PM Modi's 'Self-Reliant India' Attracts Apple, Amazon, Tesla

It's tempting to see Self-Reliant India as a repackaged version of ambitions outlined repeatedly over past decades. The most recent was Modi's "Make in India" campaign.

India's budget went paperless for the first time this year. That's because the pandemic rendered unsafe the traditional practice of locking away dozens of Finance Ministry staff inside a government printing plant to ensure none of the blueprint's secrets spilled out. Instead, Finance Minister Nirmala Sitharaman presented the spending plan to Parliament reading from a Samsung electronic tablet, which the media took pains to identify as "Made in India." "Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology," said Ms Sitharaman in her February 1 address. Tucked into the government's spending plan for the coming fiscal year, which starts on April 1, is a $28 billion program to persuade foreign manufacturers to set up operations in India. It offers cash incentives for meeting certain sales targets in industries including autos, electronics, and pharmaceuticals, aimed at luring investors from regional rivals such as China and Vietnam that have lower operating costs. Part of Prime Minister Narendra Modi's "Self-Reliant India" drive, the program is expected to boost output by $520 billion over five years, according to official projections. Credit Suisse sees it adding 1.7% to gross domestic product by 2027, while creating 2.8 million jobs. It's tempting to see Self-Reliant India as a repackaged version of ambitions outlined repeatedly over past decades. The most recent was Modi's "Make in India" campaign. Unveiled in 2014, it aimed to bump up manufacturing's contribution to GDP from 15% to 25% over five years. Instead, the share fell and now languishes at around 13%.