GD Topics

Table of Contents
Unity Statue ..................................................................................................................... 2
Demonetisation ................................................................................................................ 4
Cashless Economy............................................................................................................. 8
GST ................................................................................................................................ 10
Walmart & Flipkart Deal: Impact on Indian Economy ...................................................... 12
Make in India ................................................................................................................. 14
Unity Statue
Described as a tribute to Indian engineering skills, the Statue of Unity depicting the 182
metres (597 ft) height iconic figure of Iron Man of India, Sardar Vallabh Bhai Patel, is
located in Narmada District of Gujarat at a river Island facing the Narmada Dam. It is the
tallest statue in the world and is 4 times the height of Statue of Liberty, New York (USA).
The statue was unveiled on October 31, 2018 by the Prime Minister of India, Shri Narendra
Modi.

The statue stands as the Pride of Nation but there are many who think that incurring
Rs.2900 crores on it, has been a wastage of public money.

Statue of Unity: Back Ground

 Statue of Unity project was first announced on 7 October 2010
 The Sardar Vallabhbhai Patel Rashtriya Ekta Trust (SVPRET) was established by the
Gujarat government for construction of the statue.
 Statue of Unity Movement – a drive was started to support the construction of the
statue - helped in collecting the iron required for the construction of statue. Indian
farmers were asked to donate their used farming instruments - later decided that the
collected iron would instead be used for other parts of the project
 The Statue of Unity Movement organised a Suraaj ("good governance") petition. The
petition was signed by around 20 million people and was termed as the world's largest
petition.
 A marathon ‘Run For Unity’ was held on 15 December 2013 in several places throughout
India
 Statue’s Foundation stone was laid by Narendra Modi, the then serving Chief Minister
of Gujarat on 31 October 2013, the 138th Birth Anniversary of Sardar Patel

Statue of Unity: Key Facts

 Known as the ‘Iron Man of India’ Sardar Patel was instrumental in the unification of
hundreds of princely states that divided India into many parts. With his efforts the
modern political boundary of India could be formed.
 The Statue of Unity monument and its surroundings occupy more than 2 hectares
(4.9 acres) area. It is surrounded by a 12 sq km artificial lake.
 The Statue of Unity was built by Larsen & Toubro (L&T), who got the construction
contract for ₹2,989 crore (US$420 million) for the design, construction, and
maintenance in October 2014.
 The construction of the project was started on 31 October 2014 and completed in
mid-October 2018.
 The Statue of Unity was designed by Indian sculptor Ram V Sutar
 The statue was built on a Public Private Partnership model. Most of the money was
raised by the Government of Gujarat. The Government of India had allotted ₹3
billion (US$42 million) for the project in the budget from 2012 to 2016

Pride of India: Pros

 Statue of Unity, the world’s highest statue is not only a tribute to the Iron Man of
India, but also is the first such tourist attraction located in India and is termed ‘Pride
of Nation’
 The statue is estimated to remain as it is for 1000 years. It implies that it will
continue contributing to the national income of India through tourism for 10
centuries
 Since the Statue has been built on PPP model, the public money spent on it is less
than the private money spent on it.
 L&T spent the major part of the money in constructing the statue. Around 10% of
the amount spent is contributed by the Government.
 TThousands of people in Narmada District and nearby areas will get employment
opportunity directly or indirectly
 It is estimated that more than 10 Lakh tourists will visit the Statue of Unity every
year. This will help in generating huge income from tourism and transportation and
other services. Entire money spent on the construction is expected to be recovered
in the next 35-40 years.
Wastage of Money: Cons
 The release of Rs.200 crores by the Government of India for the project attracted
the ire of several people and political parties. They criticised the expenditure on the
statue over other priorities like women's safety, education and agricultural schemes
 L&T contracted with TQ Art Foundry – a subsidiary of the Jiangxi Toqine Company
based in China – for the bronze cladding of the statue and spent huge amount. The
move was criticised by the Indian national congress and other opposition parties.
However, It was clarified that 9 percent of the total value of the project was sourced
from China.
 Local Tribals were dislocated as their land was acquired for the construction of the
statue. The Tadvi tribe opposed land acquisition for the development of tourism
infrastructure around the statue. However, they were offered cash and land
compensation, and have been provided jobs before land acquisition
 Activists like Medha Patkar, Gladson Dungdung opposed the project on the ground
that it was a place of religious importance, so the statue should not be built on the
land
 Environmental activists wrote a letter to the central government contending that
project implementation started without clearance from the Environment Ministry.
 People of Kevadia, Kothi, Waghodia, Limbdi, Navagam, and Gora villages opposed
the construction of the statue and demanded the restitution of the land rights over
375 hectares (927 acres) of land acquired earlier for the dam.
Demonetisation
Impact of Demonetization on Indian Economy in 2018
Economic Survey after careful review of Demonetization which was announced one and a
half year back, has found that the cash-to-GDP ratio has stabilized. It suggests a return to
equilibrium:
 GDP is set to grow at 7 to 7.5 percent in 2018-19. This is an increase from its
prediction of 6.75 percent growth this fiscal year.
 Re-acceleration of export growth to 13.6 percent in the third quarter of Financial
Year 2018 and deceleration of import growth to 13.1 percent is in line with global
trends. This suggests that the demonetization and GST effects are receding.
Services export and private remittances are also rebounding
 According to the statistics released in the Survey, the Demonetization had led to Rs
2.8 lakh crores less cash (Equivalent to 1.8% of GDP) and Rs 3.8 lakh crores less high
denomination notes (Equivalent to 2.5% of GDP) in the Indian economy.
 Income tax collections have touched new high with demonetization and
introduction of GST, “From about 2 percent of GDP between 2013-14 and 2015-16,
they are likely to rise to 2.3 percent of GDP in 2017-18, a historic high.”

