Industry lauds PM Narendra Modi's signals to boost manufacturing

Seeking requisite policy support and implementation measures, the industry on Friday said the Prime Minister gave clear signals to domestic and global investors to make India an international manufacturing and export hub.

"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 the competitiveness of our manufacturing sector," Federation of Indian Chambers of Commerce and Industry (Ficci) said in a statement.

It also said the new structure that will replace Planning Commission will provide a concrete direction towards broad-based development and its monitoring.

Improved governance and trust will help inspire youth and enterprises to work towards the larger goals of meeting societal needs and aspirations, it added.

Echoing similar views, Confederation of Indian Industry (CII) too said the Prime Minister has given high importance to manufacturing and investment.

However, CII said issues related with taxation, including introduction of the Goods and Services Tax (GST), land acquisition, faster approvals, trade policy needed to be addressed to boost the manufacturing sector.

Welcoming the announcement to replace the Planning Commission, it said creative thinking is required for building a new India with public private partnership and optimum utilisation of resources and power to the states.

Prime Minister Narendra Modi's announcement for a new scheme for financial inclusion, will bring in more people into the formal banking channels, it said.

On e-governance, it said broadband connectivity for all will foster this process.

Assocham said 'Come, Make In India' call to global investors is a big message for global investors.