Make in India Initiative
Transform the future with the Make in India initiative
Introduction:
Make in India is a major initiative by the government to establish India as a leading country in the field of IT and manufacturing. Launched by Prime Minister Narendra Modi, this campaign is an initiative to encourage various global and foreign investors to invest in India and grow their businesses by manufacturing products in the country. This innovative scheme offers exciting opportunities to foreign companies to set up manufacturing units in India. The Make in India campaign of India aims to develop the country's digital network market to create a global hub, increase the contribution of the manufacturing sector to GDP, create employment, attract foreign investment, and position India as a key player in the global economy.
Table of Content:
- What is making in India initiative?
- When did make in India initiative started?
- Main pillars of make in India initiative
- Objectives of make in India initiative
- Sectors under make in India initiative
- Impact of make in India initiative in transforming future
- What is making in India initiative?
Prime Minister Narendra Modi launched the Make in India initiative with the aim of establishing India as a leading global manufacturing hub by attracting domestic and foreign investment and boosting innovation and employment. The scheme focuses on 27 sectors, including electronics, automobiles, and defense, to increase the contribution of manufacturing to GDP, improve infrastructure, and encourage skill development.
- When did make in India initiative started?
The Make in India initiative was launched by the Prime Minister of India on 25th September, 2014. It was a key step in India's nation-building efforts to save India from a severe economic slowdown. He also feels that this collective drive and relentless nature will make India stronger and help it become unstoppable in the world's court. Celebrating the 10th anniversary of the "Make in India" initiative, Union Minister for Commerce and Industry, Shri Piyush Goyal, pointed to the improvements in ease of doing business driven by digitization. He also highlighted India's emergence as the world's second-largest mobile phone manufacturer. Currently, the "Make in India 2.0" phase covers 27 sectors, advancing with significant achievements and innovations, further strengthening India's position in the global manufacturing landscape.
- Main pillars of make in India initiative:
Here are the main pillars of the Make in India initiative given below:
- New Process: Identifying 'ease of doing business’ as a key factor in enhancing the business environment, this initiative implements various measures that make it more conducive for startups and established enterprises.
- New Infrastructure: The government has focused on developing industrial corridors and smart cities, integrating cutting-edge technology and high-speed connectivity to create world-class infrastructure. This prioritizes building a workforce based on innovation, research, and improved intellectual property rights (IPR).
- New Sectors: This initiative has relaxed foreign direct investment (FDI) regulations in various sectors, including defense, insurance, healthcare, construction, and railways, encouraging international investment and growth.
- New Mindset: Driving the country's economic development by creating a collaborative environment that supports industrial growth and innovation and encourages partnerships with industry.
- Objectives of make in India initiative:
Here is a more detailed summary of the objectives of the Make in India initiative:
- Increase the contribution of the manufacturing sector to 25% to establish India as a global manufacturing hub.
- Strengthen India's labor market by creating 100 million jobs for skilled and semi-skilled workers.
- Create streamlined processes and policies to attract significant domestic and foreign direct investment in key sectors.
- Improve India's global 'Ease of Doing Business' ranking by simplifying business regulations, reducing bureaucratic hurdles, and providing single-window clearance.
- Encourage research, adoption of advanced technology, and high-tech manufacturing.
- Create state-of-the-art physical infrastructure with a focus on modern supply chain networks for seamless operations.
- Achieve self-reliance by increasing indigenous manufacturing capacity in key sectors such as defense, electronics, and renewable energy.
- Increase the share of goods manufactured by India in the international market to strengthen India's participation in global value chains.
- Focus on the automobile, textile, pharmaceuticals, electronics, defense, and renewable energy sectors to encourage industrial growth.
- Promote the integration of renewable energy into industrial operations to encourage sustainable manufacturing practices.
- Modernize industries and private sector participation to improve India’s global manufacturing competitiveness.
- Sectors under make in India initiative:
The sectors included under Make in India initiative are:
- Manufacturing sectors:
- Aerospace and defense
- Automotive and auto components
- Pharmaceuticals and medical devices
- Bio-technology, capital goods
- Textile and apparel
- Chemicals and petrochemicals
- Electronics system design and manufacturing (ESDM)
- Leather and footwear
- Food processing
- Gems and jewelry
- Shipping, Railways
- Construction
- New and renewable energy.
- Service sectors:
- Information technology and information technology enabled services (IT & ITeS)
- Tourism and hospitality services
- Medical value travel
- Transport and logistics services
- Accounting and finance services
- Audio visual services
- Legal services
- Communication services
- Construction and related engineering services
- Environmental services, Financial services
- Education services
- Impact of make in India initiative in transforming future:
The Make in India initiative has had a significant impact on India's manufacturing sector and the future of the country:
- Increasing manufacturing output: By increasing India's manufacturing output, this initiative has significantly contributed to the growth of the manufacturing sector's GDP.
- Employment generation: This initiative has created new jobs in sectors like electronics and textiles.
- Enhancing domestic innovation: The Make in India initiative inspires foreign investments to encourage domestic innovation.
- Improving ease of doing business: This initiative has improved the ease of doing business in India, helping to make it an attractive destination for investment.
- Promoting technological advancement: The Make in India initiative plays an undeniable role in promoting technological advancement.
- Intensifying global position: It strengthens India's position in the global supply chain, making it a credible player in the global economy.
- Increasing industrial capacity: The Make in India initiative increases India's industrial capacity through strategic reforms, investment-friendly policies, and infrastructure development.
Conclusion:
The main objective of the Make in India program is to create a more conducive and adequate infrastructure for domestic and foreign companies to do business in India by reducing delays in the clearance of manufacturing projects. A total of 25 major sectors have been listed under this program, including automobiles, biotechnology, chemicals, defense manufacturing, electronic systems, food processing, ports, railways, textiles, etc. Make in India's globalization and easy investment policies have encouraged international and other companies to set up their units in India. Recent steps under the Make in India initiative have helped the ongoing program reach new heights, making India irresistible.