Launched: December 2014
Stakeholder: Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India; Indian manufacturers, global investors, consumers
A strong manufacturing sector is critical for an economy like India, especially considering the huge employable workforce in the country and the need for self-sufficiency in a number of sectors to bring down the trade deficit. Manufacturing is urgently needed to provide livelihood opportunities to a huge chunk of the population outside of agriculture. The manufacturing sector supplies quality products across the supply chain, thereby fueling the growth and productivity of other sectors in the process.
Shri Narendra Modi, Hon'ble Prime Minister of India, launched the visionary Make in India programme in September 2014. The programme is aimed at transforming India into a global hub for manufacturing, research & innovation and an integral part of the global supply chain. The programme aimed at building confidence in India's strengths and potential as a manufacturing hub across internal and external stakeholders. It has led to a major rehaul of processes and policies to enhance ease of doing business in India. Indeed, this is the single largest manufacturing initiative by any country in the recent past.
Some of the initiatives undertaken under Make in India are as follows:.
The manufacturing sector is expected to reach US$ 1 trillion by 2025 and contribute about 25% to India's GDP. Under the Make in India programme, indigenous manufacturing is expected to increase by 12-14% per annum over the medium term. As per the World Bank, manufacturing contributed about 16% to the country's GDP in 2016. This is on the higher side when compared with the global average of about 15% in 2015.
Manufacturing is expected to create 100 million additional jobs by 2025, considering how India is now one of the most attractive destinations for investments in this sector. Most leading companies including those of defence equipment, mobile phones and automobile brands have established or are looking to set up their manufacturing base in the country, which will have a positive impact on job creation.
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Since its launch, Make in India has played a major role when it comes to improving ease of doing business in India. The various initiatives being undertaken have made a hugely positive impact on investor confidence. Some of the major achievements are as follows:
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Last updated: September, 2018