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India unveils ambitious plan to become global tech manufacturing hub

India unveils ambitious plan to become global tech manufacturing hub
Global companies are welcome to tap into India’s resources, including IT and human capital, the technology minister said shortly after New Delhi unveiled a multibillion-dollar incentive to woo electronics manufacturing.

Speaking to CNBC, Telecommunications and IT Minister Ravi Shankar Prasad said that the scheme presented by the Indian government earlier this week is aimed at making the country “a big hub of electronic manufacturing.”

“IT power, the soft power, the start-up power, the human resource – all are available in abundance for manufacturers to tap... Any company which seeks to move to India is welcome,” he said, adding that New Delhi will be facilitating these efforts.

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On Tuesday, the government unveiled three schemes totaling 500 billion rupees ($6.6 billion) to attract substantial investments, boost component production and, most importantly, bring leading smartphone makers to the country. One of the initiatives is set to extend incentives of four to six percent on incremental sales of goods manufactured locally over five years.

The country has long tried to become a global manufacturing hub. Prime Minister Narendra Modi launched the ‘Make in India’ campaign for this purpose in 2014, and India has recently stepped up efforts amid escalating tensions between China and the US.

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Some analysts consider the recently unveiled schemes as another example of India’s desire to become an alternative to China. However, Prasad stressed that ‘Make in India’ is not aimed against any country, rather, the nation wants to become a competitive player in the global economy.

“When we talk of ‘Make in India,’ it does not mean India in isolation. It means an India which is globally becoming competitive, as a partner of the global economy – India’s asset in service of the global assets,” Prasad said.

For more stories on economy & finance visit RT's business section

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