Make in India initiative completes seven years today
Manufacturing sector is making strides in the development of the Indian economy. To make the country self-reliant in the sector, the Centre launched the Make in India initiative on 25th of September 2014 under the leadership of Prime Minister Narendra Modi.
The initiative is aimed at facilitating investment, fostering innovation and building best in class manufacturing infrastructure. Since the launch of the Make in India initiative, the country witnessed stellar performance in its growth and development.
It helped in ease of doing the business procedures and enhanced skill development. It also created a conducive environment for investment and opened new sectors for foreign investment. It also helped in forging a partnership between government and industry.
The Centre has taken various measures to promote the manufacturing sector. Recently, it launched National Single Window System as a one-stop for taking all the regulatory approvals and services. It will further improve the Ease of Doing Business in India for international and local businesses. Production Linked Incentives, PLI have also been brought in to make the country
Aatmanirbhar and to enhance the manufacturing capabilities. The Government has earmarked 1.97 lakh crore rupees for different PLI schemes for 13 key sectors. Minister of State for Commerce and Industry Anupriya Patel said, several schemes like PLI and other schemes like NIRVIK have proved instrumental in making the country a manufacturing and export hub.
Make in India initiatives have brought in more inflow of Foreign Direct Investments during the last seven years. This enabled India to achieve the FDI inflow of 440 billion US dollars with the highest ever annual FDI inflow of 81.72 billion dollars in 2020-21.