Introduction
Make in India is a Government of India scheme launched by Prime Minister Narendra Modi in 2014 intended to boost the domestic manufacturing sector and also augment investment into the country. It is launched to facilitate investment, foster innovation, enhance skill development, protect intellectual property & build best in class manufacturing infrastructure.
The “Make in India” initiative is based on four pillars, which have been identified to give boost to entrepreneurship in India, not only in manufacturing but also other sectors. The long-term vision is to gradually develop India into a global manufacturing hub, and also boost employment opportunities in the country.
The’ Make in India’ programmer is very important for the economic growth of India as it aims at utilizing the existing Indian talent base, creating additional employment opportunities and empowering secondary and tertiary sector. The focus of this programmer is on 25 sectors. These include: automobiles, automobile components, aviation, biotechnology, chemicals, construction, defense manufacturing electrical machinery, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality and wellness.
Objectives of Make in India plan.
- Foster innovation .
- Develop skills.
- Reduce barrier in doing business.
- Protect intellectual property
- Build best in class manufacturing infrastructure .
- Help to build ab environmentally-sustainable growth.
MAKE IN INDIA – Initiatives
- The maximum limit in FDI in the defense sector under the automatic route has been raised from 49% to 74%. This increase in FDI was announced by Finance Minister Nirmala Sitaraman on May 16, 2020.
- There is an Investor Facilitation Cell that assists investors from the time of their arrival in India to their departure from the country.
- The government has taken steps to improve India’s ‘Ease of Doing Business’ rank. India climbed 23 points in the Ease of Doing Business index to 77th place in 2019, becoming the highest-ranked in South Asia in this index.
- For the first time, the sectors of railways, insurance, defense, and medical devices have been opened up for more Foreign Direct Investment (FDI).
