The Make in India project is a campaign by Prime Minister Narendra Modi to develop India into a global manufacturing hub. The project has faced challenges in the past, but there are still many opportunities ahead.
The make in India aims to provide Indian consumers with access to quality goods at competitive prices. The government of India designed the make in India project by keeping the Indian business opportunities and growth in mind, so the Indian manufacturer and industries could take benefits and get a chance to grow.
Make in India Introduction
India’s efforts to develop into an economically developed country will require massive private investments in the manufacturing sector.
What’s the first thing that comes to mind when you think about India?
Chances are its tea. But did you know that India ranks 170th in the world in the production of pulses?
According to government data, India has only about 10% manufacturing contribution in the country’s GDP, which is below even those of the developed nations.
Make in India scheme is an initiative by the Government of India to attract investments and develop best-in-class manufacturing infrastructure. The main objective of this program is to provide Indian consumers with access to quality goods at competitive prices.
Prime minister Shri Narendra Modi dreamt about launching such a program for the growth of India, so Indian manufacturing sectors, skill development, protection of the project intellectual property while developing top infrastructure in India could be possible.
What was the Make in India Launch Date?
On September 25, 2014, at Vigyan Bhawan New Delhi, India launched the Make in India initiative with huge make in India advantages to promote itself as a manufacturing powerhouse.
By focusing on local companies and simplifying processes to make it easier for them to do business, the Indian government is willing to increase employment and boost GDP. The Make in India launch date was the day for India to deliver maximum support to its industries and manufacturing hubs.
The Make in India initiative is an ambitious, multi-tiered process. DPIIT had initiated the make in India program with the participation of the state government, secretaries to the government of India, industry leaders, and Union Ministers.
After all National Workshop on sector-specific industries set a meeting with all these people to formulate make in India program three years action plan.
The make in India project was created with the intention of presenting better opportunities for our future and to meet the needs of a rapidly changing world. Later, make in India introduction was brought to prime minister Shri Narendra Modi.
Make in India Objectives
The government is encouraging manufacturing products domestically by importing raw materials and parts to increase the GDP. This will have a positive impact on the country as this will help move money within the country, and it will make the country more self-reliant by producing products that it previously would have imported from abroad.
Here are the top 10 objectives of the Make in India scheme:
- To turn India into a global design and manufacturing hub, the government is investing heavily in technology.
- To promote technology and innovation and achieve 100 million jobs in the Indian economy.
- To develop the manufacturing sectors and with a 12% to 14% annual growth rate.
- To secure the rights of intellectual property in India.
- To introduce new rules for foreign direct investment promotion.
- To promote and work on skill development in India.
- To help in getting rid of the mindset of businesses laws and regulation’s bureaucratic process.
- To help the investors and manufacturers to make and invest in the Indian economy.
- To help India in ease of business.
- To increase the value of the Indian economy.
These are not only objectives, the make in India project has been delivering its benefits to India in such a way that it’s been adding more value to India’s growth every year. I will talk about make in India advantages and disadvantages in the next upcoming article.
Make in India Program Covered 25 Industrial Sectors to Boost in Indian Economy
India is a country on the rise! With the make in India project, most of the Indian business sectors were covered under this project.
- railways industries;
- oil and gas sectors;
- automobiles and components industries;
- aviation industries;
- chemicals industries;
- construction sectors;
- manufacturing and exports in defence;
- food processing units;
- IT sectors and BPM;
- renewable energy plants;
- roads and highways development;
- space projects;
- textile industries;
- tourism and hospitality industries;
- wellness sectors;
- pharmaceuticals and medical devices;
- capital goods;
- electronics system design and manufacturing (ESDM);
- leather & footwear;
- gems and jewellery;
- shipping services;
- accounting and finance services; and
- legal services, and more joining the list.
Make in India Challenges
Despite the fact that the make in India project is very successful, it is also facing criticism altogether.
The make in India scheme was launched with so many hopes, still, it’s been facing many challenges.
Unfortunately, not all foreign companies are ready to bring all the required technology, infrastructure, and facilities to make in India.
These challenges are very crucial to make in India project a success. Some of the challenges that I have felt important to share are;
- Environmental degradation is a major concern because rapid industrialization can lead to the rapid consumption of natural resources.
- As per the record as by 2021, 60.43% of Indian land is cultivation land. The make in India scheme with most of its focus on manufacturing and industrial growth brings more down than up to agriculture and farmers.
- The make in India program is meant to help the Indian economy. This is very important to curb corruption and bribery while building up Indian infrastructure to make the initiative successful.
India is still a developing country. The success of this scheme is required skilled manpower to make the initiate successful.
Lots of businesses raise and fail every day, and the young generation of India is being taught theoretically rather than working on their practical knowledge could be the reason. This is all cause of the Indian education system.
Make in India Registration and Requirements
Make in India is not a single program but an umbrella campaign that aims to create superior infrastructure for improving the environment of investment and allowing startups as well as big businesses to flourish with ease.
Companies looking to register under the ‘Make in India’ initiative will not find a dedicated online platform for making the process easier. Business owners will have to take a long hard look at a detailed list of items that a business should usually take care of if they want to be registered as an Indian company. However, you can get permission to use the MII logo instead of trying to do the Make in India registration of your company.
Make in India Brand Ambassador
Piruz Khambatta, the chairman of Rasna Pvt. Ltd. has been selected by the Government of India to be brand ambassador under its Make in India Program.
Piruz Khambatta had explored ways in which Rasna Pvt. Ltd. could become more involved in helping MII vision. Rasna wishes to support food manufacturers in their pursuit of opportunities, whether they are new or something that has been existing for some time now! The company intends to foster and mentor startups in addition to offering contract manufacturing services.