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EAM S Jaishankar highlights importance of manufacturing for India's economic and global influence

By Rahul Kamat,

Added 15 May 2024

He highlighted the need for a comprehensive plan that addresses both economic and strategic imperatives, emphasising the critical role of a strong manufacturing sector in securing India's long-term economic strength and global position.

In a recent address, External Affairs Minister S Jaishankar underscored the critical need for India to bolster its domestic manufacturing capabilities and enhance its overall economic strength. He stressed that this strategic move is vital for elevating India's global influence and for effectively competing with economic giants like China. "It is important that the Indian manufacturers should learn to compete," he said. 

Minister Jaishankar accentuated the pivotal role of manufacturing in shaping India's foreign policy agenda, stating that a robust manufacturing sector empowers the country to assert its interests globally. By strengthening manufacturing capabilities, India can not only enhance its economic competitiveness vis-à-vis China but also pursue a proactive and confident foreign policy.

Under the leadership of Prime Minister Narendra Modi, India is witnessing significant shifts in its economic landscape, with a renewed focus on strengthening domestic manufacturing as the foundation of its recovery and resurgence. Minister Jaishankar articulated that this emphasis on manufacturing is not only essential for India's economic competitiveness but also for augmenting its global stature, especially amid escalating economic rivalry with China.

Despite facing trade imbalances and various challenges, India has made substantial developments in expanding its manufacturing base and reducing dependency on imports, particularly from China. Minister Jaishankar highlighted the importance of efficient infrastructure and a favourable regulatory environment in nurturing a thriving manufacturing sector.

Acknowledging past blockades, such as regulatory hurdles and environmental concerns, Minister Jaishankar expressed optimism about India's future, citing the energy and skills of its young population. He credited Prime Minister Modi's initiatives, such as 'Make in India' and 'Production Linked Incentive' (PLI) schemes, for boosting domestic manufacturing and reducing reliance on imports.

Addressing challenges posed by India-China trade dynamics and ongoing border issues, Minister Jaishankar stressed the urgency of addressing fundamental issues within India's manufacturing ecosystem. He highlighted the need for a comprehensive plan that addresses both economic and strategic imperatives, emphasising the critical role of a strong manufacturing sector in securing India's long-term economic strength and global position.

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