Tag: objectives of make in india

Article Context: Introduction of Make in India Campaign Idea Behind Make in India Plan Objectives of Make in India Scheme Sectors Under Make In India Initiative Make in India Products Eligibility and Registration For Make In India Introduction of Make in India Campaign Make in India program was launched by Prime Minister Narendera Modi on 25th September 2014 as an initiative to encourage various companies to manufacture in India. Make in India is an initiative under Atma Nirbhar Bharat Abhiyan which is dedicated to developing a modern independent India. Make in India's movement is to attract foreign capital to invest in Indian manufacturing companies to create more employment options and to transform India into a global design and manufacturing hub. This initiative is to promoting manufacturing companies to produce goods and services in India instead of importing it from other countries and encouraging citizens to use the made in India products only. What is the idea behind Make in India Plan? The ideology behind the Make in India plan was to generate more employment, saving the nation's money from exporting goods that can be or used to manufacture in India, and to create a conducive environment for investments. This movement can help to develop India to become a developed nation quickly. Make in India help to develop a modern and efficient infrastructure and open up new sectors for foreign capital especially after the 100% ownership of FDI. After the launch to give a jump start to this initiative Government of India announces investment commitments up to 16.40 Lakh crore and investment inquiries worth of 1.5 lakh crore from September 2014 to February 2016. As a result, India emerged globally as the favorite destination for Foreign Direct Investment in 2015. According to the new policy, 100 % FDI is permitted in all 100 sectors, except the defense industry, space industry, and Indian media. In terms of FDI,(Foreign Direct Investment) India even surpasses the United States and China in 2015. India is becoming the new hotspot for foreign investments. At the start of Make in India movement, there were 25 economic sectors targeted for job creation and skill enhancement. What are the Objectives of Make in India Scheme? Make in India was launched by keeping three objectives in mind and if achieved successfully can transform India and stand out among the major developed countries. Three main Objectives of Make in India are as Follows: To enhance the growth of the manufacturing sector of India by 12-14% annually. To create 100 million additional manufacturing jobs in the Indian economy by 2022. To ensure the contribution of the manufacturing sector in GDP is increased by 25% by 2022. The direct impact of the Make in India movement was seen when World Bank in 2019 acknowledges India's jump of 23 positions against its rank of 100 in 2017 to be replaced now by 63rd rank among 190 countries. Make in India is at the initial stage at the moment and as it has not achieved its goals yet. The growth rate of the manufacturing Industry is 6.9% per annum between 2014-2015 and 2019 -2020. The contribution in GDP from the manufacturing sector dropped from 16.3% in 2014-15 to 15.1% in 2019-2020. This could also be the negative impact of the worldwide attack of COVID-19. As the whole world is shut down due to this pandemic situation. The manufacturing sector is put on hold since the end of 2019. Which Sectors get benefit under Make In India Initiative? At the beginning of the Make in India movement, 25 sectors were covered to give a boost to the economy and to attract foreign investment. Make in India focuses on the following 25 Sectors. Sectors of The Economy: Automobiles Auto Components Aviation Biotechnology Chemicals Construction Defense manufacturing Electrical machinery Electronic system design and manufacturing Food processing IT and BPM Leather Media and entertainment Mining Oil and gas Pharmaceuticals Ports Railways Renewable energy Roads and highways Space Textiles Thermal Power Tourism and Hospitality Wellness Today's manufacturing sector is contributing around 16% in the Indian GDP but the Make in India objective is to make a 25% contribution from the manufacturing industry by 2022. It is an easily achievable goal because right now the manufacturing sector's contribution is around 34% in the Chinese GDP. Just because of the import of goods and services from China, the Indian manufacturing industry is contributing this much for them. We can imagine if everyone starts supporting the Make in India movement, we can help our country becoming a developed nation. How many Products comes under Make in India Scheme? The contributions of the Swedish companies are the best example of Make in India products. These manufacturing units are contributing to the GDP of India for a very long time. They have helped to create tons of thousands of employees over the years. There are 5 main products under the Make in India initiative are as...