Will India become a super power?

Dhandrona October 03, 2021 5 trillion economy


Well in this week's weekly blog we are going to discuss the likely chances on how India is going to become a world power. We will discuss it via 2 schemes introduced by the government in recent times.

First we will look into the PLI scheme

In the Union Budget 2021-22, presented on 1st February 2021, the Finance Minister announced an outlay of INR 1.97 Lakh Crores for the Production-Linked Incentive (PLI) Schemes for 13 key sectors, to create national manufacturing champions and generate employment opportunities for the country’s youth. This means that minimum production in India as a result of PLI Schemes is expected to be over US$ 500 billion in 5 years.

PLI Schemes are a cornerstone of the Government’s push for achieving an Atmanirbhar Bharat.The objective is to make domestic manufacturing globally competitive and to create global Champions in manufacturing. The strategy behind scheme is to offer companies incentives on incremental sales from products manufactured in India, over the base year. They have been specifically designed to boost domestic manufacturing in sunrise and strategic sectors, curb cheaper imports and reduce import bills, improve cost competitiveness of domestically manufactured goods, and enhance domestic capacity and exports.

Sectors involved in the scheme are:

  • Electronic/Technology Products – MeitY(notified on 3 March 2021)
  • Pharmaceuticals drugs – D/o Pharmaceuticals(notified on 3 March 2021)
  • Telecom & Networking Products -  D/o Telecommunications(notified on 24 Feb 2021)
  • Food Products  -Ministry of Food Processing Industries
  • White Goods (ACs & LED) – DPIIT
  • High Efficiency Solar PV Modules  -MNRE
  • Automobiles & Auto Components – D/o Heavy Industry
  • Advance Chemistry Cell (ACC) Battery – D/o Heavy Industry
  • Textile Products: MMF segment and technical textiles – M/o Textiles
  • Specialty Steel  -M/o Steel

Next, we look into Gati Shakti plan 

On India’s 75th Independence Day, Prime Minister Narendra Modi announced that the Centre will launch ‘PM Gati Shakti Master Plan’, a Rs. 100 lakh-crore project for developing ‘holistic infrastructure’.

What are the focus areas of the project?

PM Modi said that the Gati Shakti plan will help raise the global profile of local manufacturers and help them compete with their counterparts worldwide. It also raises possibilities of new future economic zones.

The prime minister also said that India needs to increase both manufacturing and exports. Every product that is sold globally from India is attached to India, which is why I am saying that every product of yours is a brand ambassador for India, he said.

So with proper planning and infrastructure in the business environment India is likely to achieve its dream of becoming a world power soon. We have waited for a long time and now we are more close to achieving that dream.