Prime Minister Narendra Modi on Monday said that the generation of employment was essential in order to harness the demographic advantage that India offers, adding that the 'Make in India' initiative has been launched in order to meet the objective.
"Generating jobs for India's youthful population is a key to harnessing India's demographic advantage. This can be achieved only when we significantly and quickly ramp up our manufacturing capabilities. To meet this objective my Government has unveiled the 'Make in India' initiative. This is a win-win for all," the Prime Minister wrote in an op-ed for a German newspaper.
"The employment opportunities that new manufacturing will generate will enhance the purchasing power of our people. This in turn will create a market for more trade and investment. With 65 percent of our population below the age of 35, the possibilities that India's growth presents for global economic prosperity are immense. Through our 'Act East' and 'Link West' policy, India has the potential of becoming the middle ground for East and West as a manufacturing hub that serves both our vast domestic market and becomes a base for global exports and general well-being," he added.
Outlining the strategy for the 'Make in India' initiative, Prime Minister Modi said that is government will focus on the promotion of vocational training according to specific needs of the local industry.
"Our strategy for 'Make in India' requires urgent creation of new infrastructure. The substantial enhancement in financing in the federal budget for highways, railways and energy is a step in this direction. Work has begun on the development of Delhi-Mumbai Industrial Corridor. My Government has pledged a stable and transparent tax regime, reducing corporate taxes and implementing a single Goods and Services Tax in 2016," the Prime Minister wrote.
"We recognize that the availability of a skilled work-force is a prerequisite for manufacturing growth. My government is giving the highest priority to the 'Skills India' programme. We will focus on promoting models of vocational training according to specific needs of local industry, and to adopt best practices from abroad," he added.
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Prime Minister Modi further wrote that India has recognised that development as to be environmentally sustainable.
"We are aware that all development must be environmentally sustainable. India has always cherished its environment. This is deeply ingrained in our age-old culture and civilization. Our revised target for renewable energy capacity of 1,75,000 MW by 2022 is a reflection of our commitment," he said.
Prime Minister Modi, currently in Germany for the second leg of his three-nation tour, inaugurated the Hannover Messe on Sunday and vowed to remove unnecessary regulations and procedures to simplify the process of foreign investment in India, as well as to make it easier for other countries to initiate business deals.
He also attended a round table conference with German CEOs, with Voith CEO Dr.Hubert Lienhard and Bombardier Transportation CEO Lutz Bertling among those present at the meeting.
The Prime Minister arrived in Hannover after concluding a successful visit to France. He will depart for the final leg of his three-nation, nine-day tour on April 14, flying to Ottawa.