Page 78 - July-August 2020

SELF-RELIANCE

IN MANUFACTURING KEY FOR
INDIA

SINCE EYEWEAR IS AN
ESSENTIAL COMMODITY,
THE DEMAND FOR
WHICH IS GROWING, THIS
s the world entered 2020 creating millions of manufacturing IS AN OPPORTUNE TIME
it was soon engulfed by jobs and increasing the sector’s FOR ENTREPRENEURS TO
A Covid-19 and is still in contribution to the GDP. By SET UP MANUFACTURING
the midst of the devastating developing efficient infrastructure IN THE COUNTRY TO
pandemic. The unavoidable and opening new sectors to foreign REPLACE THE CURRENT
lockdowns have had a terrible capital investments, the government LARGE-SCALE IMPORTS
impact on economies, disrupted hoped to encourage companies to
global supply chains and impacted manufacture in India. met its goals. The state of India’s
businesses and jobs. As a result, economy was not on sound footing.
the International Monetary The initiative listed 25 sectors for And then Covid-19 took hold.
Fund has revised its world job creation and skill enhancement,
economic outlook including sharp with the objective to make India a While grappling with the spread
contractions in India and China. global design and manufacturing of the new virus, India is planning
hub. By 2015 India had become the for the future, reiterated by Prime
The Make in India initiative top destination worldwide for foreign Minister Narendra Modi’s recent call
of 2014 aimed at increasing the direct investment. However, till the for an “Atmanirbhar Bharat” (a self-
manufacturing sector’s growth rate, end of 2019 the initiative had not reliant India).

| JULY-AUG 2020 | 74 SP. FEATURE