As India celebrates its 78th Independence day on August 15, the nation's Prime Minister, Narendra Modi, delivered his 11th consecutive speech from the Red Fort in Delhi.
Indian Products In Global Market
This speech often involves mention of varied facets that constitute the modern-day apparatus of the nation. In his first speech after being sworn in as the PM for a historic third straight term, the PM touched upon the issue of manufacturing.
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While speaking from the fort on a foggy day, the PM said, "At a time, we used to say that even toys were coming from abroad, but today I can proudly say that toys from my country are reaching the global market".
Manufacturing is one of the biggest moves in the realm of global economics, as China's dominance becomes a headache and as many major Western economies look at the possibility of a re-industrialisation, India's position and its ambition to expand in manufacturing.
Making a Manufacturing Hub
Laying emphasis on manufacturing, the PM further added, "From the Red Fort today, I am saying that the day is not far when India will become the hub of industrial manufacturing".
Furthermore, he also spoke on the salience of creating a paradigm that I supportive of businesses, especially manufacturing, especially in the smartphone sector . PM Modi remarked, "Today, we have developed a significant ecosystem for mobile phone manufacturing, becoming a major hub and starting to export mobile phones globally."
India, apart from being a major consumer, is also one of the biggest makers of all-important smartphones in the world.
Delving further into the lucrative world of chip-making, Modi added, "This is India’s strength... We have also launched a semiconductor mission, and semiconductor production will now take place in India as well.."
Currently, the USD 3 trillion economy has the manufacturing sector as a key focus area. The manufacturing sector in South Asian countries contributes 16–17 per cent to the overall GDP. In addition, it also employs over 27.3 million people.
