Make in India, a type of Swadeshi campaign comprising of 25 sectors of the Indian economy, was launched by the Government of India on 25 September 2014 to inspire companies to build their products in India and enthuse with dedicated ventures into production.
After the launch, India gave investment pledges worth ₹17.40 Lakh Crore and Investment Inquiries worth of ₹1.5 lakh crore from September 2014 to February 2016. As a consequence, India emerged as the top target globally in 2015 for foreign direct investment (FDI), exceeding the United States and China, with US$60.1 billion FDI. As per the prevailing policy, 100% Foreign Direct Investment (FDI) is allowed in all 100 sectors, except for the Space industry (74%), defense industry (49%), and Media of India (26%). Japan and India had also declared a US$12 billion “Japan-India Make-in-India Special Finance Facility” fund to promote investment.
Table of Content
- Make in India Initiative
- Make in India Vision
- Make in India Logo
- Make in India Policy
- Make in India Products
- Make in India Concept
- Benefits of Make in India
In order with the Make in India, many states too began their own local activities, such as “Make in Odisha“, “Tamil Nadu Global Investors Meet“, Vibrant Gujarat, “Happening Haryana” and “Magnetic Maharashtra“. India earned US$60 billion FDI in FY 2016-17.
The World Bank’s 2019 ‘Doing Business Report’ recognizes India’s jump of to 23 positions against its rank of 100 in 2017 to be set now at 63rd rank among 190 countries. By the period of 2017, India had risen 42 places on Ease of doing business index, 32 places World Economic Forum’s Global Competitiveness Index, and 19 notches in the Logistics Performance Index, credit to recent governmental leadership, which involve focalizes, synergies and allows other important Government of India schemes, like Bharatmala, Sagarmala, Dedicated Freight Corridors, Industrial corridors, UDAN-RCS, Bharat Broadband Network, Digital India.
“Make in India” Initiative
“Make in India” was begun on 25 September 2014 with three major objectives:
(a) To improve the sector’s growth rate to 12-14% per annum in order to improve the sector’s share in the market.
(b) To create 100 million new manufacturing jobs in the economy by 2022.
(c) To guarantee that the manufacturing sector’s enrichment to GDP is increased to 25% by 2022 (later revised to 2025).
The policy proposal was to build a favorable environment for grants, develop new and efficient infrastructure, and open up new sectors for international capital. The action targeted 25 economic divisions for job work and skill improvement, and decided “to transform India into a global view and production center“.
The Make in India Vision
Manufacturing currently provides just over 15% to the national GDP. The purpose of this drive is to grow this to a 25% contribution as seen by other developing nations of Asia. In the method, the government anticipates to generate jobs, bring much foreign direct investment, and convert India into a manufacturing hub favored around the globe.
Make in India Logo png
The logo for the Make in India drive is an embroidered lion, motivated by the Ashoka Chakra, and intended to describe India’s success in all provinces. The drive was given by the Prime Minister Narendra Modi (link modi) to the prominent patriot, philosopher, and political personality, Pandit Deen Dayal Upadhyaya.
Policy Structure of Make in India
The government of India is making a big effort if you want to lessen any kind of burden on traders. Due to this, there’s an arrangement of a devoted web portal for solving all of the queries from commercial enterprise entities. This portal www.makeinindia.com is now receiving a fantastic response. The government has created a dedicated back-give up aid team, so that response can be given within 72 hours of duration.
Almost 25 key sectors like aviation, chemicals, IT, automobiles, textiles, ports, pharmaceuticals, hospitality, tourism, wellness, and railways have been identified by means of the government to work for the investors and emerge as an international leader.
Make in India Products
The products that are part of the ‘Make in India’ initiative are:
- Automobile components
- Defense manufacturing
- Electrical Machinery
- Electronic systems
- Food Processing
- Information technology and business process management
- Media & Entertainment
- Oil & Gas
- Ports & Shipping
- Renewable Energy
- Roads & Highways
- Textiles & Garments
- Thermal Power
- Tourism & Hospitality
Make in India Concept
Let us understand why PM Narendra Modi initiated Make in India
- For the prior two decades, India’s growth story appears to have been led by the services sector. This strategy paid off in the short-run, and India’s IT and BPO area saw a huge leap, and India was frequently called the ‘back office of the world’. Yet, even though the part of the services sector in the Indian market rose to 57% in 2013, it added to only 28% in the share of employment. So, the industrial sector needed to be increased in order to increase employment. This is because the services sector currently has low conversion potential pending the demographic distribution in the country.
