The Make in India initiative was launched on September 25, 2014, by our honourable Prime Minister Shri Narendra Modi with the goal of encouraging diverse industries to manufacture in India. The main objective of this scheme is to make India economically independent at the international and domestic levels by encouraging the boost of the domestic manufacturing sector and also amplifying investment into the country. To create 100 million additional manufacturing jobs in the Indian economy by 2022 and to ensure the contribution of the manufacturing sector in GDP is increased by 25% by 2022 are also some of the key objectives behind this program.
Make in India is a program of the Atma Nirbhar Bharat Abhiyan, which is dedicated to the development of a modern, independent India. The Make in India movement seeks to entice foreign money to invest in Indian manufacturing firms in order to increase job opportunities and develop India into a worldwide design and manufacturing centre. This campaign encourages manufacturing companies to manufacture goods and services in India rather than importing them from other nations, and it encourages citizens to utilize exclusively items created in India.
The Make in India initiative is ideally for the growth of youth and to boost them to start up their business in the country instead of going overseas for employment.
In this process, the Indian name is incorporated into the Indian products. The government provides Rs.930 crore as a startup and a total of Rs.20,000 crore will be spent on this process. One of the major advantages is that our country’s products are less expensive and save more taxes and thus control the general public budget and help to reduce poverty.
The Make in India logo is the king of the jungle, a lion’s silhouette full of cogs. This symbolizes productivity, national pride, and power.
Sectors that benefit from the Make in India Initiative
There are a total of 25 focus sectors that help boost the Indian economy and augment foreign investment:-
- Auto Components
- Defence manufacturing
- Electrical machinery
- Electronic design systems and manufacturing
- Food processing
- BPM and IT
- Entertainment and Media Houses
- Oil and Gas
- Renewable energy
- Roads and highways
- Thermal Power
- Tourism and Hospitality
Why Make in India?
The Make in India initiative relies on four pillars, that are known to administer entrepreneurship in India, not solely in manufacturing but additionally in other alternative sectors as well.
New Processes: Make in India acknowledges ‘ease of doing business’ as the sole and most significant factor to push entrepreneurship. Ample of initiatives have already been undertaken to ease the business environment. The aim is to de-license and de-regulate the business throughout the whole life cycle of a business.
New Infrastructure: One of the most important requirements for the growth of our Indian industry is modern infrastructure. The government has taken up initiatives to develop metropolitan cities with progressive technology and high-speed communication. The initiative also intends to educate and detect the necessary skills for the industry and to accordingly train the infrastructural workforce.
Challenges of the Make in India Program
- While implementing this initiative the biggest drawback that government must face is to make trust within the middle of the manufacturing sector.
- The poor infrastructure of India will also become one of the major problems in implementing this plan.
- The manufacturing sector needs an extremely trained and knowledgable workforce whereas India still lacks a skilled labour force.