Launched by Prime Minister Narendra Modi on September 25 in 2014, ‘Make in India’ is an initiative to enhance innovation and skills while raising investment. It aims to boost the growth of the domestic manufacturing sector and engineer different products in India. It has become one of the major triumphs in the contribution to the nation’s economy. It also focuses on bringing businesses from abroad to the country, which will help India’s ‘Ease of doing business and make it a fruitful investment for all.
For upcoming years, the goal-oriented approach is to gradually shift the country into a global manufacturing space, including increasing employment opportunities in the country.
Its logo is a lion’s silhouette included with cogs. It represents manufacturing, national pride and the strength of the country. The Make in India website contains various factors where it has a great emphasis. These are the service and manufacturing sectors. Manufacturing sectors include Pharmaceuticals and Medical Devices, Capital goods, Chemicals and Petro-chemicals, Bio-Technology, Textile and Apparel, Electronics System Design and Manufacturing (ESDM), Food processing, Leather & Footwear and others. At the same time, Service factors comprise Education, financial, environmental services, tourism and Hospitality services, medical Value travel, transport and logistics services, accounting and finance services, legal services, audiovisual services.
Following are the four key pillars that encourage entrepreneurship in various fields:
- New processes: As we talked about above, it will help ease doing business, which becomes a significant factor in fostering entrepreneurship. Numerous initiatives have already been taken into consideration for the same. The purpose is to de-license and de-regulate the industry in its business journey.
- Development of Infrastructure: For industries to flourish, there has to be a modern infrastructure that is vital. Government plans to have industrial corridors and smart cities to offer infrastructure based on state-of-the-art technology with modern high-speed communication and all logistics preparations. Through revamping infrastructure in industrial clusters, the prevailing infrastructure is worked upon properly.
- Changing mindset: Since everyone is contributing and making efforts, the industries see the government as a regulator. ‘Make in India’ plans to make a difference by bringing a paradigm shift in how the government communicates with industry for its purposes. The government associates industry with the economic development of the country. Then, the way will be that of a facilitator rather than a regulator.
- New areas: The Make-in-India initiative has recognised more than 24 factors in infrastructure, manufacturing and services activities. Foreign Direct Investment (FDI) has started in Railway infrastructure, Defence production and construction.
Advantages of Make-in-India:
- Generates employment: Make-in-India has come as an opportunity for people, especially youth, as its core beneficiary; It offers job opportunities to numerous citizens of India. The investments in the focused sectors such as pharmaceuticals, telecommunications, tourism, and others will motivate the young entrepreneurs to take part in their innovative ideas without thinking about any speculation.
- Increased value of rupee: When the manufacturing industries come ahead for work-related activities, it changed the scope in India to a hub for the fabrication of several commercial items, and as a consequence, there would be a massive amount of the FDI leading to give more power to rupee against the significant influence of the American dollar.
Disadvantages of Make-In-India
- Affect on natural resources: As Make-in-India’s main emphasise is on manufacturing industries, it needs to constitute many factories. Similar activities generally take up the natural resources, namely land, water, on a vast level. There is a high demand for these critical resources, and India could have no chance to replenish them, risking the sustaining period of such a large populace in the upcoming years.
- Manufacturing: Being one of the largest economies in the world with three sectors as agriculture, services and industry. With the Make in India campaign being affected, the economy could depend entirely on manufacturing and exporting, whereas the import industry misses out. It will turn the result into a loss for the other economic sectors and lower the progress of Make in India.