It was 25 September 2014, India carved an indelible mark in it’s history when Prime Minister Narendra Modi launched an initiative towards the development of business status of India in the global market. Even I was ignorant of all the proceedings of ‘Make In India’ so far until I came across all of this. The campaign has come a long way since then.
The program created a remarkable page in the era of Modi’s administration. It promotes the national as well as the multinational companies to invest and manufacture their productions India. It is helping not only in the enhancement of skills but also established our country as a global competitor.
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The scheme was launched in a function at the Vigyan Bhavan on 29 December 2014 in a seminar which was organised in the presence of PM Modi himself with his cabinet ministers and the Department of Industrial Policy and Promotion along and chief secretaries of states and various industrialists. More than 500 CEO’s like Mukesh Ambani, Cyrus Mistry, Osamu Suzuki etc. attended in the investment program.
Aim of the scheme:-
The scheme focused on developing five M’s—man, material, machine, money, and minerals. In the program, PM Modi pointed out that the country should move away from the ‘ABCD’ culture of ‘avoiding, bypassing, confusing and delaying’ to the ROAD ‘responsibility, ownership, accountability and discipline’ of development. The program carries the slogan ‘zero defect, zero effect’ signifies that the country would not compromise on its goal of environmental protection.
The main aims of the scheme are:-
- To facilitate investment
- Foster innovation
- Enhance skill development
- Protect intellectual property
- Built best in class manufacturing infrastructure
Why lion is the symbol for Make In India:-
Lion was national animal of India before 1972 and national emblem is Emperor Ashoka’s lion pillar. The logo of “Make In India” is the outline of a lion on the prowl, made entirely of cogs, signifies manufacturing, strength and national pride. In Indian folklore, the lion denotes the attainment of enlightenment, besides representing power, courage, pride, and confidence.
The “Make In India” scheme improvises mainly 25 sectors
- Automobile Components
- Defence manufacturing
- Electrical Machinery
- Electronic systems
- Food Processing
- Information Technology and Business Process Management
- Media and Entertainment
- Oil and Gas
- Ports and Shipping
- Renewable Energy
- Roads and Highways
- Space and Astronomy
- Textiles and Garments
- Thermal Power
- Tourism and Hospitality
Status of India in FDI:-
India received US$63 billion in FDI. Here one question comes in mind, What is FDI and how it affects our economy? FDI represents Foreign direct investment (FDI) is a term of investment where one or more companies /people from a particular nation put their capital into other nation according to their development needs. In India, it is the major monetary source for economic development. Foreign companies invest directly in fast growing private Indian businesses to take benefits of cheaper wages and changing business environment of India. India was ranked 134th in the 2015 index.
According to the Financial Times, in 2015 India overtook China and the US as the top destination for the Foreign Direct Investment. In the first half of 2015, India attracted investment of $31 billion compared to $28 billion and $27 billion of China and the US respectively. It is because of “Make In India”, FDI inflow in increased rapidly by 48%. In 2014, the government increased the foreign investment upper limit from 26% to 49% in the insurance sector.
Remarkable changes after Make In India:-
In the automotive sector, FDI was increased by 89% between April 2014 to February 2015.India is the 7th largest producer of vehicles in the world with 17.5 million vehicles annually. 100% FDI is permitted in this sector via automatic route. Automobiles share 7% of India’s GDP.
Indian pharmaceutical market is 3rd largest in terms of volume and 13th largest in terms of value. Indian pharma industry is expected to grow at 20% compound annual growth rate from 2015 to 2020. 100% FDI is permitted in this sector.
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Journey of ‘Make In India‘:-
- The Spice has signed a MoU with the government of UP a mobile phone manufacturing unit in the state with an investment of ₹5 billion(US$78 million).
- To promote ‘Make In India’ initiative, the government planned to strengthen MSME-Samsung Technical School program. This leads to the establishment of 10 “MSME-Samsung Technical Schools” in India.
- Hitachi said that it would increase its employees in India from 10,000 to 13,000 and try to increase its revenues from India from ¥100 billion in 2013 to ¥210 billion.
- It was a big success of ‘Make In India’ scheme when Chinese technology company Huawei made a huge investment of US$ 170 million to set up a new Research and Development (R&D) campus in Bengaluru. The campus, sprawled across an area of 20 acres, can accommodate 5,000 engineers.
- Xiaomi put a step forward to start a manufacturing hub with the Andhra Pradesh government at a Foxconn-run facility in Sri City.
- Magneti Marelli, Fiat’s component manufacturing arm, started operations for manufacturing of Electronic Fuel Injection (EFI) in a joint venture with Hero MotoCorp in Manesar.
- During 2016, Japanese technology giant Hitachi announced its plans to roll out ATMs in India – one of Asia’s largest ATM markets – with the investment capital of US$ 15 million. It was one of the greatest success for our country.
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- During April 2016, US chipmaker Qualcomm planned to establish an innovation lab in Bangalore launched ‘Design in India’.
- India moved up to sixth position amongst the world’s leading manufacturers from 2015 to 2016.
- According to the report of World Economic Forum(Davos), India moved 13 positions ahead from 65th to 52nd rank in Tourism and Travel Competitive Index.
- India’s Gross Domestic Product (GDP) growth has increased by 7.9 per cent as against 7.3% in October – December 2015.
- France-based LH Aviation signed a MoU with OIS Advanced Technologies to set up a manufacturing plant in India to manufacture tactical drones.
- India rose to the 1st position in the Baseline Profitability Index in 2015 whereas in 2014 it was ranked at the 6th position.
- India jumped 13 positions and was placed second in retail potential in the 2016 Global Retail Development Index (GRDI).
- In the Global Startup Ecosystem Rankings 2015 Bengaluru moved to #15 in 2015 from #19 in 2012.
- Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple Inc., invested to set up a research and development and hi-tech semiconductor manufacturing facility in Maharashtra.
- The Lenovo and Motorola companies planned to manufacture a huge manufacture unit which can create up to 6 million smartphone units per year.
- Xiaomi launched local manufacturing in Visakhapatnam after the ‘Make In India’ program.
- India jumped 15 spots to reach 66th position in Global Innovation Index 2016. India was ranked 81 in 2015.
- “Make in India Mittelstand initiative” was launched in partnership with the Indian embassy in Berlin, Germany.
- India jumped 16 places to the 39th rank in 2016 from last year’s 55th position in the Global Competitiveness Index.
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- India moved up 12 places and reached the 130th position in “Ease of Doing Business 2016” report, (World Bank).
- The Ministry of Railways signed formal agreements with Alstom and GE Transport to set-up locomotive manufacturing units in Bihar.
- During the visit of Japanese Prime Minister Shinzo Abe in December, it was announced that Japan would set up a US$12 billion fund for Make in India related projects called the “Japan-India Make-in-India Special Finance Facility”.
The World Bank’s annual Doing Business 2017 report has placed India in 130th position, recognizing India’s achievements.
Make In India Week:-
To Promote ‘Make In India’ campaign, a “Make In India week” was held in Mumbai on 13 February 2016. Around 2500 international and 8000 domestic, foreign government delegations from 68 countries and business teams from 72 countries attended the seminar. ‘Make In India Conclaves’ were held in different states. It was a successful lot more is still awaiting
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