Make in India

Make in India

For years, policymakers have deliberated on strategies to boost manufacturing in India and position the country as a global manufacturing hub. However, it was under the leadership of Prime Minister Narendra Modi that the ambitious ‘Make in India’ initiative was swiftly launched. Within a short timeframe, this campaign aimed to attract investment, drive innovation, enhance skill development, safeguard intellectual property, and develop top-tier manufacturing infrastructure.

The ‘Make in India’ initiative rests on four foundational pillars, all geared towards fostering entrepreneurship not only in manufacturing but across various sectors:

  1. Streamlined Processes: Recognizing the significance of an enabling business environment, ‘Make in India’ prioritizes ease of doing business. Various initiatives have been implemented to simplify regulations and licensing procedures throughout the business lifecycle.

  2. Modern Infrastructure: Adequate infrastructure is crucial for industrial growth. The government is committed to developing industrial corridors and smart cities equipped with cutting-edge technology and integrated logistics. Existing infrastructure is being upgraded, and emphasis is placed on innovation, research, and workforce development.

  3. Diversification into New Sectors: ‘Make in India’ has identified 25 key sectors spanning manufacturing, infrastructure, and services. Detailed information about these sectors is disseminated through interactive platforms and professional brochures. Significant relaxation in Foreign Direct Investment (FDI) norms has been introduced in sectors such as defense, construction, and railway infrastructure.

  4. Shift in Mindset: Traditionally, the government was seen as a regulator by industries. ‘Make in India’ seeks to change this perception by fostering a partnership between the government and industry, with the government adopting a facilitative rather than regulatory role.

The success of the Make in India program can be attributed to collaborative efforts across various stakeholders, including union ministers, state governments, industry leaders, and knowledge partners. National workshops and deliberations have led to the formulation of action plans aimed at boosting the manufacturing sector’s contribution to GDP.

The program’s collaborative approach has also extended to global partnerships, exemplified by interactions between India and the United States. Obsolete frameworks have been replaced with transparent and user-friendly systems, resulting in increased investment, innovation, skill development, and infrastructure enhancement.

Furthermore, efforts to improve the ease of doing business in India have been accelerated under the Make in India program. This includes the introduction of IT-driven application processes, rationalization of licensing rules, and amendments in labor laws.

Today, India’s credibility as an investment destination is stronger than ever, with visible momentum and optimism surrounding the Make in India initiative. Multiple enterprises are embracing its ethos, propelling India towards its goal of becoming a global economic powerhouse.