The initiative was launched at ‘Make in India’ in 2014 by the then Prime Minister, Hon’ble Shri Narendra Modi. It will make India a global manufacturing hub and a top destination for foreign direct investment (FDI). The program is an invitation to potential investors or partners from other countries which enables them to participate in new India’s success story.
Key to Progress- 27 Sectors
It has made significant achievements in 27 key areas such as manufacturing industries as well as service industries.
These include crucial areas such as the manufacturing and services sectors. Some of the sectors include Automobiles, Aviation, Biotechnology, Construction, Chemicals, Defense Exports, Electronic Systems, Food Processing, Media and Entertainment, Mining, Oil and Gas, Railways, Renewable Energy, Textile and Garments, Tourism, and Wellness and Healthcare.
Regardless of party lines among governments supporting their implementation, this strategy must be devoid of controversies.
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Make In India- Objectives to Build a Strong Nation
The Make in India campaign was officially launched on September 25, 2014, by the Ministry of Commerce and Industry (India), and has three stated objectives which are as follows:
- To increase the growth percentage in the manufacturing sector to 12-14% per annum
- To generate a total of 100 million jobs in the manufacturing sector of the Indian economy by 2022
- To make sure the manufacturing sector performs well and achieves a target of 25% contribution by 2025.
Progress So Far- The Path to Becoming a Global Powerhouse
Under the Make India program, some measures to promote easy business operations have been introduced. A new set of operational and monitoring procedures, which is IT-oriented, is supplanting queues and bureaucratic filing. Some startups have been initiated to simplify and standardize state-level licensing regulations making them comply with international standards of excellence. A lot of changes have been made to realize ‘Make in India’ from adjustments in Labour law to electronic form of returns and from legitimization of the nonsupervisory domain to affirmation of fake permits.
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Attracting Foreign Investment
To boost the number of foreign investments in Make in India, the Government of India has enacted a liberal and transparent policy allowing most sectors to receive FDI via the automatic route. In the fiscal year 2014-15 alone, the amount of FDI flowing into India was estimated at US$45.15 billion, although this figure has continuously broken its record for FDI every year since then. Then in 2021-22, it attracted the highest ever FDI of eighty-three point six billion dollars.
It has come to our attention that his foreign direct investment has come from a total of one hundred and one countries. This investment has been distributed over the 31 Union Territories (UTs) and states as well as 57 sectors within our nation. On the flip side of profitable reforms lately and the improved Ease of Doing Business in our country, India’s trajectory to receive USD 100 billion in Foreign Direct Investment this fiscal year is clear.
Ease of Doing Business
In 2019, India ranked 63rd of 190 countries in the World Bank’s ease of doing business indicator, an increase from 130th place, three years prior. The Indian government had tasked the United Nations Development Programme(UNDP), together with The National Productivity Council (NPC), “to sensitize actual users as well as get their responses on vivid reform measures” in February 2017.
- National Single Window System (NSWS)
National Single Window System (NSWS) was brought out to make the process of doing business easier by offering one digital platform where investors can get approvals and clearances. Further, the portal has integrated many existing clearance systems under various Ministries of GOI. In addition to this, the State governments also integrated to maximize investor experience.
- Less complexity rules
In an attempt to invigorate the Make in India campaign, the Government of India has taken further steps. Various other policies meant to reduce superfluous regulatory requirements have been put in place. For instance, changing some statutes and relaxing some guidelines and rules. Such changes are intended to lessen expenses while improving efficiency thereby enhancing trade within India. It has become simpler for people due to the reduced complexity of these rules.
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One Production-One District: Showcasing Local Handlooms & Crafts
The action by the One Product-One District (OP-OD) is one more way of promoting the notion of ‘Make for India’ by reducing products as well as output costs in various geographical areas across India and creating an international market for FKAT to showcase and sell their handlooms, crafts, fabrics, agricultural, and recycled products thus fostering the socio-economic development of vibrant localities in this nation
In an attempt to invigorate the Make in India campaign, the Government of India has taken further steps. Various other policies meant to reduce superfluous regulatory requirements have been put in place. For instance, changing some statutes and relaxing some guidelines and rules. Such changes are intended to lessen expenses while improving efficiency thereby enhancing trade within India. It has become simpler for people due to the reduced complexity of these rules
The Gatishakti Program- Faster Logistics of Doing Business
The Government has also released a program for multimodal connectivity to manufacturing regions in the country, branded the Prime Minister’s Gatishakti program, which would guarantee the efficiency of logistics in carrying out business activities by coming up with infrastructure that enhances connectivity. This will enable faster movement of goods and persons, increasing accessibility to market demands, finance, and opportunities, and cutting down logistics expenses.
Final Words
Nothing describes the Make In India campaign better than PM Narendra Modi’s phrase “Look East, Link West” which he used in the campaign launch back in 2014. This scheme is all about making India a self-reliant global investment hub. The idea is to inculcate pride in people’s hearts and work for their well-being.
FAQ’s:-
1. How can Make in India help promote exports from India?
Along with attracting foreign direct investment, the Make in India campaign also seeks to increase exports from India by upgrading product quality; fostering a conducive ecosystem; creating a strong brand, and making the supply chain effective.
2. What are the current FDI regulations in India?
At present, India has a two-level system for FDI approval which involves 1. Automatic route and 2. Government route. Under the former, there is a faster approval rate of 100% without prior approval in the priority sectors like tourism and IT. The latter deals with sectors of national importance and requires government approval for FDI-specified limits.
3. How can I contribute to the success of Make In India?
Anyone can contribute their bit to the success of Make In India by either promoting and becoming an ally or increasing collaboration and investment.
