The new commerce and industry minister Suresh Prabhu on Wednesday outlined his priorities. They include firming up a district-wise industrial investment plan to help boost the share of manufacturing in the country’s GDP, as well as improving India's economic diplomacy to spur exports and investments.
His priorities also include addressing challenges being faced by exporters owing to the Goods and Services Tax, integrating India's exports into the global supply chain, improving logistics to reduce transaction costs of exporters and bringing out an agricultural export policy.
‘Basis of decisions’
Addressing reporters, Mr. Prabhu said he had held a meeting with ‘Invest India’ (the government's investment promotion and facilitation arm), and sought a district-wise plan for boosting investments in manufacturing and other sectors. “Ultimately every investor makes their investments in districts, and base their decisions on factors including the district’s human resources, natural resources and the law and order situation.” Noting that each district had core competencies, Mr. Prabhu said he would work with state governments to bring out a plan.
The minister said there would also be a re-evaluation of the ‘Make In India’ initiative to find out more ways to revitalise manufacturing. He also called for laying emphasis not only on the ‘Make in India’ initiative but also on ‘Design In India’ for attracting investments.