Interlinkages between the sectors would help increase the success rate of manufacturing units. A conducive business ecosystem and supportive regulatory climate can go a long way in ensuring sustained wealth creation in the country. Wealth creation isn’t possible without nurturing private enterprises and entrepreneurs, investors and consumers. Capacity building by investing in human capital and skilling will particularly help. To adapt, employees in almost every role and industry will need to acquire new skills. The scheme is an extensive drive to create proper awareness among MSMEs about zero defect, zero effect (ZED) manufacturing and motivate them for systematic innovations for sustained growth.Ĭ) The next ten years will bring fundamental changes to our work methods. The Ministry of MSME has launched a zero defect zero effect policy to boost and encourage Indian MSMEs to be more productive. But MSMEs also need handholding to get to the level where they can engage successfully in international markets as well as address growing domestic demand for high quality goods and services.ī) To enhance India’s share in global trade, and sustain it, especially in the wake of tough business environment, domestically and internationally, it is imperative for us to enhance our levels of competitiveness and also give due importance to technology and innovation. The MSME sector in India continues to demonstrate remarkable resilience in the face of global and domestic economic and geo-political circumstances. The Modi government has taken a lot of steps to inspire, promote, motivate and push exports of traditional goods through “One District One Product,” and cluster approach. Export plays a critical role in Atmanirbhar Bharat. There are three broad areas which can be presented for wealth creation:Ī) The slowdown in many parts of the world provide an opportunity to position India as an attractive investment destination. It is argued that the extension of PLI schemes to design in manufacturing and solar power equipment would expand capacities as well create more opportunities.Ī recalibration of customs duty for electronic goods would enable growth of domestic manufacturing and also encourage procurement from SC/ST entrepreneurs as part of the public procurement policy. The reduction of imports and the objective of self-sufficiency has led to a larger participation of the private sector in the defence sector in design and development. The Ministry of Defence is pushing for defence exports. India can emerge as a manufacturing hub especially with the ongoing policy reforms like the Performance Linked Incentive (PLI) scheme. However, as the country strives to get to this goal, the economy is facing headwinds and has slowed to a 5-year low of 6.8 per cent rate of growth. The Narendra Modi government has set an aspirational goal of India becoming a $5-trillion economy by 2025. Not only that, the UN agency has warned that the country's fiscal space is at risk and called for an ambitious and well-communicated consolidation. As India moves towards becoming a $5-trillion economy, the International Monetary Fund (IMF) has forecast a modest 6.8 per cent growth for the country in the current financial year.
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