for passenger and cargo aircraft, the Prime Minister said India would need more than 2,000 aircraft in the next 15 years. The Prime Minister pointed out that today is an important step in this direction and India has started preparations for the same. Shri Modi also emphasized that India is developing a global opportunity for a world beset by the Corona epidemic and war, disrupted by disruptions in global supply chains. He pointed out that India’s growth momentum has remained constant even in the midst of such difficult circumstances. Operating conditions are constantly improving and India is focusing on cost competitiveness and quality, he explained. India shows an opportunity for low-cost manufacturing and high productivity,” the Prime Minister said.

Highlighting the government’s reforms in the last 8 years, the Prime Minister said India is creating an unprecedented environment for manufacturing in the country. The Prime Minister made the simplified corporate tax structure globally competitive, opened 100 percent FDI channel, opened defense and space sectors to private companies, reformed 29 central labor laws into 4 codes and scrapped 33,000 compliances. Creation of Goods and Services Tax by ending the complex web of dozens of taxes. “A new economic reform is being written in India today and the manufacturing sector is benefiting the most from it apart from the states.

The Prime Minister credited the change in mindset for the success. “India today is a new way of thinking, Working with a new work-culture,” harkens back to a time when the reigning ideology was the suppression of the nation’s talent and private power. “Now after ‘Sabka Prayas’, the government is giving equal importance to the public and private sectors,” the Chief Minister lamented the previous government’s ad hoc approach of making the manufacturing sector unable to work by giving subsidies. logistics, Infrastructure like electricity supply or water supply. “We abandoned the ad-hoc approach to decision-making and introduced new incentives for investors. We launched the Production Linked Incentive program which made the change visible. Our policies today are stable, predictable and future-proof,” he said.

The Prime Minister recalled that the dominant mindset was to focus on the service sector as manufacturing was considered unattainable. “Today we are developing both the service and manufacturing sectors,” he said, stressing the importance of a holistic approach that emphasizes both the manufacturing and service sectors. “India today is poised to be ahead of everyone in manufacturing,” he said. “This is possible because in the last 8 years we have focused on skill development and created the environment for it. By combining all these changes, the Prime Minister pointed out that today the journey of development in India’s manufacturing sector has reached this stage.

Highlighting the government’s investment policies, the Prime Minister noted that FDI is clearly seeing its benefits. “In the last eight years, companies from more than 160 countries have invested in India,” he said. He further explained that these foreign investments are not limited to certain industries but are spread across 61 economic sectors and cover 31 states of India.

The Prime Minister informed that more than 3 billion dollars have been invested in the aerospace sector alone. Prime Minister Shri Modi noted that the investment in this sector after 2014 has increased by 5 times what was invested between 2000 and 2014. He said that in the coming years, defense and aerospace sectors will be important pillars of Atmanirbhar. Bharat movement.

“We aim to exceed $25 billion in our defense production by 2025. Our defense exports will be over $5 billion,” he added. He said the defense corridors being built in Uttar Pradesh and Tamil Nadu would be very helpful for the expansion. In this session, Shri Modi praised the Ministry of Defense and the Government of Gujarat for organizing the biggest Def-expo in Gandhinagar. It was emphasized that all the equipment and technology displayed at Def-expo was made in India. C-295 will also be seen at next years Def-expo,” said the Prime Minister.

In his closing remarks, the Prime Minister urged all stakeholders in the industry to make the most of the confidence from the unprecedented investment in the country at present. He added that more consideration should be given to helping the country’s businesses move forward. The Prime Minister emphasized on increasing the private sector in the field of research. “If we push this trend, we can develop a stronger ecosystem of innovation and manufacturing. You always have to remember the mantra of Sabka Prayas,” concluded the Prime Minister.