CaspianReport

Make in India initiative, Part 1 of 2 - labor, land and tax reforms (2016x21)

Data emisji: Wrz 27, 2016

India’s economic growth in 2015 was a staggering 7.3 percent increase in GDP. Yet, the country cannot create enough jobs to lift its people from poverty. It has a labor force of 502 million people, yet 49 percent are employed in the agricultural sector, which only contributes to 14 percent of the country’s economy. These are the contradictions that Prime Minister Narendra Modi wants to change under the Make in India project. This initiative seeks to transform India into a manufacturing hub for automobiles, electronic systems, and pharmaceuticals, as well as a hub for hydrocarbon and nuclear energy. This colossal task is the greatest economic reform in modern Indian history. It seeks to unleash the country’s true potential. Yet, change comes at a price. In this report, we will analyze the Make in India initiative and explain what obstacles the Prime Minister faces and how he intends to overcome them.