India Inc should explore new demand areas: PM

New Delhi: Prime Minister Narendra Modi, while giving the examples of new demand and opportunities in sectors like semi-conductors and electric vehicles, said manufacturers should move with a sense of removing dependencies on foreign sources.

Similarly, areas like steel and medical equipment need to be focussed for indigenous manufacturing, the Prime Minister said at a post-Budget webinar organised by the Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday.

The budget for FY23 had many significant provisions towards 'Aatmnirbhar Bharat' and 'Make in India' initiatives, he said.

Prime Minister Modi reiterated his call for 'zero defect-zero effect manufacturing' that he gave from the ramparts of the Red Fort, besides saying 'Aatmnirbharta' or self-sufficiency is all the more important from national security point of view.

Manufacturing, he said, is 15 per cent of India's GDP, but there are infinite possibilities and the country should work with full strength to create a robust manufacturing base in India.

Further, he said many of India's festival requirements which are currently sourced from foreign providers can be easily provided by local manufacturers.

"Take pride in the products your company makes and instill this sense of pride in your Indian customers as well. For this some common branding can also be considered," he added.

While referring to the declaration of 2023 as the International Year of Millets, the Prime Minister said: "The demand for millets is increasing in the world. By studying the world markets, we should prepare our mills in advance for maximum production and packaging."

Indian manufacturers should move towards reducing import dependency and focus on 'zero defect-zero effect manufacturing'

—Narendra Modi, Prime Minister