Relevant Indian departments approved a textile industry manufacturing promotion plan totaling 106.83 billion rupees on the 8th.
This is part of India’s Rs 2 trillion manufacturing promotion plan proposed last year. In order to promote high-end manufacturing, the Indian government proposed last year to implement a 2 trillion rupee manufacturing promotion plan in 10 manufacturing areas in the next five years, and the textile industry is one of them.
Previously, relevant Indian departments have approved an investment promotion plan for telecommunications equipment worth 121.95 billion rupees. A promotion plan for automobiles may also be approved soon.
India’s Ministry of Commerce and Industry stated that the purpose of implementing the textile industry promotion plan is to improve the competitiveness of the Indian textile industry in the world market and improve Export share of Indian textile products. At the same time, since there are more female workers in the textile industry, promoting the development of the textile industry will also help increase the employment rate of Indian women.
As early as 2014, the Modi government proposed the slogan “Made in India”. The newly launched Manufacturing Promotion Initiative (PLI) can be regarded as “Made in India 2.0”, aiming to improve the technological level of India’s manufacturing industry. , enhance export competitiveness and solve domestic employment problems. On the other hand, the plan can also provide India with huge employment opportunities and create a large amount of exports, but the final effect remains to be seen.
In November last year, the Indian government stated that it would invest 2 trillion rupees in the next five years to promote the Manufacturing Promotion Initiative (PLI) in 10 manufacturing areas. These ten manufacturing areas are advanced chemical batteries, electromechanical products, automobiles, Pharmaceuticals, telecommunications networks, textile products and technologies, food manufacturing, solar technology, white goods and specialty steels.
Since the Modi government launched its so-called “self-reliance” plan, it has reduced the import of many Chinese goods and hopes to attract manufacturing investors to India with its market size. Investment in the hope of benefiting from the new round of industrial transfer
India’s economic situation is not good, so why does it always want to rely on its own country to turn the tide? This actually has a lot to do with Prime Minister Modi. It is reported that in 2014, Modi launched the “Made in India” plan as soon as he took office to build India into the heart of global manufacturing and is ready to catch up with China.
Modi has vigorously promoted “Made in India” in recent years, but the results have been unsatisfactory. Its manufacturing industry has declined instead of rising among the three major industries. In addition, India has recently offered up land as large as two Luxembourg to attract companies that want to move away from the Chinese market. However, considering its development potential in India, the manufacturing industry does not seem to be interested in India’s land preferential policies this time.
It is worth noting that the Indian Industry and Domestic Trade Promotion Bureau has previously revised its foreign trade policy, requiring some countries to obtain approval from the Indian government when investing in India. This is considered to be an intentional restriction on the investment of Chinese companies in India. On the one hand, India wants to attract foreign companies, but on the other hand, it has introduced a foreign trade policy with restrictive requirements. This motivation is really confusing.
It is worth mentioning that the epidemic in India is still spreading, and its production is still facing big problems It remains to be seen whether its economic stimulus policies can promote the resumption of work and production. The government may not only focus on its domestic development, but also look to the outside world and improve its import and export policies. A good medicine to revitalize the Indian economy. </p
