Make in India

Make In India

Make in India is a major national initiative designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build world-class manufacturing infrastructure. There has never been a better time to invest and manufacture in India.

India is the fastest-growing large economy in the world today, a position it has held since overtaking China in 2015. The International Monetary Fund (IMF) predicts that India will retain this status until at least 2020. With the Gross Domestic Product (GDP) growing at over 7% since 2014, the IMF projected India's growth for 2016-2017 at 7.5%, while the global growth forecast was 3.4% (2016) and 3.6% (2017). India is also the third-largest economy in the world by purchasing power parity (PPP), according to the World Bank, with a GDP exceeding USD 2.1 trillion. The country was also ranked among the top 10 Foreign Direct Investment (FDI) destinations in 2015.

The Government of India has implemented several key reforms to drive economic growth and social change. Numerous national developmental projects have been launched in recent years, targeting multiple sectors to encourage investment and business expansion. In addition to Make in India, the government has introduced progressive initiatives such as:

• Digital India: Aims to connect rural areas with high-speed internet, boost electronics manufacturing, and transform India into a digitally empowered society and knowledge economy.

• Startup India: Encourages entrepreneurship and innovation by creating an ecosystem conducive to the growth of startups.

• Skill India: Focuses on skill development and includes initiatives such as the National Skill Development Mission, National Policy for Skill Development and Entrepreneurship 2015, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), and the Skill Loan Scheme. The target is to train over 400 million people by 2022.

• Pradhan Mantri Jan-Dhan Yojana (PMJDY): Ensures financial inclusion by providing access to basic banking services, credit facilities, insurance, and pension schemes to economically disadvantaged sections of society.

• Smart Cities Mission: Aims to develop 100 smart cities across India, focusing on sustainable and citizen-friendly urban development.

India has historically ranked low in the World Bank's 'Ease of Doing Business' report, mainly due to bureaucratic hurdles and regulatory complexities. However, the government's recent reforms have improved India's ranking by 12 places, reaching 130 in just two years. The goal is to break into the top 50 rankings within the next 3-4 years.

To improve the business environment, the government has taken several steps, including:

• Reducing bureaucratic red tape and streamlining processes using digital platforms.

• Introducing the Insolvency & Bankruptcy Code, making it easier to revive or close businesses efficiently.

• Implementing labor law reforms and launching the E-Biz platform to facilitate business registration and operations.

• Encouraging state-level business reforms to create a more investor-friendly climate.

As a result of these initiatives, FDI inflows have increased by nearly 44% since the launch of 'Make in India', signaling strong investor confidence. The initiative is a testament to India's commitment to economic growth, industrial expansion, and global competitiveness.

With the government leading the way, India is well on its journey to becoming a global economic powerhouse.