India needs to become global champion in auto, textile & food processing: Amitabh Kant
India has a comparative and competitive advantage in nearly 15 sectors, says theCEO of Niti Aayog.
The Prime Minister has shared his vision on Atmanirbhar Bharat. What kind of policy framework do you think needs to be put into place to make India more self reliant?
It is very clear that under the Atmanirbhar Bharat vision set by the Prime Minister, the domestic sector will have to be made more competitive. We will build scale and size and target -specific areas of global value chains and enhance our contribution to global trade. It was not about isolation as some have said. It is not about anti-globalisation. It is about actually penetrating global markets and using the strength of our domestic markets to do this and to achieve this we have a three-pronged strategy. One, invite investments both FDI and domestic into sectors of strength. Second, build scale to ensure economies of scale in the areas of strength and third, really kindle the animal spirits of entrepreneurs in India.
It is critical that we really push for this. We have already initiated several policy measures and we have brought in the production-linked incentives in mobile and electronics, in APIs and pharma and in medical devices, and we will continue to push for radical reforms so that India becomes easy and simple and we continue to push for growth.
I am not drawing you to political waters but Make in India was also a campaign which was in a sense unveiled by the current administration a couple of years ago. Some would argue, it never really saw the success with which it was really launched and ideated. So how is Atmanirbhar really different from Make in India?
People do not realise that because of Make in India, we could focus on ease of doing business. We jumped up 79 positions on the ease of doing business ranking. We could open almost all sectors of India’s economy through FDI and our FDI consistently grew over the last five years. This year we are receiving close to about $80 billion from foreign direct investment. Just imagine if this had not happened. FDI has brought along with it a lot of technology.