The ‘Make in India’ initiative has transformed the manufacturing sector

September 27, 2022 5:08 pm

Recognising the importance of semiconductors in the world economy, the government has launched a ten billion US dollar incentive scheme to build a semiconductor, display, and design ecosystem in India.

Today marks the eight-year anniversary of the government’s flagship programme ‘Make in India.’ Prime Minister Narendra Modi’s Make in India initiative, launched in 2014, aims to facilitate investment, foster innovation, improve skill development, and build world-class manufacturing infrastructure. Make in India has made significant progress in 27 sectors, including strategic manufacturing and services.

To realise Prime Minister Narendra Modi’s vision of a ‘Aatmanirbhar Bharat,’ the government is focusing on key sectors such as semiconductors. Recognizing the importance of semiconductors in the global economy, the government has launched a ten billion US dollar incentive scheme to build a semiconductor, display, and design ecosystem in India.

The Make in India initiative is transforming India into a leading global manufacturing and investment destination. The initiative is an open invitation to potential investors and partners all over the world to join the ‘New India’ growth story. To attract foreign investment, the government has implemented a liberal and transparent policy under which most sectors are open to Foreign Direct Investment through the automatic route.

Despite the Covid-19 pandemic, the Indian toy industry has grown dramatically in less than two years, thanks to the sincere efforts of domestic toy manufacturers. Toy imports have been reduced by 70% to 110 million US dollars in 2021-22. Toy exports from India increased by 636 percent from April to August this year compared to the same period in 2013.

In 2014-2015, India received 45.15 billion US dollars in FDI inflows, a record for the past eight years. The year 2021-22 saw the highest ever FDI of 83.6 billion US dollars. The Production Linked Incentive scheme, which was launched across 14 key manufacturing sectors, is also helping the Make in India initiative. With this initiative at the forefront, Indian businesses hope that ‘Made in India’ products will also be ‘Made for the World,’ adhering to global quality standards.