The last week saw the celebrated launch of Prime Minister Narendra Modiâ€™s â€˜Make in Indiaâ€™ campaign. The meet was attended by several CEOs who made enlightening speeches, including Tata Group chief Cyrus Mistry, Reliance Industries Chairman Mukesh Ambani, and Aditya Birla Group’s chief Kumar Mangalam Birla.
The â€˜Make in Indiaâ€™ campaign aims at making India a global manufacturing hub. The government will make labor laws easier and more flexible for business in India. Investment in manufacturing will be in focus too. Indian businesses have rarely innovated to create products and the solutions have mostly been workarounds. Learning to innovate is the biggest challenge and one of the biggest initiatives of the â€œMake in Indiaâ€™ movement.
The similar â€˜Make in Chinaâ€™ initiative has been successful in many ways. China started as a cheap manufacturing base and has grown in leaps and bounds to become a huge production hub today. It has innovated to remain competitive over the years. In fact, the Chinese government has launched a â€˜Made in Chinaâ€™ campaign with a host of tax concessions that coincided with PM Narendra Modi’s â€˜Make in Indiaâ€™ venture.