“Make In India” is an initiative launched by the Government of India to encourage multinational as well as national companies to manufacture their products in India. This initiative was started by Prime Minister Mr. Narendra Modi on September 25, 2014 at Vigyan Bhawan, New Delhi. After the initiation of this program in the year 2015, India emerged as the top destination globally for foreign direct investment, surpassing the United States of America and China. With this initiative new avenues would be created in India which would attract capital and investment and would generate employment opportunities in the country. The ultimate objective of this initiative is the creation of jobs and enhancement of skills among the youngsters in 25 sectors of the economy.
India can become a hub for manufacturing sector of the world due to the availability of skilled and technical manpower at low cost. The investment can be done in almost all the sectors from electrical to electronics, from automobile to agriculture and satellite to submarine. The Make In India Plan was announced to boost and promote the economy of the country. Earlier, the investors used to face many hurdles due to the policies, political situation and other external factors which used to act as a blockade. Due to this, they turned to invest in other countries where they could explore their business. The PM acknowledged this fact that India ranked low in the ease of doing business by the World Bank. So, he initiated to ease the business environment to attract foreign investors to do business in India. PM Mr. Narendra Modi has formulated a special cell in the Commerce Ministry named Invest India which would guide foreign investors in terms of regulatory and policy issues and to assist them in obtaining the clearances and complete the obligations in carrying business on Indian soil.
Make In India focuses on the 25 sectors of the economy. These sectors are—Automobiles, Automobile components, Aviation, Biotechnology, Chemicals, Construction, Defence Manufacturing, Electrical Machinery, Electronic Systems, Food Processing, Information Technology and Business Process Management, Leather, Media and Entertainment, Mining, Oil and Gas, Pharmaceuticals, Ports and Shipping, Railways, Renewable Energy, Roads and Highways, Space and Astronomy, Textiles and Garments, Thermal Power, Tourism and Hospitality, and Wellness. As per the new government policy, 100 percent FDI is permitted in above sectors except for Space (74 percent), Defence (49 percent) and News Media (26 percent). The Make In India programme is destined to increase and facilitate Foreign Direct Investment in India and to convince Indian and foreign companies to produce their goods in India. This would help in creation of new employment opportunities and would lead to better employment conditions. It would also attract the flow of foreign capital in the Indian economy. The Make In India programme would create a demand of skilled and trained people in specific sectors to satisfy the demand for well equipped manpower in different sectors of the economy. The programme is helping to improve the brand name of India in the international arena against the earlier business constraints that the foreign investing giants used to face which restricted the flow of foreign capital in India.
India is a country which is rich in natural resources. But the irony is that we as a nation are not able to extract those resources judiciously so that we could develop our manufacturing belt like China, Japan and other western countries. The vision behind this initiative by PM Mr. Narendra Modi is to use India’s own potential to develop its industrial sectors. In India, labour is plenty and skilled labour is easily available due to the high rates of unemployment in the country. With Asia becoming the manufacturing hub, India will soon become the preferred manufacturing destination of most investors across the globe. The areas where we should improve ourselves are some of our rigid policies and regulations besides the labour laws in the country which are not conducive to carry business in India. India ranks low on the ease of doing business and we need to improve this if we have to make this mission and campaign successful.
Under the Make In India campaign, various projects which are undertaken include Pradhan Mantri Kaushal Vikas Yojana, National Skills Qualification Framework, Pradhan Mantri Yuva Yojana and National Skill Development Corporation.
While launching the Make In India programme, PM Mr. Narendra Modi called the investors worldwide to come and make in India. He asked them to sell anywhere in the world but to make in India. And it seems that the world is more than ready to embrace this vision, which is already set on a path to become a reality. The successful implementation of these projects can help India to reach the ultimate level of progress and development by creating a lot of job opportunities and by improving the economic well being of its masses.