Make in India
Source: Make In India
Overview
- About Make in India
- Challenges
About Make in India
Background
- The Make in India initiative was launched by Prime Minister in September 2014
- It is a part of a wider set of nation-building initiatives.
- Devised to transform India into a global design and manufacturing hub
- By 2013, the much-hyped emerging markets bubble had burst, and India’s growth rate had fallen to its lowest level in a decade. The promise of the BRICS Nations (Brazil, Russia, India, China and South Africa) had faded, and India was tagged as one of the so-called ‘Fragile Five’.
- Global investors debated whether the world’s largest democracy was a risk or an opportunity.
- India’s 1.2 billion citizens questioned whether India was too big to succeed or too big to fail.
- India was on the brink of severe economic failure, desperately in need of a big push.
Make In India
- The “Make in India” initiative has been successful in attracting foreign investment and boosting the manufacturing sector in India.
- The government has taken several steps to ease the process of doing business in India, such as
- Simplifying regulations
- Reducing red tape
- Providing incentives to investors
- India has emerged as a major manufacturing hub for several industries, including automobiles, electronics, textiles, and pharmaceuticals.
- The country’s skilled workforce, low labour costs, and favourable business environment have made it an attractive destination for investors.
Challenges
- There are still several challenges that need to be addressed to make India a global manufacturing powerhouse.
- These include improving infrastructure, reducing bureaucratic hurdles, and addressing skill gaps in the workforce.
In conclusion
- Make in India” initiative has been successful in promoting India as a manufacturing hub and attracting foreign investment.
- However, there is still a long way to go before India can become a global manufacturing powerhouse.
- The government needs to continue its efforts to improve infrastructure, reduce bureaucratic hurdles, and address skill gaps in the workforce.
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