Demonetization: Back ground and key facts

 On November 8, 2016, the Prime Minister of India, Narendra Modi announced
the Demonetization of all Rs.500 and Rs. 1,000 denomination bank notes of
the Mahatma Gandhi Series.
 The objective of demonetization as claimed by Government of India was to curtail
the black money running as shadow economy and to stop the use of counterfeit
cash to fund illegal activity and terrorism.
 The sudden nature of the announcement—and the prolonged cash shortages in the
weeks that followed—created significant disruption throughout the economy,
threatening economic output.
 The demonetization move was heavily criticized as poorly planned and unfair, and
was met with protests, litigation, and strikes.

Merits:
 Demonetization policy of the Government has been termed as the greatest financial
reform that aimed to curb the black money, corruption and counterfeit currency
notes.
 Demonetization was done to help India to become corruption-free as it will be
difficult now to keep the unaccounted cash.
 Demonetization will help the government to track the black money and the
unaccounted cash will now flow no more and the amount collected by means of tax
can be better utilized for the public welfare and development schemes.
 One of the biggest achievements of demonetization has been seen in the drastic
curb of terrorist activities as it has stopped the funding the terrorism which used to
get a boost due to inflow of unaccounted cash and fake currency in large volume.
 Money laundering will eventually come to halt as the activity can easily be tracked
and the money can be seized by the authorities.
  The unaccounted cash could be deposited in the Pradhan Mantri Garib Kalyan
Yojana after paying 50% tax. The money will remain deposited for 4 years with the
bank without incurring any interest. However, after 4 years the amount will be
returned. This amount can be utilized for social welfare schemes and making the life
of low income groups better.
 The Public Sector Banks which were reeling under deposit crunch and were running
short of funds have suddenly swelled with lot of money which can be used for future
finances and loans after keeping a certain amount of reserve as per RBI guidelines.
 The people who opened the Jan Dhan accounts will now use their accounts and
become familiar with banking activitiy. The money deposited in these accounts can
be used for the developmental activity of the country.
 Demonetization has driven the country towards a cashless society
 The high rising price pattern and inflationary trends which the Indian economy was
facing are taking a down turn making the living possible within low income group
reach.
Demerits:
 The very next day of announcing the demonetization, the BSE Sensex and NIFTY
50 stock indices fell over 6%. The severe cash shortages brought detrimental impact
on the economy.
 India is an agriculture based economy. Due to the cash crunch, the farmers
especially small and marginal who largely depend on cash to buy seeds, fertilizers
and to pay for sowing, borrowing water for irrigation and for other related
agriculture equipments remained worst affected and could not complete the crop
related activity.
 Since small branches of the banks were also not supplied with adequate cash within
time of sowing season of the crop, farmers could not get their crop loans disbursed.
This added to the woes of the farmers leading to a weak agriculture production the
coming year.
 Real Estate sector came to a standstill and is still gasping for buyers of the
constructed and half constructed inventory without buyers. This has resulted in poor
cash flow leading to a poor demand.
 Due to the inability to pay cash to poor daily wage workers, the small employers
have stopped their business activity.
 The Rs.2000 currency note does not find many takers as it is difficult to get the
balance back when you are buying daily needs like vegetables, milk, bread or paying
for petty expenses like bus fare. While rs.100 currency notes were not available in
sufficient number, Rs.500 note arrived in the market very late.
 Demonetization is the 2 way sword in regard to incurring the public expenditure. On
the one hand huge cost is to be incurred on printing the new currency and on the
other hand managing the lakhs of crores of old currency volume has also become a
big expenditure incurring item.
 Many Economists are of the view that Rs.2000 currency note will be much easier to
hide and can be used to store black money in shorter space.
Success points:

