Present geopolitical situation amid conflicts, trade wars, unilateral tariffs etc. has intensified a consensus that India has to strive to transform into a Product Nation.
About Product Nation
- A product nation is a country that produces and exports a substantial volume of high-value goods, becoming a net producer rather than a net importer.
- Product nation not only innovates but also manufactures and exports Intellectual Property (IP)-driven solutions across sectors.
Need for the transition
- Strategic Leverage: More strategic one country’s products are, greater is its strategic leverage.
- For instance, Taiwan has its hold over most advanced chips in the world and China has its hold over rare earth minerals.
- Increasing share in Global Supply Chain: By creating India’s own branded high-value products through IP-curated designs.
- Enhance Economic Resilience: A product-based economy with strong manufacturing and innovation is more resilient to global economic downturns.
Initiatives taken to make India a Product Nation
- Production Linked Incentive (PLI) Schemes: Focuses on 14 critical sectors to boost domestic manufacturing through targeted, performance-based incentives.
- Design Linked Incentive Scheme: Offers financial incentives as well as design infrastructure support for semiconductor designs.
- Key Innovation Missions: Including National Quantum Mission, Atal Innovation Mission, IndiaAI Mission etc.
- National Logistics Policy: To drive economic growth and competitiveness.
Way Forward
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