Initiative Make In India was launched by the Prime Minister in the year 2014 with a view to increase nation-build products. It was found to make India a global design and manufacturing hub. It was in the year 2013, that the need for Make in India increased because of the problems faced by the Indian Economy.
India was seen by the world as one of the ‘Fragile Five’ because India’s growth rate had fallen to its lowest level . It was assumed for the worst . The country was on the edge of severe economic failure.
Make in India initiative was launched by Prime Minister because of this crisis, and it soon started becoming the talk of India’s various stakeholders and partners. The initiative started creating a mark among India’s citizens and business leaders, it gave a reason for partners and investors around the world. Make in India is basically to change the way industries and businesses work. A change of authority to business partners, keeping with Prime Minister’s opinion of ‘Minimum Government, Maximum Governance’.
They were looking for a strategy that inspires people. A campaign which was not like those which went for newspaper advertisements. But wanted to portray confidence and show the capability and potential of India.
The Make in India is done with the help of partners. DIPP helped to start the process. Union Ministers, Secretaries to the Government of India and many others were also partners in this process. An action-plan was made for the next three years on December 2014 by the Secretaries to the Government of India, and industry leaders. Their plan was to increase 25% of the GDP by 2020.
Thus, making this whole initiative the most largest in the recent times. Showing the transformation power of public and private partnership, a hallmark had also been formed.
In a some time, the problems faced in the past have been replaced with a transparent and user-friendly system. The Railways, Defence, Insurance and Medical Devices have shown progress in turn helping the FDI.
A workshop titled “Make in India – Sectorial perspective & initiatives” was conducted on 29th December, 2014 under which an action plan for 1 year and 3 years has been prepared to boost investments in 25 sectors.
An Investor Facilitation Cell (IFC) dedicated for the Make in India campaign was formed in September 2014 with an objective to assist investors in seeking regulatory approvals, hand-holding services through the pre-investment phase, execution and after-care support.
The Indian embassies and consulates have also been told to spread information on the potential for investment in the identified sectors. DIPP has set up a team to check investment proposals from Japan, the team known as ‘Japan Plus’ has been started w.e.f October 2014.
Similarly ‘Korea Plus’, launched in June 2016, checks for investment proposals from South Korea and offers support to Korean companies wishing to enter the Indian market. Various sectors have been opened up for investments like Defence, Railways, Space, etc. Also, the regulatory policies have been relaxed to facilitate investments and ease of doing business.
Six industrial corridors are being developed across various regions of the country. Industrial Cities will also come up along these corridors. Today, India’s credibility is stronger than ever. There is visible momentum, energy and optimism.
Make in India is opening investment doors. Multiple enterprises are adopting its mantra. The world’s largest democracy is well on its way to becoming the world’s most powerful economy.
Check Out: STARTUP INDIA- FROM NOTHING TO SOMETHING
Make in India has managed to create a positive impact on all the sectors and thus helped in improving the economic growth of the company. It is still in the process helping and changing the way of getting things done. Also, creating wider scope for building products and industries in the country.