India Inc sees early signs of a global wave of protectionism

'Make in India' initiative aims to encourage multi-national to manufacture their products in India

Make in India may feel the pinch of a global wave of protectionism. Launched in September 2014, the initiative aims to encourage multinational as well as local companies to manufacture in India. However, a growing number of countries has since adopted a similar approach.
 
“Saudi Arabia is insisting on ‘In Kingdom’ total value-addition requirements. Oman had a 30 per cent domestic value-add requirement for a petrochemicals project,” said M S Unnikrishnan, managing director and chief executive officer (CEO), Thermax, an engineering, procurement and construction company.
 
West Asia is an important market for Indian capital goods manufacturers. In 2015-16,