MOVING A STEP CLOSER TO SELFRELIANCE AND AATMANIRBHARTA

MAKE IN INDIA: MAKE FOR THE WORLD

Introduction

 The government's vision for an 'Aatma Nirbhar Bharat' (self-reliant India) is laudable. This is not a new idea, though. Indeed, self-reliance was a key reason for a newly-independent India to lay emphasis on a public sector that, over time, was present in virtually every sector- from aviation to zinc. During the 1980s, the emergence and development of India's private sector were powered by buzz phrases such as 'Importsubstitution' and 'Be Indian, Buy Indian.

Especially in the past three decades, as India has opened up its economy in a calibrated manner, its large domestic market attracted investments across sectors. While market size is undoubtedly an important criterion, other aspects that make it easy to do business are just as critical. As a nation, India competes with other countries. In an increasingly globalized world, when investors (foreign or domestic) commit risk capital to India, they are making a conscious choice. Other countries (e.g. Vietnam, Malaysia, Bangladesh etc.) may not have large domestic markets themselves but are attractive as hubs for manufacturing products that are then exported around the world, giving a boost to the local economy.

Through sector-specific 'liberalization' and 'reforms', Indian governments have, since 1991, been taking steps to attract investments into the country. Modifying the legal framework governing such investments and operations is a key enabling action. The results are visible, as India has become self-reliant in many areas.