Unveiling “Make in India”: the 2014 Landmark
The 2014 launch of Make in India aimed at transforming India into a global manufacturing hub. The initiative encouraged both multinational and domestic companies to produce their goods within the country with the goal of expanding the Indian market. The Prime Minister of India, Shri Narendra Modi, expressed his invitation to the world, urging companies to manufacture in India while emphasizing the country’s skilled workforce, talent, discipline, and eagerness to contribute.
“I want to tell the people of the whole world: Come, make in India. Come and manufacture in India. Go and sell in any country of the world, but manufacture here. We have the skill, talent, discipline and the desire to do something. We want to give the world an opportunity that comes to make in India.”
– Prime Minister of India, Shri Narendra Modi
The primary objectives of Make in India were to establish India as a thriving economy. Key highlights included achieving annual growth of 12-14% in the manufacturing sector, increasing its contribution to the Gross Domestic Product (GDP) from the current 16% to 25%, creating 100 million new jobs in the industrial sector by 2022, and enhancing domestic value addition and technological expertise in manufacturing.
Russia’s Take on Make in India: Putin Lauds Modi
Russian President, Vladimir Putin, at the state Agency for Strategic Initiatives’ (ASI) annual “Strong Ideas of Our Time” symposium in Moscow, remarked on India’s experience to stimulate the growth of homegrown products and brands giving a push to the nine (9) year old initiative launched in India.
He praised India’s efforts in establishing a successful model to enhance local manufacturing capabilities and attract foreign investors, further stressing the importance of enhancing our products’ convenience, functionality, modernity, and properties. He reportedly mentioned that industrial and product design should be valuable asset for the growth of domestic businesses. He encouraged Russia to follow India’s footsteps in achieving self-reliance while also pursuing a well-channelled economy.
“The Make in India initiative strives to integrate India into the global supply chain,” according to the Ministry of External Affairs (MEA), aims to empower Indian companies to excel in a globalized business environment.
To achieve this goal, the Indian government’s efforts are noteworthy as such an implementation of a series of measures has significantly enhanced the ease of doing business.
Conclusion
Along with reportedly being negligent of agriculture, The Make in India project faced a number of challenges, including inadequate infrastructure, a high cost of capital, a lack of skilled labour, red tape and bureaucratic delays, and inadequate government support. But, in the bigger picture, it inspired Indians to be self-reliant, independent and devising better marketing strategies. Foreign investors may have been discouraged by India’s complex tax and labour laws but it did help India gain the best in the market.
