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Make in India – this is the step of a Lion

 

Our PM is good in coining catchy names and also in giving different meanings to abbreviations. Earlier, when he won as the CM of Gujarat, he said he will be CM forever. (CM means Common Man). Now, today (25th September 2014) while launching the ‘Make in India’ program he said FDI means First Develop India.

 

I suppose, ‘Make in India’ name is also coined by him. He announced this ambitious project during his Independence Day speech. As usual, let’s look at the basics of this program.

 

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What does it mean?

The objective of this program is to make India, a global manufacturing hub. Through this initiative, the Government of India appeals to the leading manufacturers (domestic as well as foreign) to set up industries in India. This will help to create jobs and boost economic growth.

 

All new process

I am not exaggerating. It is a fact. Ask any businessman. He will tell you that doing business in India is a pain. Even for a small, say a 5 member company, 50 different departments will interfere in the affairs. So the new process intends to address some of them. They are

 

  • Process of applying for Industrial License & Industrial Entrepreneur Memorandum made online on 24×7 basis through eBiz portal.
  • Validity of Industrial license extended to three years
  • States asked to introduce self-certification and third party certification under Boilers Act
  • Services of all Central Govt. Departments & Ministries will be integrated with the E-Biz – a single window IT platform for services by 31 Dec. 2014
  • Process of obtaining environmental clearances made online
  • A check-list of required compliances should be placed on Ministry’s/Department’s web portal
  • All registers required to be maintained by the business should be replaced with a single electronic register
  • No inspection should be undertaken without the approval of the Head of the Department
  • For all non-risk, non-hazardous businesses, a system of self-certification to be introduced (My Comments – WoW  – Our government believing in the citizens of this country! Unbelievable! A great thought and initiative)
  • All returns should be filed on-line through a unified form.

 

New infrastructure

This is the area mostly neglected over the years. Let’s see what Make in India has to tell about it.

  • Impetus on developing Industrial Corridors and Smart Cities.
  • A new ‘National Industrial Corridor Development Authority’ is being created to coordinate, integrate, monitor and supervise development of all Industrial Corridors.
  • Chennai-Bengaluru Industrial Corridor: master Planning for 3 new Industrial Nodes [Ponneri (TN), Krishnapatnam (AP), Tumkur (Karnataka)] in progress.
  • And many such proposals are in place.

 

New Mindset

Most importantly, the Make in India program represents a shift in how India relates to investors. In essence, doing business in India will become a lot easier! Hope we see the change on the ground!

 

Visit our Face Book page to find answer to below FAQ 

 

  • What is the Make in India initiative?
  • What does the initiative contain?
  • How was the initiative launched?
  • What are the initiative’s focus sectors?
  • Why is there a need to focus on manufacturing sector?
  • How does the government plan to ease doing of business in India?

 

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About CA Prakash Chartered Accountant Bangalore

CA Prakash Chartered Accountant Bangalore
CA Prakash is a practicing chartered accountant and partner in Bangalore -based CA Firm. For further information or query, please email it to [email protected]