Various Initiatives By PM Narendra Modi have set the ball rolling for progress in India’s Ease of Doing Business.
Initiatives like Digital India, Make in India, and Start-up India has set the ball rolling for progress in India’s Ease of Doing Business. Even in troubled sectors like cement, steel and metals, signs of growth and recovery are evident. Here’s how PM Narendra Modi is facilitating businesses in India.
Make In India
Make in India was announced to facilitate investment, boost research & development (R&D). Its aim is to encourage companies to manufacture their products in India and also increase their investment.
This initiative will ensure product originality and create skill-based jobs by establishing industrial sector. Make in India has gathered a great momentum worldwide by generating a positive response from foreign companies. Thus, boosting the manufacturing industry and foreign investment in India.
Digital India initiative was launched to push digitization and connectivity as a vehicle for boosted economic growth. It aims to pave a way for future and bring millions of citizens into the mainstream economy.
Digital India consists of three core components that are the development of secure and stable digital infrastructure, delivering government services digitally and universal digital literacy. The vision of the Digital India programme is inclusive growth in areas of electronic services, products, manufacturing and job opportunities etc.
PM Modi’s foreign policy is primarily focussing on improving relations with neighbouring countries and getting the world to invest in India. They are planning to reform India’s economy through major reforms in the manufacturing and export sector.
The government has not only increased the limits of FDI but also encouraged privatization of loss-making public sector companies. PM Modi has met several global business leaders and invited them to be a part of Make in India programme.
PM Modi’s Stand-up India initiative aims at fostering entrepreneurship among women and SC & ST communities. The scheme offers bank loans for scheduled castes and scheduled tribes and women setting up new enterprises outside of the farm sector.
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
PMKVY is the initiative started by the Ministry of Skill Development & Entrepreneurship (MSDE). The objective of this Scheme is to enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood. Under this Scheme, Training and Assessment fees are completely paid by the Government.
This initiative aims at helping Indian entrepreneurs and promoting innovation by creating an ecosystem that is conducive for the growth of Start-ups. The objective is that India must become a nation of job creators instead of being a nation of job seekers.
Under this scheme, the government will provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. This initiative will go a significant way in making India the hub of innovation, design, and Start-ups.