Introduction
On September 25, 2024, Union Commerce and Industry Minister Piyush Goyal announced significant achievements of the ‘Make in India’ initiative as it celebrated its tenth anniversary.
The initiative has become a cornerstone of India’s economic strategy, emphasizing self-reliance and the promotion of domestic manufacturing.
Make in India is a national initiative launched by Prime Minister Narendra Modi in 2014 to encourage domestic manufacturing and attract foreign investment. The program aims to transform India into a global manufacturing hub by promoting various sectors, enhancing infrastructure, and simplifying regulatory processes. By fostering innovation and skill development, make in India seeks to boost job creation and strengthen the country’s economy.
Key Highlights of the ‘Make in India’ Initiative
- Substantial Job Growth: Manufacturing jobs have seen a remarkable growth of 200% from 2022 to 2024.
- Mobile phone imports have dropped by 85%. In 2014-15, imports were ₹48,609 crore. By 2023-24, this fell to ₹7,665 crore. This marks a significant decline over the last decade.
- Local Manufacturing Dominance: Approximately 99% of mobile phones sold in India are now manufactured domestically.
- Enhanced Business Environment: The initiative has significantly improved the ease of doing business, attracting substantial Foreign Direct Investment (FDI).
- Vision for Future Growth: ‘Make in India’ aligns with the broader vision of achieving a developed India (Viksit Bharat) by 2047.
A Decade of Transformation
Piyush Goyal’s recent social media post underscored the transformative impact of the ‘Make in India’ initiative, launched by Prime Minister Narendra Modi in 2014. He stated,
Today marks #10YearsOfMakeInIndia, a transformative initiative… which has revolutionized India’s manufacturing landscape and strengthened our economic growth.
The initiative has become a national movement, propelling India towards becoming a global manufacturing hub.
The minister further emphasized that the program aligns with PM Modi’s vision to promote ‘Brand India’ as a symbol of innovation and quality on the world stage.
This positioning has been pivotal in enhancing India’s reputation as a reliable manufacturing destination.
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Manufacturing Job Growth
The surge in manufacturing jobs can be attributed to several key factors:
- Production-Linked Incentive (PLI) Scheme: This landmark initiative targets specific sectors to boost manufacturing capabilities, offering financial incentives for companies that meet production goals. The PLI scheme has been instrumental in attracting investment and facilitating the establishment of manufacturing units across various sectors, including electronics, textiles, and automobiles.
- Startup Ecosystem Support: The government has fostered a vibrant startup ecosystem, enabling entrepreneurs to thrive. This support has led to job creation and innovation within the manufacturing sector.
- Infrastructure Development: Significant investments in infrastructure have been made to ensure smooth logistics and transportation, further facilitating manufacturing activities.
Decline in Mobile Imports
The impressive decline in mobile imports is a testament to the success of the ‘Make in India‘ initiative.
The shift from dependence on foreign products to local manufacturing has not only bolstered the economy but also enhanced the resilience of the supply chain.
Before the initiative’s launch, mobile imports were a significant financial burden on the economy.
The reduction from ₹48,609 crore in 2014-15 to ₹7,665 crore in 2023-24 signifies a monumental shift in the country’s manufacturing capabilities.
Today, almost all mobile phones sold in India are produced locally, a milestone that highlights the effectiveness of the initiative.
Enhancing the Ease of Doing Business
The government has introduced several reforms aimed at simplifying business operations, thereby attracting Foreign Direct Investment (FDI). These reforms include:
- Single-Window Clearance System: Streamlining regulatory processes to reduce bureaucratic hurdles and speed up approvals.
- Tax Incentives: Offering tax benefits to businesses that invest in manufacturing, encouraging both domestic and foreign companies to set up operations in India.
- Digital Initiatives: Implementing digital platforms for business registrations and licensing, making it easier for entrepreneurs to navigate the system.
These efforts have created a conducive environment for businesses, fostering innovation and competitiveness.
Vision for a Developed India by 2047
Looking ahead, Piyush Goyal articulated a vision for India’s future, aiming for the country to become a developed nation by 2047.
The ‘Make in India’ initiative plays a crucial role in laying the groundwork for this ambition. , “Make in India has laid a strong foundation for the country’s journey towards becoming a Viksit Bharat by 2047,” signifying the government’s commitment to long-term industrial and economic growth.
Goyal stated
Conclusion
The ‘Make in India’ initiative has significantly reshaped the landscape of Indian manufacturing over the past decade.
With a focus on job creation, import substitution, and ease of doing business, it has propelled India towards self-reliance and economic resilience.
As the country continues to invest in manufacturing capabilities, the future looks promising for the Indian economy, paving the way for sustained growth and innovation.
