The ambitious ‘Make in India’ scheme of the Modi government is aimed at making the country a global manufacturing hub and transforming its economy, an Indian diplomat in the US has said. ‘Make in India’ is one of the flagship programmes of the Government of India which is aimed at transforming the Indian economy towards making it a “global manufacturing hub”, India’s Consul General in Chicago Neeta Bhushan said in her address to a business community from the mid-west region recently, a media release said yesterday.
In her key note address at an event organised in partnership with US India Chamber of Commerce Midwest, Bhushan said that there are at least 30 key economic sectors which international companies can consider setting up manufacturing bases in India. Noting that there is considerable synergy between the Indian states those in the US midwest, Bhushan said this could be effectively utilised to boost the manufacturing sectors in both countries. She highlighted about the benefits of the Goods and Service Tax (GST) regime and how it has subsumed 17 taxes and over 23 cesses in India.
“The GST is aimed at integrating the tax structure throughout India. The government has taken a series of reforms to improve the ease of doing business,” she said. In her address, she also talked about other flagship programs of the Indian government such as ‘Skill India’ and ‘Digital India’. Ajit Pant, president of the US-India Chamber of Commerce Midwest, discussed the ‘Make in India’ initiative and the vast business opportunities that this program presents for the overseas investors at the event.
Lisa Victoria Waller, vice president of BDG International, discussed the GST reforms in details and informed the participants about the impact of the new tax regime on foreign companies functioning in India and how they can benefit from it in the long run.