NEW DELHI
Indian businesses need to find jobs for the young, many of whom leave to work abroad, India's Prime Minister Narendra Modi told a group of business people on Thursday during the launch of a campaign to turn India into a global manufacturing hub.
The 'Make In India' campaign is aimed at transforming the economy from a services-driven growth model into labour-intensive manufacturing-driven growth model. It is hoped this will help in creating jobs for over 10 million people, who join the workforce every year.
Modi said that India's brain drain had caused him a lot of heartache.
"I had a lot of pain my heart. What happened in my country, that the people in my own country, they want to leave their own country, they are forced to leave their own country? We don't want any businessmen to be forced to go out," said Modi. "We have to increase manufacturing and at the same time ensure that the benefits reach the youth of our nation."
He emphasized that India has a huge opportunity on its hands as sixty-five percent of the population is under 35; "the 21st century is Asia's time, so this is a golden opportunity for us" he said.
India must boost its own manufacturing sectors as well as encouraging foreign investment, Modi stressed. He was speaking at a press conference attended by senior figures from both Indian and foreign companies who were publicly endorsing the 'Make In India' campaign.
"We have to create opportunities of employment. If the poor get jobs the purchasing power of families will increase," he added.
Modi said that the Indian Space Research Organization's success in placing a satellite into orbit around Mars meant "nobody can question the talent of our people."
The campaign highlights the need for government initiatives that encourage innovation and investment and improve manufacturing infrastructure.
Modi and his right wing, Hindu nationalist Bharatiya Janata Party portrayed themselves as the pro-business candidates, who would revive India's flagging economy, during this year's general election. India's economic growth slowed from 10 percent in 2010 to 5 percent in 2013, according to the World Bank.
Modi reiterated his goals to run a smaller government by cutting subsidies and incentives for businesses and reducing bureaucracy.
"The traders, the businessmen, they don't come with a big incentive scheme. You can't make any kind of promises with them. Incentives don't work with them. We have to create a development, growth-oriented economy," said Modi. "First they want security of their investment, next they want growth and subsequently they want profit."
He also noted Asia's increasing role in the global economy but added that India had particular advantages over the rest of the continent, highlighting democratic governance, its young population and large demand.
The campaign marks the first time Modi's government has presented a comprehensive vision to match their promises on reviving the economy, with many of his critics claiming that his election campaign relied more on good marketing than substantial policies.
Modi begins a seven-day trip to the United States on Friday, where alongside a meeting with President Barack Obama and an address to the Indian community at New York's Madison Square Gardens, he will be holding discussions with several U.S.-based multi-national corporations.
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