Make in India is the Narendra Modi-headed Indian government’s initiative to invite smaller and larger corporations from all industries (manufacturing and service) to set their manufacturing base in India. Launched on 25th September, 2014 in a function held at Vigyan Bhawan, the following are the program’s objectives and key benefits:
- Before the campaign, India was at the 134rd position in terms of the easiest place to do business in the world, as per World Bank’s 2014 report. The Modi-led government wants to improve this image.
- Attract intellectual, technological and capital expenditure towards India.
- Creation of new jobs and improving existing workforce’s skills, which will lead to increased consumer buying power and a bigger market for sellers.
- GDP growth and increased tax revenues.
- Attract FDI into the construction sector and help foreign investors substantially contribute to the government’s affordable housing and smart cities projects.
To attract foreign multinationals, foreign equity cap relaxation, online availability of license applications, and extension of license validity to three years have been implemented. FDI in previously closed or partially open sectors have also been either opened or broadened. For instance, railways which was previously not receptive to foreign funding has now opened up to attract 100 percent FDI in infrastructure. Barring defence, space and news media, foreign investors can take up complete stake in all sectors.
The Digital India campaign goes hand-in-hand with this initiative as the government would require necessary physical and digital network infrastructure to make the long-term vision feasible.
Zero Defect, Zero Effect
The Indian government’s commitment to make goods meeting global standards is unflinching. The slogan signifies the products will have zero defects and the manufacturing process not adversely affecting the environment.