 Rate of Inflation goes down

 India moves to cashless economy

One of the key effects of Demonetization 2016 has been that more people have
made digital payments part of their lives moving towards a cashless economy.

 Stock Market gets bullish

  Banks’ lending increases for small businesses
Banks’ finance to small business was going down in pre-demonetization period.
There was a negative growth even in short period of months. However, as on
September 29, 2017 the Reserve Bank of India has reported a positive growth of
1.65% in lending to small business by the Banks.

 Automobile sales picked up

Sale of 2 wheelers and 4 wheelers was showing a negative growth in 2016. In 2017 it
went up substantially and recovered from the impact of negative growth to high
positive growth as reflected in the report.

Failures of Demonetization
 Economic Growth slows down
Post demonetization growth of Indian Economy slowed down from 9.1% to 5.7% in
less than one year. Month-wise GDP growth chart for the period March 2016 to
September 2017 as shared by Bloomberg emphasizes this fact as detailed below:
  Realty sector bears the brunt
The triple decisions of demonetisation, RERA and GST resulted in a deceleration of
new property launches. The supply of new housing units in the top-6 cities in India
during the first three quarters of 2017 was down by around 60 per cent, compared
with the corresponding period of 2016.

However, the shadow of Demonetization now appears to be fading in reality sector. The
prevailing attractive home loan rates, flexible payment plans and other attractive offers by
developers, coupled with restricted new supply addition, has led to a steady decline in the
unsold inventory.

The Finance Minister Arun Jaitley on November 7, 2017 came out with a spirited defence of
demonetisation announcement on November 8, 2016 calling it a “watershed moment for
the Indian economy”. According to him the demonetization has not only changed the
agenda but also made corruption difficult. Thus, in his opinion, it was not only a “morally
and ethically correct” step but also “politically correct”.

Cashless Economy
According to the website of cashless India, the Digital India programme is a flagship
programme of the Government of India with a vision to transform India into a digitally
empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of
professed roles of Digital India.

What is a cashless economy?

A system where no physical cash is in circulation is a cashless system. Payments are made
through credit and debit cards, bank electronic fund transfers or virtual wallets.

Benefits:
 Cost Reduction: cashless system brings down the cost associated with printing,
storing and transporting of cash.
 Risk Reduction: The risk of money getting stolen or lost is minimal.
  Convenient: The ease of conducting financial transactions is probably the biggest
motivator to go digital. With the advent of digital modes, one can avoid queue for
ATMs, transact 24*7 and save time.
 Tracking spends: Spending done via mobile or computer applications can be easily
tracked with a simple click.
 Increase in tax base: In a cashless economy where all transactions will be done
through organized channel, through banks and financial institutions, they can be
monitored by the government and proper actions could be taken against the
evaders. This will result in more transparent transactions which in turn lead to fall in
corruption in the economy of the country.
 Containment of parallel economy: Easier to track the black money and illicit
transactions unlike cash based economy in which money does not come into the
banking system. In case of digital transactions it is easy to track and monitor
suspicious transactions as all the records are available with the banks.
 Financial Inclusion: At present, India’s low-income households access credit
through informal systems, through relatives or private lenders. Forcing them to shift
to cashless payment platforms instantly formalizes this world of informality and
include them in formal economy.
 Discounts: A lot of ecommerce websites offer huge incentives in terms of discounts,
cash back, loyalty points to the customers for making digital transactions for
shopping online.

Yes, India is ready for a cashless economy.

