Make in India, the flagship program of the Government of India that aspires to facilitate investment, foster innovation, enhance skill development, and build best-in-class manufacturing infrastructure, completes 8 years of path-breaking reforms on 25th September 2022.
Launched in 2014 under the dynamic leadership of the Prime Minister Narendra Modi, ‘Make in India’ is transforming the country into a leading global manufacturing and investment destination.
The initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of ‘New India’. Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well.
To attract foreign investments, Government of India has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route. FDI inflows in India stood at US $ 45.15 billion in 2014-2015 and have since consecutively reached record FDI inflows for eight years. The year 2021-22 recorded the highest ever FDI at $83.6 billion.
This FDI has come from 101 countries, and invested across 31 UTs and States and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract US$ 100 Bn FDI in the current FY.
Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative. The PLI Scheme incentivises domestic production in strategic growth sectors where India has comparative advantage.
This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential. PLI Scheme is expected to generate significant gains for production and employment, with benefits extending to the MSME eco-system.
Recognising the importance of semiconductors in the world economy, the Government of India has launched a USD 10 billion incentive scheme to build a semiconductor, display, design ecosystem in India.
Prime Minister, Narendra Modi, during his Mann ki Baat broadcast in August 2020, expressed a desire to establish India as a global toy manufacturing hub and to strengthen domestic designing and manufacturing capabilities.
The Toy Industry in India has historically been import dependent. Lack of raw-material, technology, design capability etc. led to huge imports of Toys and its components. In 2018-19, Toys worth USD 371 Mn (Rs. 2960 cr.) were imported into our country. A large proportion of these toys were unsafe, substandard, counterfeit, and cheap.
With this initiative at the forefront, the businesses in India are aiming that the products that are ‘Made in India’ are also ‘Made for the World,’ adhering to global standards of quality.
