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India’s manufacturing prowess is driven by its own competitive advantages, and not by reliance on any China Plus One strategy, Commerce and Industry Minister Piyush Goyal told ToI in an interview. Goyal also told ET that the Make in India initiative, launched a decade ago, was designed with a singular vision—to boost domestic manufacturing, create jobs, and offer entrepreneurial opportunities.
“At that time, there was no China plus one, or no anti-China mood. We’ve been successful in all of this, despite two wars, despite two years lost in Covid, we’ve achieved all of the above,” Goyal said.
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There is massive interest in India from developed countries, not because of a China Plus One strategy, but because of India’s own competitive advantages, he added.
India is not dependent on China Plus One, Goyal said, countering the narrative that India’s manufacturing success hinges on companies moving production out of China. Make in India was built on a conviction to strengthen India’s domestic capabilities, not an Anywhere-but-China’ policy, he added.
India’s Make in India initiative, launched on September 25, 2014, aimed to transform India into a global manufacturing hub. The programme has seen significant success, boosting India’s manufacturing capabilities and positioning the country as a major player in global supply chains.
Reflecting on the progress, Goyal said, India has made tremendous strides in manufacturing and is poised to increase its share in the overall GDP. According to him, this progress is not linked to shifts in global strategies aimed at reducing reliance on China but rather to India’s own inherent advantages.
Goyal further outlined that India’s transformation over the past decade is the result of strategic reforms aimed at improving the ease of doing business.
In 2014, the Modi government inherited a broken economy, Goyal told ToI. PM Modi took the challenge head-on, introducing key reforms like GST, decriminalizing laws, and addressing investor concerns, he said. These measures have bolstered investor confidence, positioning India as the fastest-growing major economy, despite global economic challenges.
Goyal said that India’s competitiveness lies in the country’s unique strengths.
He flagged the importance of sectors like electronics, pharmaceuticals, and food processing, which have rapidly grown thanks to initiatives such as the Production Linked Incentive (PLI) scheme. These sectors have not only increased production but also boosted exports and created jobs, the trade minister said.
India’s appeal as a manufacturing destination is becoming increasingly apparent, with global companies expanding their production bases in the country. The Indian government aims to attract $110 billion in foreign direct investment (FDI) annually over the next seven years, compared to an average of $70 billion in recent years. Major players in electronics, automotive, and engineering sectors have already made substantial investment commitments, viewing India as a key player in the evolving geopolitical landscape.
Reflecting on his discussions with investors from Singapore and Australia, Goyal said, it’s clear that for manufacturers to be competitive and capture a larger market share in Asia, Africa, and Latin America, they need to produce at scale and at competitive prices. India offers this, with its decisive leadership, demographic dividend, demand, and a democratic rule of law that ensures the safety of investments.
(With ToI inputs)
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