The "Make in India" initiative program, launched by the Government of India in September 2014 to encourage manufacturing and production within the country, has evolved into Make in India 2.0.
The initiative aims to facilitate investment, foster innovation, build best-in-class manufacturing infrastructure, make it easy to do business and enhance skill development.
Make in India 2.0 focuses on 27 sectors, including strategic sectors of manufacturing and service sectors.
The Department for Promotion of Industry and Internal Trade is coordinating action plans for the 15 manufacturing sectors, while the Department of Commerce is coordinating the 12 service sectors.
The government is making continuous efforts to attract investment in the country and enhance international cooperation.
Various steps have been taken to boost domestic investments, including the National Infrastructure Pipeline, reduction in corporate tax, easing liquidity problems of NBFCs and banks, and trade policy measures to boost domestic manufacturing
The initiative is based on four pillars: new processes, new infrastructure, new sectors, and new mindset. Its objectives include:
Increase the growth rate of the manufacturing sector to 12-14% per annum.
Create 100 million additional manufacturing jobs by 2022 (revised to 2025).
Increase the manufacturing sector's contribution to GDP to 25% by 2025.
The initiative has been built on collaborative efforts, with a focus on public-private partnerships and a shift in the government's mindset from being a regulator to a facilitator.
Key objectives and features of the Make in India initiative include:
Ease of Doing Business: The government has implemented various reforms to simplify and streamline business processes, making it easier for companies to set up and operate in India.
Infrastructure Development: The initiative emphasizes the development of infrastructure, including transportation, logistics, and energy, to support manufacturing activities.
Fostering Innovation: The program aims to promote innovation and research and development in various sectors to enhance competitiveness.
Skill Development: To meet the demands of a growing manufacturing sector, there is a focus on skill development programs to train the workforce in relevant industries.
Opening up Foreign Direct Investment (FDI): The government has liberalized FDI policies to attract foreign investors and promote collaboration between Indian and international companies.
Sector-specific Initiatives: Make in India identifies key sectors such as aerospace, automobiles, chemicals, defense manufacturing, electronics, and renewable energy for targeted growth and investment.
Digital India Integration: The initiative integrates with the broader Digital India campaign to leverage technology and digitization in various aspects of manufacturing.
Sustainable and Inclusive Growth: The initiative aims to promote sustainable and inclusive growth by focusing on environmentally friendly practices and social responsibility.
Since its launch, the Make in India initiative has seen some success in attracting investment and fostering the growth of the manufacturing sector. However, like any complex initiative, it has also faced challenges and criticisms, such as the need for continued improvements in infrastructure, regulatory reforms, and addressing bureaucratic hurdles.
Overall, the Make in India initiative is a strategic effort to transform India into a global manufacturing powerhouse, contributing significantly to economic development and job creation.
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