Make in India which is an initiative of the Government of India is to encourage companies all over the world to invest and manufacture their products and improve trade in India. Multi-national as well as domestic companies are encouraged to manufacture their products in India. Our Prime Minister, Mr. Narendra Modi first mentioned the key phrase in his maiden Independence Day address in Red Fort. This initiative was launched by our Prime Minister Narendra Modi on 25 September 2014. The main idea of this initiative is to recognize India as the top destination globally for foreign direct investment after China and the United States.
The logo for the Make in India campaign which is an elegant lion is inspired by the Ashoka Chakra and it was designed to represent India’s success in almost all spheres. The campaign was dedicated by Modi to the eminent philosopher, patriot, and political personality, who was born on the same date in the year 1916, Pandit Deen Dayal Upadhyaya.
The main objective of this initiative is to majorly focus on job creation and enhancement of skills in about 25 sectors of the economy. The main idea is to reach high quality standards and also to minimize the impact on the environment. The initiative hopes to increase GDP growth and revenue. To attract capital and technological investment in India are the main hopes of the initiative. The campaign was designed by Wieden and Kennedy under which 25 sectors were focussed.
Make In India:
25 sectors of the economy that Make in India campaign focuses on are the following:
|· Automobile Components
· Food Processing
· Defense manufacturing
· Electrical Machinery
· Oil and Gas
· Thermal Power
On 29 December 2014, the Department of Industrial Policy and Promotion organized a workshop which was attended by Modi, his Cabinet ministers, along with the chief secretaries of states and various industry leaders to talk about the initiative. Brochures for the 25 sectors and a web portal were also released under this initiative. The applications for licenses were made available online and the validity of licenses were increased up to 3 years. Various other procedures and norms were also relaxed.
In August 2014, the Cabinet of India allowed 49% foreign direct investment (FDI) in the defense sector and 100% in railway’s infrastructure wherein previously it wasn’t allowed in railways. This was in hope of bringing down the various military imports of India. Out of 25 sectors, except Space (74%), Defense (49%) and News Media (26%), 100% FDI is now allowed in rest of the sectors.
Modi also laid a strong foundation for his vision of a technologically strong Digital India as complementary to the Make in India campaign.
Companies were not manufacturing in India as there was lack of facilities available here. The various problems faced were, lack of proper transportation networks, widespread corruption etc. which hindered timely and adequate manufacturing of products. The Make in India campaign received proposals of up to rupees 2000 crores till as of 9th October 2014.
Indo-German collaboration in High-Tech manufacturing is an important part of the ‘Make in India’ initiative. Germany could benefit from India’s strong IT and Space sector capabilities. Including Germany many other countries have also invested in India. The countries like the US and the UK together make up 50% of M&A i.e., mergers & acquisitions into India, and Japan is responsible for another 10% of M&A. This triad is effectively responsible for three-fifths of FDI inflows into India enabling in its development.
Make in India is a campaign which shows India’s step towards development and to increase its place in the global economy. Thus with the coordinated work of the entire country, we are sure to succeed in this initiative taken up by us.