 According to TRAI, as on 30 September 2016, 82 out of 100 citizens in India owned a
mobile phone. The evolution of the telecom ecosystem, with significant reduction in
call and data rates, along with the prices of smart phones, is propelling the shift to a
cashless economy.
 The government of India is working dedicatedly to push India towards a cashless
economy. With major initiatives such as demonetization, Direct Benefit Transfers,
BHIM and many more. The intent is to streamline the economy and curb corruption.
 The government approved for a proposal, under which there would be no charge
for BHIM, UPI, and debit card transactions up to ₹2000.
 Government also ran a DigiDhan campaign where 16 lakh lucky winners (users and
mercha
 nts) were rewarded with prizes ranging from Rs 1000 to 1 crore.
 Further to incentivize behavior change and bring down the cost of digital payments,
referral and cash back schemes have also been launched for BHIM where users and
merchants receive cash back. Also, initiatives like USSD and the *99# service have
ensured that non-Smartphone users are also on board the cashless wave.
 Demonetization has given an impetus to e-wallet services. According to a report
“Securing the cashless economy”, by Pwc, India witnessed
 3X increase in the download of a leading mobile wallet app within 2 days of the
demonetization announcement.
 1 million: Number of newly saved credit and debit cards within two days of
demonetization announcement.
 100%: Day-on-day growth in customer enrolment with leading mobile wallets after
demonetization.
  30%: Increase in app usage and 50% increase in the download of wallets backed by
leading banks.
 The above mentioned data clearly represent a shift towards a cashless economy.
 The smart phone revolution has led to the emergence of e-commerce, m-commerce
and other services, including app-based cab aggregators, who encourage digital
payments for use of various services. The value added services such as cash back,
bill payment facilities, loyalty points, rewards and ease of use have resulted in surge
of such digital platforms. These developments have given rise to a modern payment
model.

Hurdles in making India a cashless economy

 More than 60% of Indian population belongs to rural region. Almost a quarter of the
rural population doesn’t have mobile phones and a large percentage of them are
computer illiterate. They are not comfortable using computers or mobile phones for
transactions and rely on other people for help. This sometimes leads to misuse of
the accounts and siphoning of funds, so majority of rural mass prefer cash over
digital modes.
 About 90% of the Indian labor market is informal. Majority being employed in
agriculture and manufacturing sector where daily wage is prevalent. Under such
circumstances the informal labor market is heavily cash dependant.
 Security is another big concern regarding cashless transactions. The Indian
Computer Emergency Response Team (CERT-In) has reported a surge in the
number of incidents till October 2016 with close to 39,730 security incidents. Indians
are wary of digital modes due to cyber security incidents such as phishing, scanning,
website intrusions, defacements and virus code.
 Digital India suffers from the threat of thefts and hacking of digital money
instruments. This has to be taken care of before proceeding on digital India mission.

GST
Goods and Services Tax (GST) is an indirect tax applicable throughout India which has
replaced multiple cascading taxes levied by the Central and State governments. GST was
introduced as The Constitution (One hundred and first Amendment) Act 2017 following the
Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its
Chairman is the Finance Minister of India. The process of forming the legislation took 17
years. It was first proposed in the year 2000. The minimum tax rate under GST is 0% and
highest tax rate is 28%.

Key Facts
 Under GST, Goods and services are taxed at the following rates: 0%, 5%, 12%, 18%, 28%.
 There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on
gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like
aerated drinks, luxury cars and tobacco products.
 A single GST has replaced several existing taxes and levies which include: central excise
duty, services tax, additional customs duty, surcharges, state-level value added tax and
Octroi.
 Other levies which were applicable on inter-state transportation of goods have also been
done away with the launch of GST regime.
Activities covered under GST

Transactions made within a single state will be levied with Central GST (CGST) by the
Central Government and State GST (SGST) by the government of that state. For inter-state
transactions and imported goods or services, an Integrated GST (IGST) is levied by the
Central Government. GST is a consumption-based tax the impact of which will be at the
destination. The taxes therefore, are paid to the state where the goods or services are
consumed and not the state in which they were produced. IGST complicates tax collection
for State Governments by disabling them to collect the tax owed to them directly from the
Central Government. Under the previous system, a state would have to only deal with a
single government in order to collect tax revenue.

