Considering the challenges in domestic front such as Ease of Doing Business, land acquisition, availability of skilled workforce and cost of borrowings, the equal treatment in terms of policy environment would lead to fruitful outcomes, he said.
Most of the nations trading with India and investing in India are significantly better in terms of ease of doing business. Therefore the survival of domestic businesses would be critical to fostering equitable opportunities for domestic as well as foreign businesses.
Conducive policy environment, equitable policy formulation not only for the new businesses, but also for the old businesses would enhance business optimism and expand production possibilities.
Policy environment should be in such a manner that gives equal treatment/opportunities to all Investors, be it businesses from India or foreign'', said Mr. Alok Shriram.
Investors who create jobs through expansion of businesses in India and generate exports to earn foreign exchange must be incentivised, he added.
Promoting the culture of startups and entrepreneurship in India also require consistent mentoring and providing opportunities to new entrepreneurs related to subsidized land, better infrastructure and easy credit for successful existence of new ventures.
There is a need to develop an enabling environment to expand the skills of the youth by focusing on skill development, encouraging them to innovate and set up their own manufacturing units.
But for India to become a manufacturing nation, it has to quickly move beyond rhetoric to create a clear strategy and favourable policy environment for manufacturing to take off.
A close dialogue and partnership between government and the private sector is critical. There is a clear and short-lived window of opportunity to become a manufacturing nation and make 'Make in India' a reality, said Mr. Shriram.
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