Anvi Staff asked 5 years ago
What is Make in India, what are its benefits?
Subhash Staff answered 5 years ago
Make in India is a Swadeshi movement that encompasses 25 sectors of the Indian economy. Launched by the Government of India on 25 September 2014, its aim is to encourage companies to manufacture their products in India and attract dedicated investments into manufacturing.
The initiative was introduced as part of a broader set of nation-building efforts, with the goal of transforming India into a global design and manufacturing hub. It emerged as a response to a critical situation: by 2013, the emerging markets bubble had burst, leading to India’s growth rate plummeting to its lowest level in a decade. India was facing scrutiny as one of the so-called ‘Fragile Five’ and was on the brink of severe economic challenges.
Make in India has been a collaborative effort, with participation from Union Ministers, Secretaries to the Government of India, state governments, industry leaders, and knowledge partners. National workshops and sector-specific discussions have resulted in action plans aimed at increasing the manufacturing sector’s contribution to 25% of GDP by 2020.
The initiative has dismantled outdated regulatory frameworks and replaced them with transparent and user-friendly systems, driving investment, fostering innovation, developing skills, protecting intellectual property, and building top-notch manufacturing infrastructure. Key sectors, such as Railways, Defence, Insurance, and Medical Devices, have been opened up to significantly higher levels of Foreign Direct Investment.
Workshops and engagement with international organizations like the World Bank have focused on improving India’s ease of doing business ranking. An Investor Facilitation Cell (IFC) and specialized teams like ‘Japan Plus’ and ‘Korea Plus’ have been established to assist investors and facilitate fast-track investment proposals.
Several sectors have been liberalized for investments, and regulatory policies have been relaxed to enhance the ease of doing business. Industrial corridors and cities are being developed across the country to further boost manufacturing.
India’s credibility has strengthened significantly, with visible momentum and optimism surrounding Make in India. The initiative is attracting investment and adoption from multiple enterprises, positioning India as a formidable economic force on the global stage.
For more information visit: http://www.makeinindia.com/about
Sameer Staff answered 5 years ago
For years, policymakers have debated strategies to invigorate manufacturing in India and position the country as a Global Manufacturing Hub. However, it was Narendra Modi who, in a matter of months, launched the ‘Make in India’ campaign. This initiative aims to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build best-in-class manufacturing infrastructure.
The “Make in India” initiative is founded on four pillars, designed to stimulate entrepreneurship across various sectors, not just manufacturing:
- New Processes: Recognizing the importance of ‘ease of doing business,’ the initiative aims to simplify regulatory processes and reduce bureaucratic hurdles throughout the business lifecycle.
- New Infrastructure: The development of modern, facilitating infrastructure, including industrial corridors and smart cities, is crucial for industry growth. Additionally, there is a focus on upgrading existing infrastructure and streamlining innovation and research activities.
- New Sectors: ‘Make in India’ has identified 25 sectors in manufacturing, infrastructure, and services and aims to attract foreign direct investment (FDI) in key areas such as Defense Production, Construction, and Railway infrastructure.
- New Mindset: Shifting from a regulatory role to that of a facilitator, the government aims to partner with industry for economic development, fostering a collaborative approach between government and industry.
The Make in India program has been a collaborative effort involving Union Ministers, Secretaries to the Government of India, state governments, industry leaders, and knowledge partners. National workshops and sector-specific discussions have resulted in a roadmap for the initiative, aimed at increasing the manufacturing sector’s contribution to GDP.
This collaborative model has extended to global partners, such as the United States, demonstrating the program’s transformational power and its potential for driving investment and fostering innovation.
The program has dismantled obsolete frameworks and replaced them with transparent and user-friendly systems, attracting higher levels of FDI across key sectors. Various measures focused on easing business processes, such as IT-driven application processes and streamlined licensing rules, have been implemented to make ‘Make in India’ a reality.
Today, India’s credibility is stronger than ever, with visible momentum and optimism surrounding the Make in India initiative. The country is on track to becoming a powerful economy, with multiple enterprises adopting its mantra and investment doors opening wide.
For details visit: https://www.pmindia.gov.in/en/major_initiatives/make-in-india/
Nidhi Staff answered 5 years ago
The Make In India Project, envisioned by Prime Minister Narendra Modi, is poised to revolutionize the trajectory of the Indian economy. The initiative aims to attract foreign investment and foster the growth of local entrepreneurs, thereby positioning India as a global brand. Despite its significance, many are unaware of the intriguing details behind this endeavor, as reported by Swarajya.
- Streamlining Business Processes: India’s current rank of 130 out of 189 countries for ease of doing business underscores the need for improvement. To address this, the Union Government has undertaken reforms to simplify the process of setting up businesses. Notably, the number of mandatory export and import credentials has been reduced from ten to three.
