On the occasion of India’s Prime Minister Narendra Modi’s birthday, let's take a quick recap about how the sectors have witnessed a massive upsurge of the government policies implemented during his governance. Industrial, economic and infrastructural landscape of India rose up better during the last 10 years, even there are notable events during his tenure. There have been several reforms and plans that have not only strengthened the foundations of the Indian economy but also transformed the country’s industry and business landscape. Here are the most powerful initiatives in the sense of industry, economy and infrastructure that showcases India’s potential:
Launched in 2020, Atmanirbhar Bharat focuses on self-reliance that puts more emphasis on local production, innovation, and decreased import dependency. This program has propelled MSMEs, machinery producers, and equipment manufacturers. It also enhanced local production in important areas such as defense, heavy industries, and electronics encouraging companies to innovate and scale domestically.
This flagship program was launched in 2014 with the intention of turning India into a global manufacturing hub. It promoted both local and foreign investments in electronics, automobiles, defense, machinery and heavy equipment. Simplification of regulations, liberalization of FDI norms, and creation of industrial corridors established India as an attractive destination for investments and provided a significant contribution to key manufacturing industries.
“I urge the industry to take big steps with confidence and open new avenues for manufacturing and exports…The government will support it through friendly policies,” said Prime Minister Narendra Modi.
The PLI scheme has revolutionized industries. Spread across 14 key sectors including electronics, pharmaceuticals, textiles, auto components, and renewable energy, it provides financial incentives linked to production and sales. The scheme is facilitating the mass production of smartphones, semiconductors, hi-tech machinery and equipment, with global supply chains, and increased exports.
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In addition to governance, Digital India has been a catalyst for industry. For industries, this meant smoother compliance, digitized supply chains, and the rise of fintech, automation, and smart manufacturing. Digital platforms also helped MSMEs and machinery suppliers connect with wider markets.
Intended to promote innovation and entrepreneurship, Startup India has established a successful environment to an entrepreneur. Through tax exemptions, easier compliance, and funding support, it has supported industrial innovation across manufacturing technology, robotics, machinery, and equipment design. India is now the third-largest startup ecosystem in the world, with unicorns emerging in sectors ranging from e-commerce to industrial tech.
“Manufacturing transforms every aspect of the economy, creating an ecosystem. Increasing manufacturing capabilities increases employment generation. We have examples from all over the world where countries have accelerated the development of the country by increasing their manufacturing capacities.”—Prime Minister Narendra Modi.
Infrastructure has been another cornerstone of Modi’s governance. Under Bharatmala and Sagarmala, highway corridors, ports, and logistics hubs have been modernized. The enhanced connectivity has reduced the logistics cost of industries as manufacturers and exporters of machinery, steel, and equipment are able to access overseas markets at low costs. The expansion of airports in tier-2 and tier-3 cities has further boosted regional trade and industrial activity.
GST was introduced in 2017 and it substituted a complex system of indirect taxation with a unified tax regime. In the case of industries, it lowered compliance expenses, enhanced efficiency of the supply chain, and enhanced competitiveness. The manufacturers of machinery and equipment also got an advantage with the ease in interstate trade and less cascading of taxes.
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Under Narendra Modi’s leadership, India’s industrial and economic outlook has entered a new phase, with several value-driven schemes redefining key sectors. The Progress, Process and Predominance just made us a distinguished caliber in world economy. Together with manufacturing incentives, digital transformation, support of entrepreneurship, infrastructure growth, and taxation reform, he has positioned India as a rising global powerhouse. These initiatives are a constant driver of the production of machinery, increase exports, investments and enable industries to compete on a global scale. Now the world has understood that we are not buyers anymore rather with our initiatives our homegrown products are impacting the world market seamlessly.
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