Industry leaders and business honchos on Friday gave a thumbs-up to Prime Minister Narendra Modi's maiden Independence Day speech in which he sought to transform India into a global manufacturing hub.
"I tell the world, Make in India! Sell anywhere but manufacture here. We have the skill and talent," Modi said. It should be every Indian's dream to see "Made in India" products around the world — environment-friendly and with zero defects, he added.
"We are now confident that the 'Make in India' and 'Made in India' vision will be supported by requisite policy and implementation measures for enhancing our manufacturing sector," said Sidharth Birla, president, Ficci.
"As PM said, manufacturing is necessary for employment and for trade expansion. Come, make in India — what an inspiring statement! CII is sure these words will be welcomed by foreign investors," said Chandrajit Banerjee, director-general, CII.
"The PM wants to involve all citizens, including the corporate sector, in nation building. We promise to do our best," said Harshpati Singhania, director, JK Organisation.
The chambers also welcomed the move to replace the Planning Commission with a new institution. It will provide a concrete direction towards broad-based development, Ficci said.
"We would be happy to work with government to offer ideas on the outline of the institution," CII added. It also lauded the Pradhan Mantri Jan Dhan Yojana, which seeks to provide every poor family with a bank account and a built-in insurance cover of Rs. 1 lakh.
The industry, however, said that issues related to taxation including introduction of GST, land acquisition and faster approvals need to be addressed to boost manufacturing.