Make in India means to encourage foreign investment that brings the latest technology, broadens the realm of knowledge and infuses research and development within the country.
In 2013, Indian was in a severe economic crisis when the emerging market had crashed and the growth rate had fallen drastically. The global investors were contemplating their investment in India.
Prime Minister Narendra Modi launched the ‘Make in India’ programme amidst the crisis situation on 25th September 2014, which aimed at attracting foreign companies to set up factories in India and invest in the country’s infrastructure.
The ‘Make in India’ campaign aims at promoting India as a destination of foreign investments and a pivot for manufacturing, design and innovation globally. The ‘Make in India’ initiative does not only target the manufacturing sector but also aims at promoting entrepreneurship in the country.
This initiative further aims at creating a favorable environment for investment, modern infrastructure, opening up new sectors for foreign investment and establishing a partnership between government and industry through a broader outlook.
The manufacturing sector currently contributes to 15% of the country’s GDP. The action plan of the mission is to raise the contribution to 25% of the GDP by 2020.
A lion with a body made up of clogs inspired from the Ashoka Chakra symbolizes the mission .The lion on the prowl in the logo stands for strength and power and the wheels on the body of the lion signify development and progress. Through this mission, the government took a big step to reduce the level of unemployment faced by the youth of the country.
This campaign was launched a day after the Mars Mission when the PM had to go on his first visit to the USA. The aim of launching this campaign was to raise the level of the manufacturing sector in India, which will definitely boost the Indian economy.
The government laid new guidelines to start the mission successfully. The main objective of the guidelines was to sanction the projects that are approved by state governments. Some guidelines are like:
Reduce paperwork required for establishing companies.
Minimize the time required for government approvals.
Abolish the Corporate Social Responsibility (CSR) from the project cost.
Policies have been made for convenient transfer of funds while switching jobs anywhere in the country. A cell was dedicated to respond to the queries for business entities through a web portal.
There are twenty-five sectors that were identified under this mission. It includes ----- Automobile, automobile parts, aviation, biotechnology, chemicals, construction, defense production, electrical machinery, electronic systems, food process, IT and BPM, leather, entertainment and media, mining, oil and gas, pharmaceutical industry, shipping, railways, renewable energy, roads and highways, space, textiles and garments, thermal power, tourism and hospitality, wellness.
Labor and natural resources are available in plenty in India and that makes it a preferred manufacturing destination. More job opportunities can be provided for the huge population.
The manufacturing sectors will not only boost the trading sector but also increase the GDP of the Indian economy. Opening of factories will contribute to the development of the rural sector.
This highly beneficiary initiative faces several challenges like rigid labor laws, red tape at providing environmental clearance for big projects, poor technology and transportation system.
The increase in production leads to the growth in the economy of any country. Make in India campaign will provide a platform for many small entrepreneurs to grow and employment to a huge population. With the investments coming from the foreign companies and growth in the manufacturing sector can raise the bar of the Indian economy.
Who Launched The ‘Make In India’ Campaign?
Narendra Modi launched the ‘Make in India’ campaign on 25th September 2014.
2. What is the Objective of ‘Make in India’?
‘Make in India’ campaign aims at attracting the foreign companies to set up factories in India and invest in the country’s infrastructure. The main objective was to create employment opportunities for the huge population.
3. What Does The Logo Of The Lion Signify?
The lion in the logo signifies strength and power while the wheels on the body of the lion are a sign of development and progress
4. What are the Advantages of the Campaign ‘Make in India’?
The Advantages of the campaign are:
Employment opportunities for a huge population.
Boost the economic growth of the country
Attract more foreign investments