Make in India is a government initiative launched in September 2014 by Prime Minister Narendra Modi with the aim to boost manufacturing in India. It aims to transform India into a global design and manufacturing hub. Here’s a breakdown of its key aspects:
Goals:
- Increase foreign direct investment (FDI) in manufacturing.
- Create more jobs in the manufacturing sector.
- Boost India’s exports of manufactured goods.
- Improve the ease of doing business in India for manufacturers.
- Develop new industries and technologies in India.
Strategies:
- Simplifying regulations and procedures for businesses.
- Improving infrastructure, such as roads, ports, and electricity supply.
- Providing tax breaks and other incentives to manufacturers.
- Developing skills of the workforce to meet the needs of the manufacturing sector.
- Promoting foreign investment through roadshows and other initiatives.
Impact:
- Increased FDI: There was a surge in FDI after the launch, but it has since stabilized.
- Growth in specific sectors: Mobile phone manufacturing has seen significant growth, but the overall manufacturing sector’s share of GDP hasn’t grown as much as initially hoped.
- Improved ease of doing business: India’s ranking in the World Bank’s Ease of Doing Business Index improved, but challenges remain.
- Job creation: While overall job creation figures are debated, some sectors under the initiative have seen employment growth.
Current Status:
The initiative has shown mixed results. While there have been achievements, it hasn’t yet achieved its broader goals. There are ongoing discussions about how to make it more effective.