The Cheaper and costlier after GST launch

Inflationary impact

After the introduction of the GST, while costs of essential food items did not increase so
much, other consumer goods and services in India including food, hotel charges, insurance
and cinema tickets have become costlier. Upon its introduction in the country, GST led to a
number of protests by the business community, primarily due to an increase in overall taxes
and hence the prices of goods. Thousands of cinema theatres in the states where higher
rate of GST was applied on movie tickets went on strike.
Benefits of GST
 GST gets rid of multi-tier and multiple taxation system in the country
 GST-registered businesses will be able to claim tax credit to the value of GST they
paid on purchase of goods or services as part of their normal commercial activity.
 According to a report by the National Council of Applied Economic Research, GST is
expected to increase economic growth by between 0.9 per cent and 1.7 per cent.
 Reducing production costs will make exporters more competitive. The reduced cost
of locally manufactured goods and services will increase the competitiveness of
Indian goods and services in the international market
 Single authority will have the administrative responsibility to levy tax on goods and
services
 Implementation of GST assures a single taxation system in the entire country for all
goods and services making tax compliance easier and more effective

Adverse effects
 GST is said to be proving detrimental to the growth of small scale industries. Basic
exemption limit in excise of Rs. 1.5 Crores taken away in GST, which affects the
Small Scale Industries. Lakhs of industries in India are surviving only for one reason
that they are not required to pay excise if their turnover does not exceed 1.5 crores.
 Services which were charged on receipt basis are charged on accrual basis.
 GST is required to be paid, once invoice is raised even if there is no certainty of
receiving the payments for the services rendered
 Number of goods and services have become costlier after launch of GST. It would
increase inflation in the country which is already reeling under the pressure of
demonetization.

Changes in GST
Barely three months after rolling out the Goods and Services Tax, Finance Minister Arun
Jaitley, who heads the council, also announced businesses with a turnover of up to 1.5
crores would be allowed quarterly filing of GST Return.

Walmart & Flipkart Deal: Impact on Indian Economy

Key Facts
 Walmart, the largest e-commerce giant acquired a controlling stake of 77% in
Flipkart ( India’s largest e-commerce company by market share) by investing $16
Billion.
 With the deal India will now have Walmart, Amazon and Paytm Mall as the key
players to compete in the Indian e-commerce market
 The deal will help Flipkart leverage Walmart’s omni-channel retail expertise and
general supply chain knowledge. Walmart aims to extend their B2B sales across India
through this acquisition.
  Walmart has a strong global physical presence in retail space but lacks in e-
commerce. This deal can spur their online presence in Indian markets.
 Both Flipkart and Walmart shall maintain separate brands and operating structures.
Why did Walmart acquire Flipkart?
 As per Morgan Stanley, India’s online retail is set to grow by 1,200% to $200 billion (
30% CAGR) by 2026 from $15 billion in 2016. Average wages are rising by 2%
annually and internet penetration is also growing as data costs are becoming more
competitive. This makes Indian e-commerce space lucrative.
 Flipkart has the largest market share in e-commerce, so with this acquisition
Walmart can achieve next leg of growth in India with Flipkart’s 175 million registered
user base.
Positive Impact of Acquisition on Indian Economy: Pros
 Low prices, more variety
 R&D: Walmart is known for its culture of innovation and service. This can help in
scaling up Walmart’s business scale in India which can generate more revenue and
create technological spillovers and learning effect for domestic firms as well. The
improved sophisticated nature of the products will create external demand for
Indian goods.
 Collateral Benefits: Walmart’s entry will usher fresh funds and rejuvenate e-
commerce ecosystem as more foreign firms and venture capitalists enter India .
 With e-commerce giants revamping their business models, Indian e-commerce
market is expected to see broad based growth with better productivity.
 Economic Growth: Walmart will expand across their verticals which will boost
output growth and increase employment opportunities.
 Efficient Supply Chain: Expansion of e-commerce requires efficient supply chain and
logistics which require infrastructural development. This will give a fillip to Indian
agriculture and infrastructure and benefit farmers as they would be able to cater to
more demand as Walmart shares its extensive experience in retailing, logistics and
inventory and supply chain management. This can especially help the perishable
goods industry which is Walmart’s forte.
 JOB CREATION: With more investment flowing in Indian economy especially in retail
space, capacity utilization shall improve . Output and productivity growth can create
new employment opportunities for both skilled and unskilled labor .
 ESOPS( Employee stock options): Many existing employees will make windfall gains
through this deal from their stock options. This will incentivize the entry of more
workers in e-commerce who had earlier fled the sector due to the downturn in the
sector and can also absorb workers from old brick-and-mortar and traditional
industries which can help in formalization of more of Indian labor force.
 PREMJI INVEST is expected to gain up to 4 times from this deal as its share in Myntra
(bought by Flipkart in 2014) is also being acquired by Walmart. The gains are
expected to be more than $130 million on the $25 million investment. This will lead
to inflow of more funds pouring in Indian economy as gains attract more investors
from India and abroad.
 Mom and Pop stores: Walmart is looking to extend its supply chain arm through
partnerships with around 60 lakhs kiranas. This can increase the market presence of
small stores.
Deal Against the Interests of Indian Economy: Cons
 Brick and Mortar Stores may shut down: Walmart is known for scrapping small
businesses which are selling at ultra-low prices through Flipkart. Walmart may bring
in its own labels with hyper-competitive prices and replace the domestic MSMEs
which can be a threat to brick and mortar stores as they fear shut down due to
competitive pressures.
 Small Players (Mom and Pop stores) will be hurt by this as market spaces shrink due
to cut throat competition.
 Threat of Pan India Protests:Tamil Nadu Vanigar Sangankalin Peramaippu federation
of traders has already warned the government of pan India protests.
 Backdoor entry for Walmart: FDI in India allows 100% FDI in single brand retail.
Walmart is a multi-brand retail chain where 100% FDI is not allowed, so it focused
only on cash and carry business. Flipkart has already circumvented such restrictions
in direct selling which will be used by Walmart.
 Big Data Mining: Large data of Indian shoppers will be shared with the US retail giant
which may give large controls to a foreign firm can use it to control our domestic
value chain in consumer goods space and buying patterns.

