Make in India Initiative: Indian Government Schemes |INDIAN ECONOMY
Make in India is the BJP-led NDA government’s flagship campaign intended to boost the domestic manufacturing industry and atract foreign investors to invest into the Indian economy.
The Indian Prime Minister, Mr. Narendra Modi first mentioned the keyphrase in his maiden Independence Day address from the ramparts of the Red Fort and over a month later launched the campaign in September 2014 with an intention of reviving manufacturing businesses and emphasizing key sectors in India amidst growing concerns that most entrepreneurs are moving out of the country due to its low rank in ease of doing businesS ratings.
The Make in India program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best in class manufacturing intrastructure.
Most importantly, the Make in India program represents an attitudinal shift in how India relates to investors: not as a permit-issuing authority, but as a true business partner.
Dedicated teams that will guide and assist first-time investors, from time of arrival.
Focussed targeting of companies across sectors.
The Make in India Vision:
The Make in India is a new major new national program having following objectives—
✹Designed to facilitate investment
✹Enhance skill development
✹Protect intellectual property, and build best-in-class manufacturing infrastructure.
Manufacturing currently contributes just over 15% to the national GDP. The aim of this campaign is to grow this to water 25% contribution as seen with other developing nations of Asia.
In the process, the government expects to generate jobs, attract much foreign direct investment, and transform India into a manufacturing hub preferred around the globe.
The logo for the Make In India campaign is a an elegant lion, inspired by the Ashoka Chakra and designed to represent India’s success in all spheres.
The campaign was dedicated by the Prime Minister to the eminent patriot, philosopher and political personality, Pandit Deen Dayal Upadhyaya who had been born on the same date in 1916.
The initiative hopes to increase GDP growth and tax revenue. The initiative also aims at high quality standards and minimising the impact on the environment.
The initiative hopes to attract capital and technological investment under the initiative, brochures on the 25 sectors and a web portal were released.
Government of India has launched the ‘Make in India Programme to promote manufacturing in India and develop it as a hub for manufacturing, design and innovation Certain important steps taken to gear up manufacturing include:
(1) creation of an investor facilitation cell
(2) dissemination of information on twenty five prior ity sectors on “Make in India’s web-portal along with details of FDI Policy, National Manufacturing Policy, Intellectual Property Rights, Delhi-Mumbai Industrial Corridor and other National Industrial Corridors.
(3) issuance of Ordinance to make land acquisition easier for important projects
(4) a number of items taken off the licensing requirement from Defence products’ list, etc. and
(5) Sector wise plan of action has been prepared with time lines of one year and three years.
Sectors in focus:
For the Make in India campaign, the government of India has identified 25 priority sectors that shall be promoted
adequately. These are the sectors where likelihood of FDI is the highest and investment shall be promoted by the government of India.
2) Automobile Components
7) Defence manufacturing
8) Electrical Machinery
9) Electronic Systems
10) Renewable Energy
11) Roads and highways
13) Textiles and garments.
14) Tourism and Hospitality
16) Thermal Power
17) Food Processing:
18) IT and BPM
20) Media and Entertainment.
25) Oil and Gas
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