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India must move from Make in India to Design, Innovate and Lead from India: PM’s Principal Secretary Mishra

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India must move from Make in India to Design, Innovate and Lead from India: PM’s Principal Secretary Mishra

India must move from Make in India to Design, Innovate and Lead from India: PM’s Principal Secretary Mishra

Principal Secretary to Prime Minister Narendra Modi Pramod Kumar Mishra said that rising trade barriers and supply-chain disruptions mean the country cannot count on a friendly trade agreement.

India must move beyond manufacturing and build greater domestic value addition , stronger component ecosystems, design capabilities, intellectual property and globally competitive Indian brands as global supply chains are reconstituted and trade barriers rise, Principal Secretary to Prime Minister Narendra Modi Pramod Kumar Mishra said. “There is an immediate opportunity before us. Global supply chains are being reconstituted. Trade agreements are opening markets. Technology is changing the location and organization of production. India has an opportunity to move from being primarily a large market to becoming an important production and innovation hub,” Mishra said while speaking at 13th SBI Banking and Economic Conclave.

Mishra said the changing global environment also required India to strengthen domestic manufacturing and reduce its dependence on imports. “Second, our dependence on imports and not just on energy alone. We have a significant merchandise trade deficit. We must make things at home and competitively,” he said. He also addressed the broader changes taking place in global trade and supply chains, including the increasing use of supply chains as a strategic tool and the return of trade barriers. “First, alliances are fragmented. Supply chains are being used as weapons. Capital can be switched on and off. Trade barriers, both tech and non-tech, are rising again.


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