- Enhanced Coordination: The Make In India Project advocates for seamless coordination between state officials and central bureaucrats to facilitate the establishment of businesses. The introduction of the Ease of Regulatory Requirement (ERR) aims to assess the business-friendly environment in states and promote competitive federalism.
- Development of Industrial Infrastructure: Recognizing the importance of business-friendly industrial infrastructure, the government has established the National Industrial Corridor Development Authority (NICDA) to oversee the development of industrial corridors and clusters.
- Focus on Intellectual Property Rights (IPR): In addition to attracting foreign investment, the initiative encourages innovation. To this end, the Indian Intellectual Property Rights (IPR) framework has been established to facilitate collaboration between domestic and foreign companies and safeguard business confidentiality and trade secrets.
- Impact on Foreign Direct Investment (FDI): The Make In India Project has significantly impacted FDI inflows, particularly in the manufacturing sector, which saw a 23 percent increase in the fiscal year 2014-15. Sectors such as electronics, automobiles, and telecom have emerged as key recipients of investments.
- Establishment of Investor Facilitation Cells: To provide comprehensive information to investors, Investor Facilitation Cells have been set up at the Federation of Indian Chambers of Commerce and Industry. These cells assist investors by providing sector-specific information, coordinating with government departments, and facilitating appointments with relevant authorities.
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Notable Investments and Developments: Since the inception of the Make In India Project, several significant investments and developments have been witnessed. For instance, Spice Group announced a Rs. 500 crore investment in Uttar Pradesh, while Samsung unveiled plans for MSME-Samsung Technical Schools and a telecom hardware manufacturing plant. Other notable investments include Huawei’s new R&D campus in Bengaluru, Xiaomi’s production plant, and Boeing’s decision to assemble defense helicopters in India.
raman Staff answered 5 years ago
“Make in India” is an initiative launched by the Government of India in September 2014 with the aim of transforming the country into a global manufacturing hub. The program focuses on encouraging both domestic and international companies to manufacture their products in India. It aims to boost job creation, enhance skills development, attract foreign investment, and foster innovation and entrepreneurship in various sectors.
Key objectives of the Make in India program include:
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- Facilitating Ease of Doing Business: Simplifying and streamlining regulatory processes and procedures to make it easier for businesses to operate in India.
- Building Physical Infrastructure: Developing world-class infrastructure such as industrial corridors, ports, transportation networks, and smart cities to support manufacturing activities.
- Promoting Innovation and Entrepreneurship: Encouraging research and development (R&D), innovation, and entrepreneurship in various sectors to drive technological advancement and competitiveness.
- Fostering Skill Development: Enhancing vocational training and skill development initiatives to equip the workforce with the necessary skills for employment in the manufacturing sector.
- Attracting Foreign Direct Investment (FDI): Implementing policy reforms and incentives to attract foreign investment and technology transfer into key manufacturing sectors.
- Sectoral Focus: Identifying and promoting key sectors with high growth potential, such as automotive, electronics, pharmaceuticals, textiles, defense, renewable energy, and information technology (IT).
Overall, the Make in India initiative seeks to transform India into a global manufacturing powerhouse, generate employment opportunities, and contribute to economic growth and development.
After the Make in India project launch, India received investment commitments worth ₹16.40 lakh crore (US$230 billion) and investment inquiries worth ₹1.5 lakh crore (US$21 billion) between September 2014 to February 2016.As a result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing the United States and, with US$60.1 billion FDI.
As per the current policy, 100% Foreign Direct Investment (FDI) is permitted in all 25 sectors, except for Space industry (74%), defence industry (49%) and Media of India (26%).Japan and India had also announced a US$12 billion “Japan-India Make-in-India Special Finance Facility” fund to push investment.
In line with the Make in India, individual states too launched their own local initiatives, such as “Make in Odisha”, Vibrant Gujarat, “Happening Haryana” and “Magnetic Maharashtra”. India received US $60 billion FDI in FY 2016-17.
The World Bank latest ‘Doing Business Report'(DBR, 2019) acknowledges India’s jump of 23 positions against its rank of 100 in 2017 to be placed now at 77th rank among 190 countries. By the end of 2017, India had risen 42 places on Ease of doing business index, 32 places World Economic Forum’s Global Competitiveness Index, and 19 notches in the Logistics Performance Index thanks to recent governmental initiatives, which include converges, synergises and enables other important Government of India schemes, such as Bharatmala, Sagarmala, Dedicated Freight Corridors, Industrial corridors, UDAN-RCS, Bharat Broadband Network and Digital India.