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News18
3 days ago
- Business
- News18
India@79: Reimagining Economic Nationalism For A Future-Ready Bharat
The India of tomorrow is one that doesn't depend on global goodwill — it commands global respect As we mark India's 79th year of Independence, the nation stands at a critical inflection point—one where economic nationalism is no longer just a political sentiment, but a powerful strategy to reclaim our place as a global manufacturing, innovation, and supply chain powerhouse. India's journey from being a consumer economy to becoming a creator, builder, and exporter of world-class products is well underway—and at the heart of this transformation are bold policies, digital technologies, and homegrown, innovation-led companies driving structural change. In a world recalibrating supply chains and resetting economic priorities, India's assertive push toward economic self-reliance—backed by initiatives like Make in India, Aatmanirbhar Bharat, PM GatiShakti, and PLI Schemes—signals a new era. This is not protectionism, but purposeful, pragmatic, and progressive economic nationalism—one that strengthens India's domestic capabilities while deeply engaging with global trade and investment ecosystems. From PM GatiShakti's National Master Plan for multi-modal logistics to the National Industrial Corridor Development Programme and National Logistics Policy, India is rewriting the way economies are built—from the ground up. These aren't just infrastructure upgrades—they are economic enablers. Seamless logistics, greenfield smart industrial cities, plug-and-play facilities, and technology-driven platforms like the Unified Logistics Interface Platform (ULIP) are reducing project delays, improving supply chain resilience, and enhancing India's global competitiveness. In this transformation, Parashar Future Technologies and similar tech-led Indian companies are playing a catalytic role. Leveraging AI, automation, and data analytics, we're creating solutions that reduce costs, improve precision, and empower MSMEs to participate in global value chains with confidence and scale. Production-Linked Incentives Perhaps no initiative illustrates India's economic reorientation better than the Production Linked Incentive (PLI) Schemes. Spread across 14 strategic sectors—from electronics and automobiles to pharmaceuticals and white goods—PLI is more than a fiscal tool; it's a confidence statement to the world. With over Rs 1.76 lakh crore in realised investments and more than Rs 16.5 lakh crore in production output, PLI schemes have generated over 12 lakh jobs, revitalised industrial clusters, and drastically reduced import dependence across critical sectors. Consider this: India's mobile phone exports have surged nearly 775 per cent in the last four years, making the country a key global manufacturing hub. Similarly, under the PLI for medical devices, high-end products such as MRI machines, CT scanners, and heart valves are now being made in India. This not only reduces costs and saves foreign exchange but also positions India as a resilient alternative to traditional global suppliers. Smart Nationalism Today, true nationalism lies in building capabilities that serve our people and place India on the global map as a trusted partner. By mandating Quality Control Orders (QCOs), regulating Minimum Import Prices, and decriminalising archaic business regulations through Jan Vishwas, the government is sending a strong message: India is open for business—but on fair, future-ready, and high-quality terms. The growing use of data-driven decision-making, simplified digital platforms like the National Single Window System, and investments in warehousing standards and infrastructure are strengthening the business environment. These moves aren't about isolating India—they're about protecting its interests, unlocking its potential, and amplifying its voice globally. Innovation-Driven Enterprises As a founder deeply embedded in the tech-manufacturing landscape, I see an incredible shift. Indian companies are no longer merely service providers—they're solution architects, product innovators, and global collaborators. We're seeing a surge of science-backed startups, med-tech ventures, and AI-driven manufacturing solutions—all working in sync with national priorities. Tech-enabled and innovation-led enterprises like Parashar Future Technologies are aligning with government initiatives to build IP, create jobs, strengthen MSMEs, and boost exports. The focus is not just on 'Make in India" but 'Design, Engineer, and Innovate in India"—creating a virtuous cycle of growth that benefits every layer of our economy. Nationalist Economy, Global Respect India's economic strategy today is a blend of aspiration, alignment, and agility. Our recent signing of the Supply Chain Resilience Agreement under IPEF, negotiation of strategic FTAs, and expansion of logistics and industrial infrastructure are positioning us as a formidable pillar of the global economy. Importantly, this strategic nationalism is inclusive and forward-looking—with deliberate efforts to enhance ease of doing business, strengthen women's entrepreneurship, and build a skilled, future-ready workforce. The cumulative impact? A nation that is both self-reliant and globally relevant. Political Freedom to Economic Sovereignty As we celebrate India@79, our freedom must now be measured not only by political independence, but by economic sovereignty, innovation-led growth, and the strength of our domestic capabilities. Economic nationalism today is about ensuring