What is Make in India?
It’s an initiative taken up by the government of India to boost up the domestic industrial production. It enhances the efficiency of an industry by providing a healthy business environment which focuses on easing various steps involved. This will encourage more and more people, who otherwise feel that the rules and regulations involved are very tedious and the outcome isn’t that great, to bounce back and revive the industries. It also attracts various foreign investors to set up industries here which will certainly increase our foreign direct investment (FDI).
Why was it required?
India had a defunct industrial arena with ailing facilities which would mar the confidence of young entrepreneurs and industrialists. India’s neighbor China was way ahead of us in terms of manufacturing, exports and business with outside world. Coming across a ‘Made in China’ product wasn’t a rare sight. China provided better working freedom and regulations which helped in the flourishing of its industries and in turn growth. India had to combat with its corruption, lack of transport and other amenities to make manufacturing as highest growth contributor.
Aim of the campaign
The main aim of this campaign is to enhance the share of manufacturing sector contributing to GDP. This would obviously lead to growth as well as job creation which will reduce youth unemployment, attract foreign direct investment and thus cast an image of India as world’s manufacturing hub.
The campaign has a lion as its logo, which is inspired by Ashok Chakra symbolizing India’s success in all spheres. The campaign was primarily dedicated to our eminent philosopher and politician, Pandit Deen Dayal Upadhyaya.
Launching of the campaign
This unique campaign was launched by our Prime Minister Narendra Modi on 25th September 2014 after a staggering win in Lok Sabha elections. This was a part of “ache din” wave created by BJP to ensure the growth of the country. The launch was attended by many tech giants like Mr. Cyrus Mistry( Tata Group), Mr. Mukesh Ambani( Reliance Industries), Mr. Azim Premji(Wipro), Mr. K M Birla( Aditya Birla group) and many more.
The Government of India has come up with 25 major areas which have the maximum potential of development and inherent benefits. These are the areas with the highest possibility of attracting foreign investors. Enhanced manufacturing and industrial setup coupled with democratical freedom is the best way to promote growth.
The sectors covers under this scheme are:
• Automobile Components
• Defence Manufacturing
• Electrical Manufacturing
• Electronics System
• Food Processing
• Media and Entertainment
• Oil and Gas
• Renewable Energy
• Roads and Highways
• Textiles and Garments
• Thermal Power
• Tourism and Hospitality
Also, Government has allowed 100% FDI in all sectors except Space(74%), Defence (49%) and News Media (26%)
India has a lot of natural resources available for proper utilization. The labor force is abundant as the unemployment rate is soaring high. Environment conditions required for growth of different crops are suitable. Climate is equally compatible with almost every raw material required. We have budding entrepreneurs with innovative ideas for engineering and management. Also, Asia is becoming a new world outsourcing hub which contributes the greater possibility of investors coming to India.
India has been bestowed with major advantages both geographically as well as demographically. Make in India is thus helping in proper utilization of above-mentioned resources creating a hospitable environment for industrial growth.