The 'Make in India' Push

Mariam, FY BAMC

‘Make in India' is an initiative that was launched on 25th September 2014, to facilitate investment, foster innovation, building best in class infrastructure, and make India a hub for manufacturing, design, and innovation.

The “Make in India” initiative is based on four pillars, which have been identified to give a boost to entrepreneurship in India, not only in manufacturing but also in other sectors. ‘Make in India’ recognizes ‘ease of doing business as the single most important factor to promote entrepreneurship so as to eliminate unnecessary laws and regulations, make bureaucratic processes easier, making the government more transparent, responsive, and accountable.

The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector. It is being led by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. The Make in India program is very important for the economic growth of India as it aims at utilizing the existing Indian talent base, creating additional employment opportunities, and empowering the secondary and tertiary sectors.

“I want to tell the people of the whole world: Come, make in India. Come and manufacture in India. Go and sell in any country of the world, but manufacture here. We have the skill, talent, discipline, and desire to do something. We want to give the world an opportunity that comes make in India,” Prime Minister of India, Mr. Narendra Modi said while introducing the program in his maiden Independence Day speech from the ramparts of the Red Fort on August 15, 2014. The focus of the Make in India program is on 25 sectors. These include automobiles, automobile components, aviation, biotechnology, chemicals, construction, defense manufacturing electrical machinery, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality, and wellness.

It's the main target was:

· To increase growth in the manufacturing sector to 12-14% per annum over the medium term.

· To raise the contribution of the manufacturing sector to 25% of the Gross Domestic Product (GDP) from its current 16%.

· To create 100 million additional jobs by 2022 in the manufacturing sector.

· To increase domestic value addition and technological depth in the manufacturing sector.

All the above-written sectors have been noticed under progress so far. Manufacturing units have been inaugurated such as for the automobile industry-major investments are by reputed companies- ISUZU motors in Sri City Andhra Pradesh, Suzuki motors in Ahmedabad, Tata Motors, Pune, and Mercedes Benz in Chakan. And the assumptions are about the investment of $2 billion and 10,000 job creation by 2021 in India by Kia.

It was one of the first 'Vocal for Local' initiatives that exposed India's manufacturing domain to the world. The sector has the potential to not only take economic growth to a higher trajectory but also to provide employment to a large pool of our young labor force.

According to the objectives, the project of Make in India has secured some of its achievements, but it has been considered a complete failure reaching 2019-2020. Achievements include the growth in FDP in the sectors like Aviation, Chemicals. Investments by companies like Mercedes, Tata Motors, and Suzuki motors in the automobile sector came under the sign of progress.

The mission is one of the most ambitious reformative steps taken by the Indian government to transform its economy in recent decades. Continuous improvements in Ease of Doing Business rankings are further adding credibility to the success story of this initiative. It is right to acknowledge that Make in India has been successful in achieving its promises of noble commitments. The dedicated site and easy mechanism for registering a business are what made India take multiple strides in its ranking across various indices of economic growth.