Make in India: Is this the right time

The unleashing of COVID 19 on humanity is possibly the event of the century. It has caused massive turbulence all over the world. Needless to say it has left a a deep impact on how businesses will get conducted post this period. The stock markets have taken a dive and are behaving in the most bullish manner. Every day there is a rise and fall, making a common investor puzzled. China has earned a bad name for itself and tarnished its credibility and reputation. Its manipulation of the WHO is an open secret now. Already Nations are inimical to China and raging with pain and anger and want to be avenged.

In the scenario of Multi nationals moving their industries out of China, a wonderful opportunity presents itself to other nations to galvanize their diplomatic and economic efforts to make it conducive for these investments to be moved to their countries. India is in my mind is a front runner for such enterprises. The Govt has also eased its FDI policy to ensure adequate control mechanisms are in place. Therefore, the time has come now to shore up our so called defence corridors which were set up with much fanfare.

What are the key focus areas we are looking at. I am of the opinion that we start this procees with areas requiring low level technology and which can deliver within three years now. Simultaneously we can build up on products of higher technology content. The most critical area relates to our defence preparedness and the aspects which pertain to enhancing are viz mobility and firepower. Let us get our partners with whom we have a history of defence imports and procurement involved straightaway. They need to move in their industry and set base in India. Transfer of technology must happen in a time bound manner.