The Make in India initiative was launched by Prime Minister in September 2014 as part of a wider set of nation-building initiatives. Make in India was a timely response to a critical situation: by 2013, the much-hyped emerging markets bubble had burst, India’s growth rate had fallen to its lowest level in a decade and its global ratings downgraded. Make in India has been devised to transform India into a global design and manufacturing hub, thereby ushering in technological development and economic prosperity in India.
By virtue of this scheme, the obsolete and obstructive frameworks of the past have been dismantled and replaced with a transparent and user-friendly system that is helping drive investment, foster innovation, develop skills, protect Intellectual Property (IP) and build best-in-class manufacturing infrastructure. Make in India scheme inspires, empowers and enables all: a powerful, galvanising call to action to India’s citizens and business leaders, and an invitation to potential partners and investors around the world. The “Make in India” initiative is based on four pillars, which have been identified to give boost to entrepreneurship in India, not only in manufacturing but also other sectors.
i) New Processes: ‘Make in India’ recognizes ‘ease of doing business’ as the most important factor to promote entrepreneurship. A number of initiatives have already been undertaken to ease business environment.
ii) New Infrastructure: Availability of modern and facilitating infrastructure based on state-of-the-art technology is a very important requirement for the growth of industry. Government intends to develop industrial corridors and smart cities, with modern high-speed communication and integrated logistic arrangements as well as strengthening and upgradation of infrastructure in industrial clusters.
iii) New Mindset: Industry is accustomed to see Government as a regulator. ‘Make in India’ intends to change this by bringing a paradigm shift. The Government will partner industry in economic development of the country. The approach will be that of a facilitator and not regulator.
iv) New Sectors: ‘Make in India’ has identified 25 sectors in manufacturing, infrastructure and service activities and detailed information is being shared through interactive web-portal and professionally developed brochures. FDI (Foreign Direct Investment) has been opened up in Defence Production, Construction and Railway infrastructure in a big way.
The various sectors of focus are given below:
Automobile, Automobile Components, Aviation, Biotechnology, Chemicals, Construction, Defence Manufacturing, Electrical Machinery, Electronic Systems, Food Processing, Information Technology and Business Process Management (IT & BPM), Leather, Media and Entertainment, Mining, Oil and Gas, Pharmaceuticals, Ports and Shipping, Railways, Renewable Energy, Roads and Highways, Space, Textiles and Garments, Thermal Power, Tourism and Hospitality, Wellness