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An Industrial Revolution in the Making

Although the “Make In India” campaign initiated by the Prime Minister Narendra Modi to bring about an evolution to various sectors is quite beneficial, it still lacks a few major insights that would boost its effectiveness. It is quite evident that the growth of small and medium scale industries is only possible if under invoicing in imports is minimized. This can be accomplished by various methods such as making import licences difficult to procure through the enforcements of norms like minimum revenue for companies eligible for applying import licences, cancelling all import licenses that have been redundant for more than 6 months with immediate effect and separating import and export licences so that exporters do not face the problems which have been caused by importers.