that the products we build, the technologies we export, and the opportunities we create serve every Indian—while making the world take note. The India of tomorrow is one that doesn't depend on global goodwill—it commands global respect. By combining visionary policymaking, resilient infrastructure, quality regulation, and the ingenuity of our tech ecosystem, we are building a Viksit Bharat that is homegrown, high-quality, and globally competitive. The message is clear: India is not just rising—it is redesigning the rules. And we, as proud partners in this journey, must innovate, invest, and lead from the front. Dr Pradip Kumar Varma is Member of Parliament, Rajya Sabha. Nagender Parashar is Director & CEO, Parashar Future Technologies. Views expressed in the above piece are personal and solely those of the authors. They do not necessarily reflect News18's views. Click here to add News18 as your preferred news source on Google. view comments Location : New Delhi, India, India First Published: August 15, 2025, 15:13 IST News opinion Opinion | India@79: Reimagining Economic Nationalism For A Future-Ready Bharat Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Gazette
25-06-2025
- Business
- India Gazette
Piyush Goyal reviews PLI scheme, emphasises need for self-reliance and export competitiveness
New Delhi [India], June 25 (ANI): India must focus on the sectors in which it has a competitive edge over other countries and address the problems faced by the various stakeholders so that the country's exports can grow, Union Minister of Commerce and Industry Piyush Goyal said at the review meeting on the Production Linked Incentive Scheme. Goyal urged the need to become self-reliant in the key sectors covered under the PLI Scheme. Emphasising that the Ministries should focus on creating quality skilled manpower instead of focusing on quantity and resolving infrastructure bottlenecks in collaboration with the National Industrial Corridor Development Corporation (NICDC), Goyal stressed the need to prepare a roadmap for the next five years, both for investment and disbursement. All the concerned ministries attended the meeting. The PLI Scheme is under various stages of implementation in 14 key sectors. The scheme has witnessed investments worth Rs 1.76 lakh crores, which has generated production/ sales of over Rs 16.5 lakh crores and employment of over 12 lakhs (Direct and Indirect) till March 2025. A cumulative incentive amount of Rs 21,534 crore has been disbursed under PLI Schemes for 12 Sectors: Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom and Networking Products, Food Processing, White Goods, Automobiles and Auto components, Specialty Steel, Textiles, drones, and Drone Components. 'The impact of PLI Schemes has been significant across various sectors in India. These schemes have incentivised domestic manufacturing, leading to increased production, job creation and a boost in exports,' the commerce ministry said. Pharmaceutical Drugs: The sector has witnessed cumulative sales of Rs 2.66 lakh crore, which includes exports of Rs 1.70 lakh crore, in the first three years of the scheme. Export sales of eligible products under the scheme for 2024-25 were Rs 0.67 lakh crore, which is approximately 27 per cent of the country's total pharma exports during the same period. The approved companies have undertaken 40 per cent of the total investment (Rs 37,306 crore), amounting to Rs 15,102 crore in Research and Development (R&D) for eligible products under the scheme. The overall Domestic Value Addition in the Sector has been 83.70 per cent as of March 2025. Bulk Drugs: The PLI Scheme for Bulk Drugs aims to boost domestic manufacturing of critical Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs) in India. The scheme has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from a net importer (Rs (-) 1,930 crore) as was the case in 2021-22. It has also significantly reduced the gap between the domestic manufacturing capacity and the demand for critical drugs. Food Products: PLI Scheme for food products has reported investments worth Rs 9,032 crore, resulting in production/sales of Rs 380,350 crores and employment of 340,116 (Direct and indirect). By mandating the use of domestically grown agricultural products (excluding additives, flavours, and edible oils) in manufacturing, the scheme has substantially increased local raw material procurement, benefiting underdeveloped and rural areas while supporting farmers' incomes. Under the PLI scheme, a significant proportion of beneficiaries are MSMEs, with 70 MSMEs directly enrolled and 40 others contributing as contract manufacturers for larger companies. This has strengthened SMEs by fostering innovation, improving competitiveness, expanding market access, generating employment opportunities, and supporting the broader value chain in the food processing industry. The sales of Value-Added Marine products increased at a CAGR of 22 per cent during the PLI period. With the launch of the PLI Millet Scheme, the Sales of Millet-Based Products increased 25 times in 2024-25 over the Base Year (2020-21). The procurement of millets by the PLI beneficiaries has increased from 4081 MT in 2022-23 to 16130 MT in 2024-25, which has led to an increase in the rural household income. Textiles: Exports of Indian Man-made Fibre (MMF) Textiles have reached USD 6 billion during 2024-25 as against exports of USD 5.7 billion during 2023-24. The overall exports of Technical Textiles from India reached USD 3,356.5 million during 2024-25 as against exports of USD 2,986.6 million during 2023-24. (ANI)
