India, as we all know is the developed nation. However, in certain sectors it yet lacks development. Now, in order to develop nation fully and make it economically strong; there arose a need to prepare such plan through India’s economy can grow to an extent.
In 2013, there was a sudden fall in the growth rate and all the promises made by BRICS tattered badly. As a result, India began to be considered as one among “Fragile Five” and hence global investors started worrying whether investments made in India will be a risk or an opportunity. Overall, India was facing serious economic failure.
Looking to this condition, Narendra Modi; Prime Minister of India launched the project “Make in India” on 25th September 2014.
Also Read:- Benefits Or Advantages of Make in India
What is Make In India Project?
Project “Make in India” took place with an aim to motivate & convince multinational and domestic companies for manufacturing their products in India. The sole objective is to concentrate on maximum job creation and skill enhancement in nearly 25 economic sectors. The entire campaign design was done by Wieden Kennedy.
This initiative was taken to get more capital and technological investment in India. After its launch, government released FDI caps from various sectors and now there are only few sectors where FDI is limited to some extent such as Space -74% , Defence- 49% and News Media 26%.
At present, there are no restrictions for FDI in tea plantations and the same limit in Defence sector increased to 49% from 26%.
Further, all those innovators and creators who are willing to manufacture their products in India; their intellectual copy rights will be improved with latest infrastructure as well as state of the art technology.
Economy sector involved under this initiative:
There are near about 25 economic sectors included in this project and these are as follows:
Media and Entertainment
Oil &Natural Gas
Ports & Shipping
Information Technology & Business process Management
Roads & Highways
Hospitality & Tourism
Textiles & Garments.
Auto mobile components.
In all these sectors 100% FDI is allowed apart from the exceptions mentioned above.
Also Read:- Digital India Project By PM Modi
Especially for this initiative; a separate website was developed along with new set up with dedicated help desk and this process was begun by Department of Industrial Policy and Promotion.
What are its outcomes?
Within short span of time; outdated frameworks were replaced with the latest ones which brings maximum investment, boosts innovation and enhances the skills. The ministry had a word with World Bank group to know the areas of improvement.
Further, meetings were conducted for developing a perfect framework that can lead to boost in India’s ranking from 142.
Now, investment can be easily made in various sectors like as Defence, Railways, Space etc.
Hence, with this initiative; India’s credibility became stronger than it was before and one can see enhanced momentum, energy as well as optimistic atmosphere and so very soon India’s economy will be among one of the world’s most powerful economies.