The Make in India Campaign: Transforming the Manufacturing Landscape
Encouraging the growth of self-made goods is a significant step towards economic growth and industrial expansion within the country.
In September 2014, the Indian government launched its very ambitious initiative in the name of the Make in India campaign. It aims to reshape the country into a global manufacturing hub. The core strategy behind this was to attract investments, cherish innovation, boost the manufacturing sector, and generate a surge in employment in that particular sector, all contributing to improving economic prosperity. As the campaign gained momentum, it significantly impacted India’s overall manufacturing landscape to present itself as a key player on the global stage.
In this article, we will delve into the journey of how the “Make in India” campaign is now developing the manufacturing landscape of India.
Empowering the Manufacturing Units: The Manufacturing sector has perennially stood as a pivotal catalyst for economic advancement across nations. By producing goods in the domestic markets, our country can reduce its reliance on imports and enhance its capabilities to export. The Make in India campaign has been instrumental in diversifying resources, nurturing a skilled labour force, and reinforcing self-reliance in the country. It also encourages the setup of the entrepreneurial ecosystem throughout the country- which in turn increases the manufacturing potential of the nation.
Structural Reforms: The campaign’s primary focus was to improve the ease of doing business in India. To achieve this, the government undertook many structural reforms, simplifying the regulations, digitalizing the processes, streamlining the bureaucracy, repealing many redundant laws, and many more to create a more investor-friendly environment. The government also introduced Goods and Service Tax (GST) to replace the traditional complex slabs of various taxes to foster a unified market across the country. Also, the government has introduced the Product Linked Incentive (PLI) scheme, where the government gives incentives to various sectors based on sales of goods produced domestically- which pushes the domestic manufacturing sector.
Attracting Foreign Direct Investment (FDI): A critical facet of the Make in India campaign is attracting foreign investments towards the country. The vast and diverse consumer market, its strategic locations, skilled force, developed infrastructure, and modernized seaports for streamlined exports all rendered the nation an enticing destination for global investors seeking to expand their manufacturing footprints. The concerted efforts of the campaign in India bore fruit, resulting in a significant surge in FDI inflows across various sectors. Beyond capital infusion, foreign investments also usher in technology transfer, managerial expertise, and improved access to international markets. Notably, the campaign identified twenty-five pivotal sectors, including electronics, automobiles, textiles, pharmaceuticals, and renewable energies, earmarked to receive targeted support and attention.
Charting the Path Forward
As the Make in India campaign continues to evolve, India must uphold its commitment to innovation, quality, and sustainable practices. These pillars are pivotal in cementing the status of India as a preferred global manufacturing destination. The ongoing success of the campaign hinges on sustaining efforts to nurture a skilled workforce, further enhancing the ease of doing business, and continuing to attract domestic and foreign investments. By maintaining this trajectory, India can solidify its place on the world map as a thriving hub for manufacturing prowess.
In conclusion, the Make in India campaign, initiated in September 2014, has emerged as a transformative force propelling the manufacturing landscape of India into the global arena.
