PM Modi said that the result of pursuing liberalization policies in the country is that today record foreign direct investment is coming and the country’s foreign exchange reserves have also reached a new record level.
PM Modi during his address at the Red Fort (Photo- PTI)
Prime Minister Narendra Modi said on Sunday that India used to import mobile phones worth $8 billion seven years ago and now the country is exporting $3 billion worth of these devices. Addressing the nation from the ramparts of the Red Fort on the occasion of 75th Independence Day, PM Modi said that the government has announced the Production Based Incentive (PLI) scheme to promote the important program ‘Make in India’.
“Electronic manufacturing is an example of the changes that the scheme has brought. Seven years ago, we used to import mobile phones worth about $8 billion. Now imports have come down. Today we are importing mobile phones worth $3 billion. The Ministry of Electronics and IT has approved 16 proposals from domestic and international companies involving investment of $148 billion under the PLI scheme.
The PM said that the result of pursuing liberalization policies in the country is that today record foreign direct investment is coming and the country’s foreign exchange reserves have also reached a new record level. He called upon the industries of the country to move ahead with the goal of ‘global-class manufacturing’.
Emphasizing on making Indian products of world class quality, he said, “The product we ship out is not just a product of any one company but that product is the identity of India. India’s prestige would have been attached to that product. That’s why the products made in India – should be better.
Government is helping start ups in every possible way- PM
Apart from this, the Prime Minister said that the start-ups of the country are moving ahead with the dream of becoming a world leader and the government is standing with full force to help them. He said, “Whether it is a matter of tax exemption for these start-ups, simplification of rules or help to move forward, the government is standing with full force to help them.”
He said that these start-ups are progressing with great success. These start-ups of yesterday are becoming the unicorns of today. He said, “These start-ups are running with a dream to dominate the world. They have to be the best, act fast, don’t stop.” Unicorn startups are called those that have a valuation of more than one billion dollars.
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