Make in India
Make in India-key facts
 “Make in India” is a realistic project which aims to increase the contribution of
manufacturing in GDP to 25% from 16% as of now.
 With the launch of ‘Make in India’ campaign, India has already marked its presence
as one of the fastest growing economies of the world.
 India is having the favourable demographic dividends for the next 2-3 decades and
the cost of the manpower is less as compared to the other developed countries.
 India is a house of strong and responsible business houses operating with credibility
and professionalism. These business houses have big contribution into the
development of the Indian economy.
 India has a strong consumer market and is going to expand in the coming years.
 The strong technical and engineering capabilities backed by top-notch scientific and
technical institutes are an added advantage to boost this campaign.
Comparison with China
 China is far ahead in manufacturing but it is projected that India is going to give a
straight fight to China in the manufacturing sector.
 The labour cost in China is increasing continuously and this may lead to the
increased cost of the goods manufactured.
 This will open a way to India to increase the manufacturing capabilities to serve the
cheap manufactured goods to world.
 China may lose its dominant position as the 'factory of the world' in near future
because of its diluting quality of goods despite good manufacturing facilities.
 RBI Governor Raghuram Rajan made statement that world cannot accommodate
two Chinas but cannot stop India from becoming a successful exporter.
 Although China exports 12 per cent of the World’s merchandise while India is having
less than 2 per cent but given its massive labour force and considerably lower wages,
 India can snatch another two percentage points from China in the next 4 years. That
alone could give a huge boost to the 'Make in India’ for the global economy'
campaign.
 Till 1978 China remained a closed door economy and way behind India. China
marched on the path of steep economic growth only after it opened its doors to
world market.
 Indian Economy has been on the path of consistent growth but earlier couldn’t take
off well as it focused on exporting more of raw material and less of finished goods.
 India can become a manufacturing hub with growth in exports.
 Since “Make in India” is focused on attracting the foreign investors to set up their
units in India, manufacture here and export to rest of the world “Make in India” is
going to be realistic to a great extent although it will take time to surpass the growth
of China.
‘Make in India’ to awaken India
 India is the 3rd largest growing economy of the world.
 India has an immense pool of opportunities with cheap labour and abundant
resources.
 The export led manufacturing is definitely going to raise the economy of India and
will benefit the country by exploring more job opportunities.
 “Make in India” campaign is a strong campaign that favours the growth of India if
continued on the right track with the strong and transparent system.
Concerns
 Poor infrastructure, roads, electricity are deferring the foreign investors to invest in
India.
 India should focus more on development of energy resources and development of
infrastructure. To fulfil the vision of Make in India the investment could be invited in
these sectors.
 The necessity will be to do away with red-tapism and operational glitches to make
the ‘Make in India’ campaign successful one.