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India Awaits Manufacturing Revolution: Amitabh Kant

India is evolving and the private sector must realise that their future lies in India and not abroad. We need to improve our infrastructure to attain 10 per cent growth rate

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India is awaiting the manufacturing revolution now as more angel funds and venture capitalists are supporting the successful entrepreneurship.

Speaking at the Annual Global Convention of Entrepreneurs, Amitabh Kant, secretary at Department of Industrial Policy and Promotion (DIPP), in the national capital on Saturday (05 December) said that start-ups are all about working together.

“India has to grow at rate of 10 per cent or more for two to three decades. Our GDP can compound in every seven years.”

Ease of doing business, clarity in taxation, consistent policies are the keys to make India a hotspot for the investors. We have seen huge investments by companies like Foxconn, GE, Xiaomi and IKEA, he said.

He also added that, we need to focus on the MSME sector to achieve a growth rate of over 10 per cent. SMEs create 86 per cent of jobs in India, while micro enterprises. create 66 per cent jobs. However, they contribute only 17 per cent to the GDP. SMEs, MSMEs and start-ups should not require any clearances to start. There is a huge energy in India’s start-ups now. Every young Indian must be a job creator rather than a job seeker.

But, at the same time we also need to regulate the regulators. India is evolving and the private sector must realise that their future lies in India and not abroad. We need to improve our infrastructure to attain 10 per cent growth rate.

The role of states is crucial in achieving this task of easing business rules. There is a huge excitement among the states to compete with each other and improve on their business and industrial echo system. Gujarat, Andhra Pradesh and Jharkhand have emerged as the top three states on the World Bank's ease of doing list, Kant pointed out.

The e-Commerce would reach a staggering Rs 65,000 crore in two years, he added.