If the Chinese app ban opened a fresh set of market opportunities for Indian businesses to flourish, then the Make for World move announced by the Prime Minister Narendra Modi on our country’s 74th Independence Day is going to make India a super powerhouse of manufacturers.
“Today many businesses of the world are viewing India as the hub of the supply chain. So now, we have to move ahead with the mantra of ‘Make for World’ alongside ‘Make in India’,” affirmed the Prime Minister on August 15th.
And much before this move was announced, the PLI scheme, launched two months back, is already receiving tremendous response from top mobile manufacturers and their contract manufacturers as they have promised to make mobile phones and components worth Rs 12 lakh crore in the coming five years in India.
“I believe in the capabilities of our fellow Indians. I believe in the abilities of our youth. I am confident that we can achieve this goal of Atmanirbhar Bharat with the help of the approach and thought process of our citizens,” PM Modi had hopefully voiced this pledge.
And this push for manufacturing in India for global markets is what is going to be a game-changer for the country in the coming years and it is expected to attract more global companies setting the country on the path of becoming an economic superpower and also set the path for India to achieve its goal of attaining a $5 trillion economy.
On how this Make for World move is going to be the game-changer for India, many experts have shared their views with Voice&Data:
Jump-starts engineering and manufacturing ecosystem
Vivek Bansal, President Engineering, VVDN Technologies
The Make for World initiative will jump-start the engineering and manufacturing ecosystem and accelerate the growth of Indian manufacturers to fulfil huge local/global demand. This initiative would benefit new-age industries like 5G, Wireless, Vision, IoT, etc. VVDN has always been an advocate of design and Make in India and we welcome this initiative.
Robust implementation plans needed to catapult India
Karthikeyan Natarajan, President & Chief Operating Officer, Cyient
India is already attracting one-third of the global ER&D (Engineering Research and Development), which is expected to touch $60 billion by 2025. The country is innovating for the world with patents, new product introductions, and helping Fortune 1,000 companies to reduce their time to market and creating next-gen consumer experiences. It is also an opportune time for the government and India Inc to act in unison to extend the same to the manufacturing sector as “Create and Make in India, innovating for the world”. It is imperative that the government brings in deeper, faster process reforms that tackle major barriers, and India Inc. chalks out a long-term strategy with robust implementation plans to catapult India as a major Hub for global product innovation and manufacturing.
Make products in India for India
Jaya Vaidhyanathan, CEO, BCT Digital (Bahwan CyberTek group).
Make for the World was a clarion call by PM Modi – With a clear action plan, it is time to realize that dream. The first step of the process is to make products in India for India and the product supremacy by itself will take care of the process of rolling it out to the world.
Strategic direction for India with Atmanirbhar Bharat
Rakesh Goyal, CEO, Infinity Labs.
In the aftermath of the pandemic, India is rightly placed to seize the opportunity and establish itself in the global supply chain. Prime Minister has conveyed a strategic direction with Atmanirbhar Bharat, and we believe that with the right mix of talent, innovation, and resources, India is well poised to transform into a global manufacturing hub.
Reverse brain drain will help India grow remarkably
Ankur Mittal, co-Founder Inflection Point Ventures
India is in a prime position to increasingly define how the world embraces technological innovations. There are many entrepreneurs today encouraged to serve the nation, who are leveraging their experience of Silicon Valley and other key MNCs, through their ventures. This reverse brain drain will help India grow remarkably.
Also, the ease of export will enable brilliant minds to make the best of the resources in hand. This is a golden opportunity for all startups to aim for global markets, and looking beyond the COVID pandemic.
For VCs, it’s a great space to continue to be in, where the startups have an endless scope to scale. We have already witnessed some niche international VCs now scouting opportunities in India, in sectors that are expected to favorably outperform due to the Pandemic. Investing in startups with the global market as the target audience might get more preference by investors with dry powder available.
Provides opportunities to the abundant talent pool
Ajay Data, Founder and CEO of Data Ingenious Global
Make for World is going to position our nation as a force to reckon with in terms of global trade and business. The mission aims to increase the growth of indigenous products, software and services for providing opportunities to the abundant talent pool available in India. It is a commendable effort for organic start-ups like ours, which have grown from scratch. We appreciate our government supporting us to engage better in the global value chains.
Advantage to eSports and Gaming industry in India
Varun Gajjar, Founder, Whomp
With the pandemic giving a boost to the drive for the vocal for local, the initiative Make for World will only further strengthen it. Our country is a powerhouse of talent and resources. We have the best tech designers and developers to leverage. This initiative will help to advance the infrastructure for the rapidly growing eSports and Gaming industry in India.
Unleashes the power of mass entrepreneurship
Madan Padaki, Co-Founder, Global Alliance for Mass Entrepreneurship (GAME)
PM Modi’s clarion call to ‘Make For World’ is an indication of the role India can play in becoming the next hub for exports. At GAME, we believe that by catalyzing a dynamic local/cluster-level ecosystem of Financial Institutions, Government, Academic Institutions, MSME Associations, Entrepreneur Development Organisations, etc., we can unleash the power of mass entrepreneurship to ‘Make for World’ a resounding success.
