New Delhi: Indian Prime Minister Narendra Modi, during an interview with television channel NDTV, stressed the need to develop clusters to boost the industrial ecosystem.
The Prime Minister cited the example of the ‘one district, one product’ initiative that is meant to promote a unique product from each district of each state on a national, and even international level. “The district is gaining recognition, and we are also doing value addition”, the PM noted. “Technology, as well as quality, is receiving a boost.” Notably, the state of Assam is building a new marketplace for the ‘one district one product’ initiative in the form of the Unity Mall with an outlay of Rs 226 crore.
In the interview with NDTV, the Prime Minister also spoke about the country’s new and emerging technologies that are giving a dramatic boost to the industry sector. “There are great possibilities in India to develop the automobile industry, for electric vehicles, we have many leading technological start-ups in the space sector”, he said, adding that India, which was once considered an importer of mobile phones, is now making its own devices. Notably, one out of seven Apple iPhones sold in the world is manufactured in the South Asian nation, Modi said.
Factories belonging to key contract manufacturers Foxconn and Pegatron produce various iPhone models in India. This production encompasses iPhone models 11, 12, 13, 14, and the newest addition, the iPhone 15. Last month, The Economic Times reported that Apple is planning to build around 78,000 homes for its workers in India to boost production. Talking about growth in the industrial sector, PM Modi also cited India’s resolve to tap into the ever-expanding markets for lab-grown diamonds and semiconductors and manufacture and export a huge quantity of weapons.
India is poised to become the world's third largest consumer market by 2026 outpacing Germany and Japan, according to the 'India Economic Perspectives' report by UBS. The country, which is the fifth-largest economy in the world, is also poised to become the third-largest by the end of the decade.
FIRST Business Portal addressing the potential of business capability of North East Region.
