Context
On September 25, 2014, the “Make in India” initiative completed 10 years as a pivotal step in India’s nation-building efforts.
Pillars of ‘Make in India’
- New Processes: The “Make in India” initiative diagnosed ‘ease of doing business’ as a critical aspect for promoting entrepreneurship.
- New Infrastructure: The government targeted developing commercial corridors and smart cities, integrating latest technology and high-speed conversation to create international-magnificence infrastructure.
- New Sectors: Foreign Direct Investment (FDI) was notably opened up in numerous sectors which include Defence Production, Insurance, Medical Devices, Construction, and Railway infrastructure.
- New Mindset: The government embraced a function as a facilitator in preference to a regulator, to foster a collaborative environment that supported business growth and innovation.
Major Achievements under Make in India
- FDI inflows have gradually risen, starting from $45.14 billion in 2014-15 to a document $84.83 billion in 2021-22.
- India made extremely good progress in improving its enterprise environment, mountain climbing from 142nd in 2014 to 63rd in the World Bank’s Doing Business Report (DBR) posted in October 2019 earlier than its discontinuation.
- India recorded goods exports worth $437.06 billion in FY 2023-24, reflecting the country’s growing function in global trade.
- The textile industry has created a remarkable 14.5 crore jobs throughout the country, considerably contributing to India’s employment landscape.
- Vande Bharat Trains, India’s first indigenous semi-high-speed trains, are a shining example of the achievement of the ‘Make in India’ initiative.
- India has become a major exporter of life-saving vaccines to many growing and underdeveloped nations the world over.
- India’s electronics sector has experienced speedy growth, accomplishing USD 155 billion in FY23.
Related Concerns
- The proportion of manufacturing in India’s GDP turned into 17.3 percent in 2013-14, and it was nevertheless stagnant at 17.7 percent in 2023 some distance from the target of 25% through 2030.
- The proportion of the manufacturing sector in total employment within the country has marginally declined from 11.6 percent in 2013-14 to 10.6 percent in 2022-23.
- India’s exports as a share of GDP has fallen from 25.2 percent in 2013-14 to 22.7 percent in 2013-24.
- Exports also are rather focused on goods and services that generally tend not to be hard work-extensive.
Conclusion
- As the “Make in India” initiative celebrates its 10th anniversary, it stands as a testimony to India’s willpower to reshape its manufacturing landscape and decorate its global standing.
- Though the efforts and achievements fall short while the fundamental indicators of the manufacturing sector show lackluster growth, With strategic reforms, investment-friendly policies, and a strong focus on infrastructure development, the initiative has significantly enhanced India’s industrial capabilities.
Source: PIB