Make in India: India’s growth rate had dropped to its lowest level in 2013, following the implosion of the much sought-after emerging markets bubble. Because of this, India was labeled one of the “Fragile Five” by the other BRICS nations (Brazil, Russia, India, China, and South Africa). Prime Minister Narendra Modi announced the Make in India initiative to revive India’s economy.
A Swadeshi movement, India’s Make in India, was established on September 25th, 2014, to incentivize businesses to produce their goods in the country of their origin. Among the 25 industries targeted by the Make in India project are those in the automobile and aviation industries, chemical and pharmaceutical industries, information technology (IT) and business process management (BPM), and the construction and defense industries. Defense production, construction, and rail infrastructure have seen significant increases in FDI.
Focused Sectors
International Direct Investment (FDI) has been allowed in important sectors of the economy by the Indian government to attract foreign manufacturers. Those are the areas we should investigate.
| S.N. | Sector |
| 1. | Automobiles |
| 2. | Auto components |
| 3. | Aviation |
| 4. | Biotechnology |
| 5. | Chemicals |
| 6. | Construction |
| 7. | Defense manufacturing |
| 8. | Electrical machinery |
| 9. | Electronic system design and manufacturing |
| 10. | Food processing |
| 11. | IT and BPM |
| 12. | Leather |
| 13. | Media and entertainment |
| 14. | Mining |
| 15. | Oil and gas |
| 16. | Pharmaceuticals |
| 17. | Ports |
| 18. | Railways |
| 19. | Renewable energy |
| 20. | Roads and highways |
| 21. | Space |
| 22. | Textiles |
| 23. | Thermal power |
| 24. | Tourism & Hospitality |
| 25. | Wellness |
Why aren’t more companies setting up shop in India?
A major competitor to the Make in India movement is the Make in China goal, which has gained traction in recent decades. In terms of outsourcing and manufacturing, China is a big competitor. It is difficult for India to acquire the privileged position of a manufacturing hub because of its inadequate infrastructure and obsolete logistics systems. They have vowed to remove these obstacles and make this country an ideal location for investors to set up a business.
Boost for New Businesses
As a result of government efforts over the past six years, the country’s business climate has dramatically improved. Because it’s grown into a platform for national advancement, the Make in India campaign is now well-known worldwide. MSMEs have reaped the benefits of the Make in India campaign’s “zero defect, zero effect” mantra. Many companies are now producing products with “zero faults” and “zero environmental impact” as a result. There were $250 billion in investment commitments and $23 billion in investment inquiries received by India from September 2014 to February 2016.
Conclusion
This program is an absolute necessity if we are to eradicate unemployment in India while also fostering economic growth. We can significantly reduce poverty by addressing the issue of youth unemployment. A strong economy is inevitable following the success of the “Make in India” initiative. By doing so, various socio-economic problems in the country may be addressed.
FAQs: Make in India
When did the “Make in India” initiative get its start?
September 25th,2014
In the Make in India program, which industry is not included?
Education
Make in India was launched to improve which Indian economy’s sector.
Sector of manufacturing
Do you know how many industries are targeted by the Make in India campaign?
25
“Zero Defect Zero Effect.” – This tagline is associated with which scheme?
Make in India
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