The “Make in India” initiative was launched in September 2014 by the Indian government with several key goals in mind:
1. Boosting the manufacturing sector: India’s manufacturing sector had been lagging behind its potential, contributing only around 15-16% of the GDP at the time. The initiative aimed to increase this share significantly, driving economic growth and job creation.
2. Attracting foreign investment: India needed capital and technology to modernize its manufacturing base. “Make in India” aimed to attract foreign direct investment (FDI) by creating a more investor-friendly environment and showcasing India’s potential as a manufacturing hub.
3. Creating jobs: Millions of young Indians were joining the workforce each year. The initiative aimed to create large-scale employment opportunities in manufacturing, thereby reducing unemployment and poverty.
4. Promoting indigenous industries: While attracting foreign investment was important, “Make in India” also aimed to empower and develop domestic industries. The initiative sought to create an ecosystem that fosters innovation, entrepreneurship, and skill development within India.
5. Strengthening India’s global position: By becoming a major manufacturing center, India aimed to increase its exports and competitiveness in the global market. This would strengthen its economic and political standing in the world.
Context: The initiative was launched against the backdrop of India’s slowing economic growth and global competition from other emerging economies like China. “Make in India” aimed to address these challenges and propel India toward becoming a global manufacturing powerhouse.
Overall, “Make in India” was launched with a multifaceted vision to revitalize the manufacturing sector, attract investment, create jobs, and elevate India’s global position. While its success is debated, it undoubtedly sparked significant discussions and efforts towards achieving these goals.