Whether “Make in India” is successful is a complex question with no simple answer. Here’s a balanced perspective:
Arguments for success:
- Increased FDI: India saw a surge in foreign direct investment (FDI) after the initiative’s launch, reaching a record high of $60.1 billion in 2015.
- Growth in some sectors: Certain sectors like mobile phone manufacturing and automobiles experienced significant growth. India became the world’s second-largest mobile phone producer by 2022.
- Improved Ease of Doing Business ranking: India’s ranking in the World Bank’s Ease of Doing Business Index improved significantly, from 142nd in 2014 to 63rd in 2020.
- Export growth: Merchandise exports from India have grown steadily since the initiative’s launch, reaching $453 billion in 2022-23.
Arguments against success:
- Manufacturing share of GDP: Despite growth, manufacturing’s share of India’s GDP has remained stagnant or even declined slightly since the initiative’s launch.
- Job creation: While some jobs have been created, critics argue that the pace of job creation hasn’t matched expectations.
- Challenges remain: Issues like infrastructure bottlenecks, complex regulations, and skilled labor shortage continue to hinder progress.
- Limited impact on high-tech sectors: Some argue the initiative hasn’t been as successful in attracting investment in high-tech sectors like electronics and semiconductors.
Overall:
- “Make in India” has achieved some successes, particularly in attracting FDI and boosting certain sectors.
- However, it hasn’t yet achieved its full potential in terms of increasing manufacturing’s share of GDP and creating large-scale jobs.
- Addressing infrastructure, regulations, and skill development are crucial for further progress.
It’s important to consider different perspectives and ongoing discussions when evaluating the initiative’s success.