#Make_in_India’ was launched with much fanfare. However, despite opening up several sectoral caps for FDI and improving ‘ease of doing business’ ranking, manufacturing has not picked up as expected. Manufacturing value-added in Q3 2018 is estimated to have moderated to 6.7% (1)
,sharply down from April-June’s 12.4%. The sector is facing headwinds from both demand and supply sides. Demand has softened as can be seen by growing inventory in the auto sector and softer sales figures of FMCG companies. (2) @narendramodi
The supply side is still limping back after the disruption of the informal SME sectors by demonetization and GST. The eight core sectors that make up about 40% of India’s total industrial output — coal, crude oil, natural gas, refinery products, fertilizer, steel, (3)
cement and electricity — cumulatively grew by only 1.8% in January 2019. Centre for Monitoring Indian Economy data on projects show that the value of new project investments has declined in Q3 FY2019. The government did not make any sincere effort to reform the (4)
arcane labour laws and retreated from the early bid to tweak the land acquisition law. Without these reforms, ‘Make in India’ is unlikely to fly.(5) @narendramodi @PMOIndia @narendramodi_in @iShankarLalwani #ModiForYouth #ModiJiAt70 #happybirthdaymodiji
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