Make in India program was launched by Prime Minister Narendera Modi on 25th September 2014 as an initiative to encourage various companies to manufacture in India. Make in India is an initiative under Atma Nirbhar Bharat Abhiyan which is dedicated to developing a modern independent India. Make in India’s movement is to attract foreign capital to invest in Indian manufacturing companies to create more employment options and to transform India into a global design and manufacturing hub. This initiative is to promoting manufacturing companies to produce goods and services in India instead of importing it from other countries and encouraging citizens to use the made in India products only.
The ideology behind the Make in India plan was to generate more employment, saving the nation’s money from exporting goods that can be or used to manufacture in India, and to create a conducive environment for investments. This movement can help to develop India to become a developed nation quickly. Make in India help to develop a modern and efficient infrastructure and open up new sectors for foreign capital especially after the 100% ownership of FDI.
GoI aimed so many targets to be done successfully under the Make in India mission. A few of the objectives are listed out below:
- A rise in the domestic value addition and technological depth in the manufacturing sector.
- Raise in manufacturing sector growth to 12-14% per year.
- Increase in the manufacturing sector’s share in the GDP to 25% by 2022.
- Create 100 million extra jobs in the manufacturing sector by 2022.
- Expanding the global competitiveness of the Indian manufacturing sector.
- Creating required skill sets among the urban poor and the rural migrants to foster inclusive growth.
- Having environmentally sustainable growth.
This program is destined to facilitate foreign direct investment and convincing Indian and foreign companies to produce their goods in India. Its key features are.
• It is estimated that such facility of producing goods would increase the demand for employment in various sectors and would lead to better employment conditions.
• This program is competent in attracting foreign currency to be invested in the Indian industrial sectors.
• It would create a demand of skilled people in specific sectors, which would also create a requirement to train people in various sector and skills, to satisfy the demand of such industrial requirements.
• It has already soared the position of India in the context of ease of doing business on its land. It has far more potential to take the India at much better ranking through this program alone.
• It has cleared the vague picture of deciding FDI ratio in railways and defense sector and applied the determined terms in the form of this scheme.