Launched in September 2014 by Prime Minister Narendra Modi, Make in India is a flagship initiative aimed at transforming India into a global manufacturing hub. It seeks to attract investments, foster innovation, enhance skill development, and create a conducive environment for manufacturing within the country.
Key objectives:
- Increase the manufacturing sector’s share of GDP to 25% by 2025 (currently around 18%).
- Create 100 million additional manufacturing jobs by 2025.
- Make India a major exporter of manufactured goods.
Four pillars support the initiative:
- Simplification and liberalization of business processes: Streamlining approvals, reducing regulations, and promoting ease of doing business.
- Focus on 25 key sectors: Targeting specific industries for growth, including automobiles, aerospace, pharmaceuticals, and IT.
- Creation of world-class infrastructure: Developing industrial corridors, special economic zones, and improved logistics networks.
- Skill development and training: Upskilling the workforce to meet the demands of the manufacturing sector.
Achievements:
- Increased foreign direct investment (FDI) in the manufacturing sector.
- Growth in certain sectors like mobile phone manufacturing, with India becoming a major assembly hub.
- Improved ranking in the World Bank’s Ease of Doing Business index.
Challenges remain:
- Addressing infrastructural bottlenecks and attracting investment in key sectors.
- Developing a skilled workforce to meet industry needs.
- Ensuring sustainability and environmental compliance in manufacturing processes.
Overall, Make in India has taken significant steps towards boosting the manufacturing sector. However, its long-term success depends on overcoming existing challenges and implementing sustained policy initiatives.