R K Singh Calls For 'Make In India' For Global Markets, Welcomes Foreign Investors

New Delhi, Mar 9 (KNN) Union Power Minister R K Singh, addressing the second edition of the WorldWide Media Festival of Manufacturing 2024 on Thursday, urged manufacturers to embrace the challenge of competing globally.

He emphasised that manufacturing in India should not only serve the country but also cater to global markets.

Singh expressed openness to foreign investors setting up industries in India, stating, "We want manufacturing to come here. The world is looking at China plus one, we want to be that one."

Highlighting the need for Indian industry to compete in external markets and facilitate exports, Singh emphasised the importance of quality, finishing, and product improvement. He stressed that during the era of licensing, the industry failed to meet these standards.

Addressing industry representatives at the event organised by The Machinist, a B2B magazine for the manufacturing sector, Singh emphasised the need for products' quality to be competitive globally, with reasonable prices.

He emphasised the necessity to avoid providing outdated or poor-quality equipment at high prices, underlining the importance of competitiveness.

Reflecting on historical challenges faced by the manufacturing sector, Singh noted that there has always been demand, but the growth pace under the present government has significantly increased demand.

Speaking about the power sector, he mentioned that the government has invested about Rs 20 lakh crore in the last 9 years, with an additional Rs 17 lakh crore to be invested in the next 5-7 years.

(KNN Bureau)