Positions India as an attractive investment and business hub
Prasad Rajappan, Founder & CEO, ZingHR
The clarion call by Prime Minister Narendra Modi towards ‘Make for World’ adds a new dimension to the goal of ‘Aatma Nirbhar Bharat’. Amid disruption of global supply chains, global firms are mulling to relocate their manufacturing base to India. It is our responsibility to leverage this opportunity and position India as an attractive investment and business hub. This will play a pivotal role in shaping India’s growth trajectory and fulfill its goal of a $10 trillion economy by 2030.
As a responsible organization, ZingHR is committed to augmenting government efforts through its expertise in HR-technology. We have recently collaborated with various players to offer online courses to prepare Indian Armed Forces for corporate roles. The initiative reaffirms our commitment towards Aatma Nirbhar Bharat.
Government needs to create a better infrastructure
Pranshu Sikka, CEO and Founder of The Pivotals
Make in India presents a great opportunity to become the manufacturing hub for various international markets. However, the dependence on global suppliers and bilateral trade relations due to larger diplomatic relationships will be critical to realizing this goal. The government will also need to create a better ecosystem to encourage this.
If Israel can do it, why not India
Atul Rai, co-Founder and CEO, Staqu
I believe that each and every part of India is capable of delivering world-class products and services. For instance, the population of Israel is almost the same as the population of Bangalore. It is less than half of Mumbai’s population and about one-fifth of Delhi NCR. So, if Israel can become a global hub of surveillance solutions, why our metropolitan cities can’t? It’s just a matter of will. Our Hon’ble PM is stoking the right passion.
Right time to capitalize on the momentum
Ankit Shyamsukha, CEO, ICA Edu Skills.
A very bold move and it shall be interesting to see how far the policymakers see this vision through especially when the world (and Indian) economy is under economic duress. It is the right time to capitalize on the momentum when many are looking to reduce future supply impacts by diversifying their sourcing chain. Make for World shall directly have a positive impact on Poverty, Infrastructure, GDP, Skilling, Trade Deficit. All in all a gradual rise in the per capita income which is the true flag bearer of self-reliance.
Gives the world the right message about our quality production and offerings
RP Yadav, Chairman & Managing Director, Genius Consultants Ltd
India is currently the focussed destination for many global investments. The new mantra of our Prime Minister, Make in India for the World is definitely one of the greatest steps to encourage local production and manufacturing of the country. This initiative is to motivate the local manufacturing and productions to gradually graduate from producing things for themselves, to being self- reliant and now to make the world rely on us. It gives the world the right message that we are ready to help them with our large-scale quality production and offerings. Moreover, this opens great opportunities for the job market to boom and increase the demand of skilled employees. It will act as a catalyst in boosting the greater economic condition of the country.
Contribute for the global economy
C V Subramanyam, Chairman & MD at Cigniti Technologies.
Technology, Digital initiatives and Innovation plays a key role in the ‘Make for the World’ call by the Prime Minister. We believe that the quality and the speed at which the products or services delivered are going to be essential for India to move forward in this direction and contribute to the global economy.
India has the best tech designers and developers to leverage
Varun Gajjar, Founder, Whomp
With the pandemic giving a boost to the drive for vocal for local, the initiative ‘Make for world’ will only further strengthen it. Our country is a powerhouse of talent and resources. We have the best tech designers and developers to leverage. This initiative will help to advance the infrastructure for the rapidly growing eSports and Gaming industry in India.
Helps the country secure a position in the export/import market
Vinod Kumar Gupta, Managing Director, Dollar Industries Limited
On the occasion of 74th Independence day, the shift from “Make in India” to “Make for World” has opened a lot of avenues leading to a self-reliant India. The “Make for World” mantra will help the country secure a position in the export/import market and also generate employment. This will also help in the growth of indigenous industries and boost the economy.
Ultimately increase India’s GDP growth
Arvind Sharma, Partner, Shardul Amarchand Mangaldas & Co.
The ‘Make in India, Make for World’ call by our PM is a timely one and will go a long way in increasing India’s contribution to the world economy. The top global companies will look towards India with this intent, thereby creating immense job opportunities and ultimately increasing India’s GDP growth.
THE INFERENCE THAT MATTERS
It is certain that the Make for World move will place India as a hub for manufacturing goods that suit global markets. It is also certain that the employment opportunities in the domestic markets will improve and also the country stops the need to be reliant on imported goods.
India has the potential to be the destination of choice for the global manufacturing giants in different sectors such as pharmaceuticals, automobiles, textiles, electronics, computer hardware, software, etc. Though a lot is going in favor of the country, it is largely opined that India needs to formulate the right policies if it needs to transform as the next global manufacturing base.
If India needs to superimpose China’s presence in the global markets then it is highly necessary that the country takes appropriate decisions to skill, upskill, reskill the existing workforce and also ensure that the incentives and tax strategies are oriented in the direction to make this ‘Make for World’ mantra a rolling success.