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Industry Context: Overall Outlook
MSME Sector in India
Part 4
Industry Context: Overall Outlook
While the Indian economy remained soft, with especially lower manufacturing performance in the last few years, the outlook looks upbeat and the mood positive. The shift is led by two key factors:
a) Biggest mandate to a single party since 1984, on an election fought on ‘Developmental’ issues
b) b) A sign of revival evident across global economies – led strongly by US and is expected to continue as per IMF estimates.
Industry Context: Overall Outlook
Exhibit 7:Positive Economic Estimate augurs well For ‘Make in India’ (% GDP growth)
‘Make in India’ Campaign
Given the current and projected favorable domestic and global sentiments, the launch of campaign could not have been timed better. The honorable Prime Minister launched make in India Campaign in September 2014 with an intention of reviving manufacturing businesses and emphasizing key sectors in India (25 sectors identified including both manufacturing and services domain).
This has come amidst growing concerns that most entrepreneurs are moving out of the country due to its low rank in ease of doing business ratings.
‘Make in India’ Campaign
The Make in India sets the program’s vision around –
a) Facilitate investment b) Foster innovation c) Enhance skill developmentd) d) Protect Intellectual Property e) Build best in class manufacturing infrastructure f) Provide employment g) Making ‘Doing Business’ easy for India
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