- Another idea to start the campaign is the poor status of manufacturing in India. The part of manufacturing in the overall Indian economy is only around 15%. This is way lower than our neighbors in East Asia. There is an overall trade debt when it comes to goods. The trade excess in services hardly covers 1/5 of India’s trade debt in goods. The services sector alone cannot hope to solve this trade deficit. Manufacturing will have to break in. The government is expecting to encourage businesses, both Indian and foreign to advance in manufacturing in India, which will support this sector and also create employment in both skilled and unskilled levels.
- To focus on manufacturing is that no additional sector seems to have such a huge multiplier impact on economic growth in a country, according to several studies. The manufacturing sector has larger dense linkages and therefore, growth in demand in manufacturing spurs growth in different sectors as well. This creates more jobs, investments, and innovation, and usually leads to a greater standard of living in an economy.
Benefits of Make In India
- Develop Job Opportunity : One of the principal objectives of Make in India campaign is to give job opportunities for as numerous citizens of India as likely. It has targeted the recent generation of the country as its prime receiver. The advances in the targeted sectors, i.e. telecommunications, pharmaceuticals, tourism, etc. will support the young entrepreneurs to come forth with their innovative ideas without bothering about the cause of speculation
- Ameliorate the vicinity : In order to produce in India, a particular industry requires a likely location to set up machinery as well as factories. To meet this requirement, not only the cities were chosen would be developed but also the neighboring locations will be highly served. For a developing nation, such as ours’ action of this kind is very crucial. In extension, the labor used, from the locality would also increase the financial status of the families living nearby.
- Expand GDP : Due to the production of products in India, economic growth is necessary, which will not just increase the trade sector but also will improve the GDP of the Indian market as with the environment up of new companies and various investments being considered in the Indian market sectors the flow of income will be humongous. Many sectors such as exportation, architecture, textiles, telecommunications, etc. are likely to increase necessarily, strengthening the Indian economy which is now the 7th largest in the world.
- Fortify the Rupee : The development of the production industries would automatically turn India into a center for the invention of many commercial products; as a result, there would be a grand set of the FDI, which, in turn, would increase the rupee against the power of the American dollar.
- Increase in Brand Value : Most of the urban population favor international names rather than putting their faith in Indian retailers. As a consequence, small manufacturing businesses suffer an extreme loss in the market. Due to the Make in India campaign, such small businesses will be equipped with a real shot at the business. With, businesses investing in such small-time retailers from all throughout the world, the brand value of Indian commodities will increase dramatically.
- Up-gradation of Technology : India being a developing country certainly lacks many latest mechanization, which, is a huge obstacle in the path to the growth of the nation. So, with the myriad of countries coming forth by the Make in India campaign, India will be provided the chance to make use of the most excellent technology these countries bring along. Not only will India gain from the experience and use of the technology but also, the concerned nations will be provided with skilled and educated labor.
- Ease of Business : India is a nation that is ranking on 63rd on efficiency of doing business scale. But with the welcoming invitation given to the entire world to manufacture their products in India, the numerous restrictions faced over the entrepreneurs will be raised and aspiring businessmen from all over the globe could invest in India with no stress at all.
Q. What is Make in India Launch Date?
A. Make in India was launched on 25th September 2014
Q. What is the official Make in India website?
A. The official Make In India website is https://www.makeinindia.com/
Q. What is Make in India logo meaning?
A.The Make in India logo is a lion. It is a lion’s silhouette filled with cogs. This symbolizes manufacturing, national pride, and strength.
Q. What are the achievements of Make in India so far?
- Six industrial passageways are happening across various regions of the country. Industrial cities will also grow up along these corridors.
- India has grown a net exporter of electricity – 7203 MU shipped to Nepal, Bangladesh, and Myanmar during 2017-18.
- One of the world’s biggest 648-MW solar power plant in Tamil Nadu was approved on September 21, 2016.
- Two path-breaking prototype engines of WAGC3 & WAG11 class of 10,000 and 12,000 HP each were developed indigenously by transforming existing diesel locomotive to upgraded electric locomotive.
- Asia’s largest Med Tech Zone (AMTZ) has happened to built-in Andhra Pradesh.
Q. What is the meaning of Make in India?
A. Make in India is a significant national program of the Government of India intended to promote investment, foster discovery, improve skill development, protect intelligent property, and build strength in class building infrastructure in the country.