Make in India is one of the best initiatives of prime minister Narendra Modi. It was launched on 25th September 2014. The main objective of this initiative is to enhance the skills and creating job opportunities for the different sectors of the economy. Also, it aims to transform India into a global design and manufacturing hub by 2025.
It covers around 25 sectors of the economy. Some sectors are biotechnology, chemicals, food processing, leather, oil and gas, railways, tourism and hospitality, space and astronomy, thermal power, etc.
“Make in India” recognizes an ongoing global campaign and ease of doing business are the two important factors to give a boost to entrepreneurship not only in the manufacturing sector but also in other sectors.
“Zero Defect Zero Effect” slogan emphasizes on the production cycle. It means that producing goods with zero defects and there should be no adverse effect on the environment. Wieden Kennedy designs the campaign with the launch of a portal and the brochures in different sectors. Norms and procedures regarding the manufacturing application are now available online. And validity o licenses increases to three years.
In the event at Mumbai Metropolitan Region Development Authority ( MMRDA), around 2500 international and 8000 from the domestic, business team from 72 countries, 17 states of India, and foreign govt. delegations from 68 countries have attended “Make in India Week”.The aim is to de-license and de-regulate the industry during the entire life cycle of a business.
With this initiative, many manufacturing projects were started. Some of them are:
Pidilite Industries Ltd approves the acquisition of the adhesive business of Blue Coat Pvt Ltd for a cash consideration of Rs 263.57 crore (US$ 43.08 million).
Mr. Yoichi Lbi, president, and CEO of Toshiba Group plans to make India the design, manufacturing, and export hub for its lighting business. They also multiply the local headcount to design lights for planned smart cities airports, stadiums, highways, warehouses, and factories.
Deepak Nitrite Ltd (Chemical manufacturer) plans to invest a sum of Rs1,200 crore (US$ 196.18 million) in India. They plan to start a plant for manufacturing phenol and acetone in Dahej, Gujarat.
Sesa Sterlite will spend up to Rs 8,000 crore (US$ 1.31 billion) to expand its Lanjigarh refinery in Odisha with the following consent from villagers in the next three to four years
Improving current infrastructure and updating it with modern technology and techniques is a very important requirement for the growth of the industry. The government focuses to develop industrial corridors and infrastructure based on high-speed communication and integrating logistic arrangements. Innovation and research are supported regarding fast-paced registration systems. Intellectual Property Rights registration set-up has been upgraded. The requirement of skills and talent is necessary to identify. So that the training and development of the workforce can do accordingly.
New Sectors in “Make in India”
FDI in Defence Production, Construction, and Railway infrastructure is open for investors. ‘Make in India’ constitutes 25 sectors in manufacturing, infrastructure, and service activities. Detailed information is available on the web portal and the brochures from different sectors.
IT and BPM
Roads and highways
Media and Entertainment
Textiles and garments
Oil and Gas
Tourism and Hospitality
Benefits and Disadvantages
India is a treasure of natural resources. Skilled and Unskilled Labour is easily available at lower rates as compared to the other countries. Due to its central location and outsourcing hub of the world, India is becoming the most preferred manufacturing destination for investors across the world. The main motive of this initiative is to fulfill the demand and boost the Indian economy.
On the other hand, India ranks low on the “ease of doing business index”. Labour laws are still not updated according to the Make in India campaign. This is one of the main disadvantages of manufacturing and investing in India.
Here is a quick snap of the advantages and the disadvantages of the make in India:-
Develops Job Opportunities
Strengthens the rupee
The brand value of Indian merchandise increases
Upgradation of technology
Ease of business
The flow of capital changes
Development of rural areas
Negligence in the agriculture sector
Depletion of natural resources
The loss to small entrepreneurs
Bad relations with China
Disruption of land
Criticism and Concerns make in India
Through Make In India campaign, the government has till early October attracted INR 2000 crore worth of investment proposals. Labor reforms and policy reforms are fundamental to the success of the Make in India campaign. But it is observed that it has not yet been implemented. Many technology-based companies are not pleased with the campaign launch and to continue to get their components that are manufactured by China.
The Make in India campaign is built on layers of collaborative efforts. There has been from most of Union Ministers, Secretaries to the Government of India, state governments, industry leaders, etc. A National Workshop on sector-specific industries in December 2014 brought Secretaries to the Government of India and industry leaders together to debate and formulate an action plan for the next three years. they aim to raise the contribution of the manufacturing sector to 25% of the GDP in the coming years.