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Make in India is a major national plan launched by the Government of India to encourage investment, nurture innovation, improve skill development, protect intellectual property, and establish world-class manufacturing infrastructure in India. The fundamental goal of this project is to attract investment from around the world and boost India's manufacturing industry. It is overseen by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
The Make in India initiative pushes to integrate India into the global supply chain. It is about helping Indian businesses compete in a worldwide workplace. India has quickly opened up its economy for foreign direct investment in several sectors, including defense, railways, construction, insurance, pension funds, and medical devices. India's economy is currently one of the most open in the world.
The 'Make in India' campaign was launched internationally in September 2014 as part of India's greater focus on manufacturing.
Prior to 2014, India's manufacturing industry faced numerous issues, including falling growth, stagnant GDP, investment bottlenecks, talent gaps, and global competitiveness. Infrastructure development has progressed, yet there are still logistics and connection gaps. 'Make in India' also sought to address unemployment, poverty, technological advancement, and national security by lowering reliance on foreign imports in essential industries like the military.
In September 2014, the "Make in India" program was launched internationally. The Make in India strategy is critical for India's economic growth since it intends to use the current Indian talent pool, create more job opportunities, and strengthen the secondary and tertiary sectors. The plan also intends to improve India's ranking on the Ease of Doing Business index by eliminating redundant laws and regulations, streamlining bureaucratic processes, and making the government more open, responsive, and accountable. Make in India was one of the first 'Vocal for Local' campaigns to showcase India's manufacturing sector to the world. The sector has the ability to accelerate economic growth while also employing a big portion of our young labor population. The Make in India initiative has made great progress and now focuses on the following 27 sectors under Make in India 2.0.
Other initiatives done by the government in order to strengthen the industrial sector across the country include the following
Even though the effort has been successful in certain areas, it has also been criticized. There are several problems that the country must overcome if it is to meet the ambitious goals set by the establishmen
Contribution in Make in India through Skill India: Skill India and Make in India are key initiatives by the Indian government aimed at transforming the economy. Skill India develops the skills of the Indian workforce, while Make in India attracts investments and creates a manufacturing environment. The strong correlation between these initiatives is evident, as Skill India provides the necessary skilled workforce for Make in India's success, while Make in India creates job opportunities for trained skilled workers.
The Make in India initiative seeks to convert India into a manufacturing, design, and innovation powerhouse for major investments. It has decreased the risk factors for international enterprises by providing trained workers, a business-friendly climate, solid infrastructure, and low manufacturing prices. This approach is encouraging and has lowered investment risks for international firms.
The program has undeniably attracted record levels of foreign direct investment, propelled by transparent policies and the successful implementation of key initiatives such as the Production Linked Incentive (PLI) scheme. The diversification of sectors under Make in India 2.0 signals a forward-thinking approach, emphasizing new processes, manufacturing, sectors, and mindsets.
However, policy gridlock, a lack of competitive advantage, an investment constraint, trade protectionism, infrastructure bottlenecks, labor concerns are also real challenges which India has faced in this programme. To navigate these challenges and ensure the continued success of Make in India, the country must prioritize crucial reforms. Labor reforms are essential to provide workers with adequate protections and a living wage, while simplifying the tax system, undertaking land reforms, and bolstering skill training programs are imperative steps.
Additionally, fostering cooperative federalism is vital, as the success of Make in India hinges on active participation and collaboration from all state governments. As the initiative progresses, constant revision and course correction is required to tackle the many challenges which will invariably come in making this massive programme a success which would transform Indian economy.
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