MAKE IN INDIA – Making it happen in Australia
Vish Viswanathan, Chair of Make in India Focus Group, AIBC
The Program: MAKE IN INDIA was launched by Government of India under the visionary leadership of Prime Minister Modi in 2014 during which he said “Go and sell in any country of the world but manufacture here. We have skill, talent, discipline and the desire to do something. We want to give the world an opportunity that come make in India”
To date, the Total Foreign Direct Investment inflow of US $ 61.96 billion has been received in 2017-18 which is the highest ever for any financial year. FDI inflow received during 2017-18 is 72% higher as compared to 2013-14 (US $ 36.05 billion). Various measures by the Government to simplify and liberalize FDI policy provisions have resulted in such increased FDI inflows into the country. From FDI deals in Single Brand Retail to India’s rank surge in Ease of Doing Business, the Year 2017-18 has emerged on a high note for Make in India Program with a global participation.
While five countries (USA, Japan, United Arab Emirates, Germany and Sweden) are already participating in a big way, it is time Australia takes advantage of the Make in India program.
Following is a brief report on the MAKE IN INDIA program and how Australia can be both a partner and a beneficiary.
Make in India is designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best in class manufacturing infrastructure in India. The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector. The focus of Make in India programme is on 25 sectors. These include: automobiles, aviation, chemicals, IT & BPM, pharmaceuticals, construction, defence manufacturing, electrical machinery, food processing, textiles and garments, ports, leather, media and entertainment, wellness, mining, tourism and hospitality, railways, automobile components, renewable energy, biotechnology, space, thermal power, roads and highways and electronics systems.
Role of Australia India Business Council (AIBC) in Make in India Program
As Prime Minister (Narendra) Modi suggested when he visited Australia, in every area of national priority for India, he sees Australia as a natural partner. The MAKE IN INDIA sectors Australia can contribute include energy, resources and water, industrial design, infrastructure investment, pharmaceutical research, Information Technology, metals recycling for manufacturing inputs, and agribusiness. In addition, the demand for electronic hardware expected to rise rapidly to US$400 billion by 2020, India has the potential to become an electronic manufacturing hub which is a tremendous advantage for Australia. In addition, the Small to Medium Enterprises in both countries can complement through MAKE IN INDIA program and global market. Being the Premier and established bilateral business organisation, AIBC will take both leadership and facilitation of focussed and sector wide MAKE IN INDIA partnerships in Australia. In addition, AIBC has a skill base consisting of subject matter professionals, industry leaders, corporate members and senior Government representatives.
How AIBC will be effective
AIBC has formally launched a MAKE IN INDIA Focus Group on 16 October 2019 which offers some possible or tangible advantages to such as
Active Participation & contribution by members across various disciplines.
More industry/ corporate/ Government participation and support by Industry groups
Measurable outcomes on key identified MAKE IN INDA specific projects
Gov to Gov – G2G business & project opportunities.
AIBC “MAKE IN INDIA” Focus Group membership consists of specific corporates and seriously interested and committed professionals drawn from core disciplines aligned to key priority sectors in Australia India space.
AIBC MAKE IN INDIA” Focus Group has identified key sectors aligned to Australian market including:
- Electric vehicles & Energy Management
- Food Processing
- Health including Pharmaceuticals
- Services (infrastructure services, manufacturing services, legal & professional services)
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Opportunities available for business in Australia and India.