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The Centre's schemes like Production-Linked Incentive (PLI) are creating huge momentum in the manufacturing sector not only in India but among global companies entering the country, according to Sunil Mittal, Founder and Chairperson of Bharti Enterprises Ltd.
"Our government is pushing manufacturing. The PLI scheme is creating tremendous momentum in not only India but also in global corporations coming to India for manufacturing... in this term of the government, you will see semiconductors becoming a reality," Mittal said on the sidelines of the NDTV World Summit 2024 on Monday. Mittal, Chairperson of Bharti Enterprises, emphasized the global expansion of Indian businesses and the country's rising economic influence during his address at the Summit. Highlighting the efforts to take Indian brands to the global stage he praised the country's growing capabilities in manufacturing and exports. Electronics, hardware manufacturing and software are some of the strongholds that India has in terms of manufacturing, he said. "We have to showcase the Indian culture, the Indian ethos, India's commitment, and that's what I am currently focused on--expanding Airtel and all Bharti Enterprises into global markets. We need to take India to the globe," said Mittal, underlining his company's mission to grow internationally. He noted that India has evolved into a place where products are produced and consumed locally, with increasing export potential worldwide. Mittal praised companies like Tata for leading the way in global expansion, especially in Europe and South Africa, and shared Airtel's journey of becoming a prominent Indian brand abroad. "In 2010, we made an audacious move to enter 15 countries in Africa. Today, we operate in 14 sub-Saharan countries, along with Sri Lanka and Bangladesh," he stated, highlighting Airtel's presence across the continent and its nearly 160 million customers in these regions. He said, "We knew if you wanted our next 100 million customers we had to go somewhere outside to place like Africa today we have nearly 160 million customers in these 14 countries and the population and the young people are adopting technologies." According to Mittal, India's investments are being more warmly welcomed globally compared to other nations like China, which faces increasing scrutiny. "Indian money is welcomed abroad, unlike our neighbouring country, China, whose investments are often blocked. Even funds from the Middle East face stronger filters due to their sovereign backing," he said. Noting the growing number of Indian companies venturing overseas, he said, "You are seeing GMR building airport outside, you are seeing Adani now going to Kenya, Godrej is going overseas Bajaj going outside. Hero Motor going outside. You are starting to see the emergence of global companies slowly but surely out of India now." Looking ahead, Mittal expressed optimism about India's demographic dividend, he said, "In 2030, India will have 1 billion people in the working age, which means great opportunities, tremendous amount of consumption, equally tremendous amount of savings. But these people need to get jobs." He added, "There some other sector service industry tourism, our new e-commerce type of activity will also generate a lot of jobs but in the end for any nation to become true economic power you need manufacturing. and I'm so glad that finally is getting this manufacturing piece right." Emphasising the importance of building digital infrastructure to support this growth, he said, "My company spent between Rs 30,000 crores-Rs 35,000 crores in a year on digital infrastructure creation." (ANI)
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