Make In India : Objectives, Vision & Benefits
Make In India, the campaign is developed by Indian Prime Minister Narendra Modi, with the motive to boost the nation’s manufacturing unit and also to attract the foreign investors to invest in projects of Indian economy. This campaign was launched by the Indian government on 25, September,2014 This campaign is launched with the initiative to facilitate and augment the Indian manufacturing unit.
With the motive to increase the GDP of the Indian economy this campaign was implemented. According to this campaign in all 25 sectors Foreign Direct Investment is permitted 100%, but 74% of Space Industry and Media of India 26%, Defense industry 49%, are exempted as per this scheme.
For the reviving of manufacturing businesses and also making it key sector of India this campaign is being launched, before launching of this scheme many entrepreneurs were moving out from India because of its’ low ranking of business rating. For the implementation of this campaign key manufacturing units of India are in process to incorporate Artificial Intelligence in these areas i.e. Labor flexibility, more reliable demand forecasting, better finishing, inventory optimization, agile supply chain to reap productivity gains.
Before the implementation of this campaign manufacturing unit was only contributing 15% of the national GDP thus this campaign was developed with the motive to increase its contribution 25% from 15%. This initiative was developed by the inspiration of the other countries’ GDP contribution to their nations.
Vision Of Make In India
Vision of this campaign was to strengthen the manufacturing industry of India and also endow the nation with the Foreign Direct Investments. Making India a Manufacturing Hub is the only vision of this initiative. This initiative encourages the multinational and domestic companies to manufacture in India itself. This initiative is also undertaking the vision of creating jobs, skill development, foster innovation and also to protect intellectual property.
Pillars of Make In India
To implement any initiative in a country government needs to find out the main pillars, on which they can concentrate to work appropriately. This initiative is mainly based on following pillars:
New Processes: With the motive of foreign Direct investment Indian Government is developing many reforms. To foster business partnerships some initiatives have already been taken. This initiatives are being taken to alleviate the outdated policies and regulations of the business. World Bank’s ‘Ease of Doing Business’ can also be aligned with the reforms of this initiative.
Infrastructure plays a big role in growth of any industry; it is an integral part of the industry. With the help of State-of-The-Art technology and high speed communication, Indian Government is intending to build smart cities. A fast pace registration system is supporting the innovation and research activities. Intellectual property rights registration is supporting improved infrastructure. Initiative for skilled workforce training sessions is also being empanelled.
This initiative has given the permission of 100% Foreign Direct Investment in all 25 sectors. These 25 sectors are briefly introduced by the Indian Government with a specific web portal. Under this initiative restrictions have been eliminated on construction. In Defense and Pharmaceutical sector FDI cap has been increased by 100%.
This initiative is focusing on economic development. Indian government is always works as regulator not a facilitator. Under this initiative Prime Minister Narendra Modi is trying to change the mindset of the politicians and also of the public towards the ruler party. This initiative is being associated with ‘ZERO DEFECT ZERO EFFECT’.
Check Here : Rashtriya Kishor Swasthya Karyakram (RKSK)
Objectives of Make In India
This initiative is being developed with some objectives which clears the picture of this initiative motive. Here below we will discuss the objectives of Make In India:
- The major objective of Make In India Initiative is to make the Indian Economy a renowned ‘Manufacturing Hub’. To strengthen the manufacturing industry in India.
- To eliminate the FDI restrictions so that foreign investors can invest in Indian Economy.
- To strengthen the manufacturing of India worldwide.
- To skill the workforce, so that India can be known as a skilled India.
- To boost the skills of workforce.
- To create job opportunities in India by encouraging entrepreneurs to manufacture their products in India and sell it worldwide.
All these objectives were taken into consideration while developing the Make In India initiative.
After considering the objectives government need to work upon action plan to make it successful, so here we will go through those action plan made by Indian Government which will be done to make this initiative successful:
- Special skill development programs will be organized for poor people of Urban and Rural Areas.
- An e-biz portal will be developed to make the initiative successful.
- A 24*7 available team will be developed by the Indian Government to ease the foreign investors to work with India. All the queries will be replied by this team on time, and solution to any difficulty would be expected to solve in 48-72 hours not more than that.
- Skill development will be make valid by certification, every candidate will get the certificate on the completion of the course.
- 25 sectors of Industry have list down i.e. telecommunication, power, tourism, automobile, pharmaceuticals etc.
- More than 1000 training centers will be launched by the Indian Government to upgrade the skills of workforce.
As per Make In India initiative 15000 crores would be spent on the launching of training centers. Government has also introduced the www.makeinindia.com website for detailed assistance.
Make In India identified the 25 sectors to be promoted. In all these sectors investment will be encouraged by the Indian government and these sectors will be likelihood of FDI. The development of these sectors will ensure the countries to come and work. All these 25 sectors are named as below:
IT and BPM
Media and Entertainment
Oil and Gas
Roads and Highways
Textiles and Garments
Tourism and hospitality
All these 25 sectors are being shortlisted by the Indian government to be promoted for Make In India initiative. As a benefit of this initiative India will be a most preferred manufacturing destination for the investors in Asia.
Make In India encourages the entrepreneurs to manufacture in their own country and also ensures them to rank up this industry in rbusiness rating. this initiative will eliminate the interest of the foreign investors to only depend on the China for better manufacturing and earning.It will result in the boost of the Indian Economy.
Indian government has also introduced the website www.makeinindia.com , so that anyone can find the detail of this initiative with just one click. Make In India is really a big initiative taken by the Indian government, it can change the whole picture of India worldwide and Indian government is doing its best to make it successful.