Make in India Vision, Progress and Make in India Details
Make in India is an initiative launched by the Government of India to encourage national, as well as multi-national companies to manufacture their products in India. It was launched by Prime Minister Narendra Modi on 25 September 2014. India emerged, after initiation of the program in 2015, as the top destination globally for foreign direct investment (FDI), surpassing the United States of America as well as the People’s Republic of China. In 2015, India received US$63 billion in FDI.
Make in India was a timely response to a critical situation: by 2013, the much-hyped emerging markets bubble had burst, and India’s growth rate had fallen to its lowest level in a decade. The promise of the BRICS Nations (Brazil, Russia, India, China and South Africa) had faded, and India was tagged as one of the so-called ‘Fragile Five’. Global investors debated whether the world’s largest democracy was a risk or an opportunity.
Objective of Make in India
The major objective behind Make in India initiative is to focus on job creation and skill enhancement in 25 sectors of the economy. The initiative also aims at high quality standards and minimising the impact on the environment. The initiative hopes to attract capital and technological investment in India
Plan of Make in India
To start a movement, you need a strategy that inspires, empowers and enables in equal measure. Make in India needed a different kind of campaign: instead of the typical statistics-laden newspaper advertisements, this exercise required messaging that was informative, well-packaged and most importantly, credible. It had to
- Inspire confidence in India’s capabilities amongst potential partners abroad, the Indian business community and citizens at large;
- Provide a framework for a vast amount of technical information on 25 industry sectors; and
- Reach out to a vast local and global audience via social media and constantly keep them updated about opportunities, reforms, etc.
India emerged, after initiation of the program in 2015 as the top destination globally for foreign direct investment, surpassing the United States as well as the People’s Republic of China.
With the demand for electronic hardware expected to rise rapidly to US$400 billion by 2020, India has the potential to become an electronic manufacturing hub. The government is targeting to achieve net zero imports of electronics by 2020 by creating a level playing field and providing an enabling environment.
Progress of Make in India
India ranks 130th out of 190 countries in the World Bank’s 2016 ease of doing business index, covering the period from June 2014 and June 2015. India was ranked 134th in the 2015 index.
A survey of 17 Indian cities in the World Bank’s Doing Business in India 2009 report ranked Ludhiana, Hyderabad, Bhubaneswar, Gurgaon, and Ahmadabad as the top five easiest cities to do business in India.
In a short space of time, the obsolete and obstructive frameworks of the past have been dismantled and replaced with a transparent and user-friendly system that is helping drive investment, foster innovation, develop skills, protect Intellectual Property (IP) and build best-in-class manufacturing infrastructure. The most striking indicator of progress is the unprecedented opening up of key sectors – including Railways, Defense, Insurance and Medical Devices – to dramatically higher levels of Foreign Direct Investment.
Today, India’s credibility is stronger than ever. There is visible momentum, energy and optimism. Make in India is opening investment doors. Multiple enterprises are adopting its mantra. The world’s largest democracy is well on its way to becoming the world’s most powerful economy.