New Delhi: Prime Minister Narendra Modi's 'Make in India' vision might prove to be a little difficult to realise as India's manufacturing sector continues to be plagued by a number of ills.
Industrialists across the country took Modi's words with a pinch of salt as ground realities present a completely different and difficult picture of industrial production in the country.
Satyajeet Singh, who runs a small food processing unit in Patna, supplying products to nine different countries insist that it is very difficult to turn India into a manufacturing hub given the highly competitive global market.
"Every government makes similar promises. We need to get clarity on land acquisition, we don't have access to finance, in India the cost of capital is very high", Singh explained.
Dye manufacturers in Ahmedabad have seen exports fall by 50 per cent. Chief Executive Officer of one such manufacturing unit- Asiatic Colour-Chem Industries Limited, Mahesh Agarwal said,"In countries like China, the government purchases technologies and gives it to the industrialists, who pay back the costs over a period of five years. This is a benefit that should be introduced in India as well."
Agarwal insisted that India must rationalize duties and taxes in such a manner that it becomes more lucrative for the European countries to import from India.
While the mood is upbeat in the Chambers of Commerce, experts say that Modi's vision needs to be followed up with a suitable policy and its subsequent implementation.
One of the major reasons for the Bharatiya Janata Party's spectacular victory in the last general elections was the promise of job creation in its election manifesto. One way of achieving it is by giving a much needed boost to the manufacturing sector which currently contributes to only 15 per cent of India's GDP. The industry is looking forward to a complementary policy and more importantly maintaining it for a long duration.