New Delhi: Prime Minister Narendra Modi on Friday laid emphasis on working hard to make manufacturing in India globally competitive and said that the government's thinking is "minimum government, maximum governance".

PM Modi met heads of India Inc to deliberate on various production-linked incentive (PLI) schemes.

These schemes were announced with the intention to minimize the effects of Covid-19 pandemic and draw investments from large companies and boost manufacturing.

Asserting on the need for effective engagement of all stakeholders of development, PM Modi said the Union Budget and India's policy-making shouldn't just be restricted to a government process.

"Every stakeholder associated with the development of the country should have an effective engagement in it," the Prime Minister said during a webinar on the PLI schemes.

Here are the highlights of his speech:

·         We need to take big steps and increase our speed & scale (in manufacturing). After COVID’s experience of past 1 year, I’m convinced that it’s India’s responsibility and not just an opportunity to move fast in this direction. Manufacturing transforms every segment of economy.

·         13 sectors such as auto, pharma to get Production-linked inventive (PLI) scheme.

·         Production-linked incentive (PLI) scheme aimed at expanding domestic manufacturing and boosting exports.

·         India wants to work with the same approach. Thus, our government has brought one reform after another in this sector. Our policy and strategy are clear in every way. Our thinking is - 'minimum government, maximum governance'. And we expect 'zero effect, zero defect'.

·         We need to work hard to make manufacturing in India globally competitive. Our production costs, quality and efficiency of products should leave a mark in the global market and we must work together to make this possible. Our products must be user-friendly, most modern, affordable and sustainable.

·         Our effort is to reduce 6,000 compliances burden on entities, says PM on measures for booting domestic manufacturing.

·         In the last few weeks, we have received several innovative suggestions in several sectors. In the last 6-7 years, we’ve made several successful attempts to strengthen Make In India at different levels.

As many as 42 industry heads were invited for this webinar with the Prime Minister. This virtual meeting will be attended by N Chandrasekaran (Tata Sons), RC Bhargava (Maruti Suzuki India), Sajjan Jindal (JSW Steel), TV Narendran (Tata Steel), Gopal Vittal (Bharti Airtel), Pawan Goenka (M&M) and Sangita Reddy (Apollo Hospitals), Satish reddy (Dr Reddy's), Manish Sharma (Panasonic India), Manoj Kohli (SoftBank India), Hemant malik (ITC) and RS Sodhi (Amul).