Make in India

Make in India
Name	Make in India
Country	India
Launched	September 25, 2014
Founder	Narendra Modi

Make in India is a major national initiative launched by the Government of India to encourage multinational corporations and small and medium-sized enterprises to manufacture their products in India. The initiative was launched by Prime Minister of India Narendra Modi on September 25, 2014, with the aim of transforming India into a global manufacturing hub, similar to China. The initiative is being implemented by the Department of Industrial Policy and Promotion and the Ministry of Commerce and Industry (India), in collaboration with state governments such as Gujarat, Maharashtra, and Tamil Nadu. The initiative has received support from various Indian industry leaders, including Ratan Tata, Mukesh Ambani, and Sunil Mittal.

Introduction

The Make in India initiative is a key component of the Indian government's strategy to promote economic growth and job creation in the country. The initiative aims to increase the share of manufacturing in India's GDP from the current level of around 16% to 25% by 2025. To achieve this goal, the initiative focuses on improving the ease of doing business in India, enhancing the competitiveness of Indian industry, and promoting foreign direct investment in key sectors such as automotive manufacturing, aerospace engineering, and renewable energy. The initiative has been endorsed by various international organizations, including the World Bank, the International Monetary Fund, and the Asian Development Bank. The initiative has also received support from various foreign governments, including the United States, China, and Japan.

History

The Make in India initiative was launched on September 25, 2014, by Prime Minister of India Narendra Modi, at a function organized by the Department of Industrial Policy and Promotion and the Confederation of Indian Industry. The initiative was launched in the presence of various Indian industry leaders, including Ratan Tata, Mukesh Ambani, and Sunil Mittal. The initiative was also attended by various foreign dignitaries, including the United States Secretary of Commerce, Penny Pritzker, and the Chinese Ambassador to India, Wei Wei. The initiative has its roots in the National Manufacturing Policy, which was launched by the Indian government in 2011. The policy aimed to increase the share of manufacturing in India's GDP and to create 100 million new jobs in the manufacturing sector by 2025. The initiative has been influenced by various international models, including the German Mittelstand model and the Chinese economic model.

Sectors

The Make in India initiative focuses on 25 key sectors, including automotive manufacturing, aerospace engineering, renewable energy, biotechnology, and information technology. The initiative aims to promote the growth of these sectors by providing various incentives, including tax exemptions, subsidies, and infrastructure support. The initiative has received support from various Indian industry leaders, including Tata Motors, Mahindra & Mahindra, and Hero MotoCorp. The initiative has also received support from various foreign companies, including General Electric, Siemens, and BMW. The initiative has been endorsed by various industry associations, including the Society of Indian Automobile Manufacturers, the Aerospace Industries Association, and the National Association of Software and Services Companies.

Initiatives

The Make in India initiative has launched various initiatives to promote the growth of manufacturing in India. These initiatives include the Ease of Doing Business initiative, which aims to simplify the process of setting up and operating a business in India. The initiative has also launched the Invest India initiative, which aims to promote foreign direct investment in India. The initiative has also launched the Skill India initiative, which aims to provide vocational training to 500 million people in India by 2025. The initiative has been supported by various state governments, including Gujarat, Maharashtra, and Tamil Nadu. The initiative has also been supported by various industry associations, including the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce & Industry.

Impact

The Make in India initiative has had a significant impact on the Indian economy. The initiative has helped to increase the share of manufacturing in India's GDP from 16% in 2014 to 18% in 2020. The initiative has also helped to create 10 million new jobs in the manufacturing sector since its launch in 2014. The initiative has also helped to attract foreign direct investment worth over USD 200 billion in India since its launch in 2014. The initiative has been endorsed by various international organizations, including the World Bank, the International Monetary Fund, and the Asian Development Bank. The initiative has also been endorsed by various foreign governments, including the United States, China, and Japan.

Challenges

The Make in India initiative faces various challenges, including the need to improve the ease of doing business in India, enhance the competitiveness of Indian industry, and promote foreign direct investment in key sectors. The initiative also faces challenges related to infrastructure development, skill development, and environmental sustainability. The initiative has been criticized by various opposition parties, including the Indian National Congress and the Communist Party of India (Marxist). The initiative has also been criticized by various civil society organizations, including the Centre for Science and Environment and the Indian Institute of Public Administration. Despite these challenges, the initiative remains a key component of the Indian government's strategy to promote economic growth and job creation in India. The initiative has been supported by various industry associations, including the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce & Industry. The initiative has also been supported by various state governments, including Gujarat, Maharashtra, and Tamil Nadu.

Category:Indian economy