‘Come, Make in India’! PM Modi’s aggressive push to revive an ailing manufacturing sector, has found resonance with India Inc. Single-window clearances, minimal procedures & cutting out of any red-tapism – PM Modi sees Make in India as a vital impetus for employment & growth.
‘Make in India’ initiative was launched globally in September 2014 as a part of India’s renewed focus on Manufacturing. The objective of the Initiative is to promote India as the most preferred global manufacturing destination.
Since the launch of this landmark initiative, the Government of India has taken several reform initiatives to create an enabling environment for providing an impetus to manufacturing, design, innovation and startups. India has emerged as the fastest growing economy globally. India’s rate of growth of 7.5% is accelerating and it remains an oasis of growth in the midst of a subdued economic landscape across the world. The Hon’ble Prime Minister has given impetus to growth with several innovative initiatives such as “Make in India”, “Digital India”, “100 Smart Cities” and “Skill India”.
The Make in India initiative aims to make India an integral part of the global supply chain. It is about making Indian companies excel in a globalized workspace. India has vigorously opened up its economy – Defence, Railways, Construction, Insurance, Pension Funds, Medical Devices have all been rapidly opened up for Foreign Direct Investment. India today is one of the most open economies of the world.
In order to achieve this, the Government of India has taken up a series of measures to radically improve Ease of Doing Business. Its objective – make the regulatory environment easy and simple for business to flourish. It has effectively used technology to converge and integrate departments. 14 services are integrated with eBiz portal which will function as a single window portal for obtaining clearances from various government agencies.
Make in India has already created a strong impact in form of improved business environment and economic growth, as follows:
- India is now 1st amongst the world’s most attractive investment destinations
- 1st amongst world’s fastest growing economies
- 1st among 100 countries on the growth, innovation, and leadership index
- 1st amongst 110 investment destinations polled globally
- 7th most valued national brand in the world
- India’s rank jumped 12 positions in Ease of Doing Business 2016 list by World Bank
- India moved 16 places in the Global Competitiveness Index 2015-16
Some success stories of Make in India so far:
Ministry of Railways signed formal agreements with global giants AlstomBSE -0.56 % and GE Transport to set up locomotive manufacturing factories in Madhepura and Marhaura in Bihar.
- Foxconn announces 10-12 facilities in India
- Oppo, ZTE, Phicomm invest in India
- One Plus, ASUS announces mobile manufacturing
- Mercedes Benz invest aggressively in India
- BMW increases 50% localization
- Volvo, Ford in with R&D facility
- Hyundai to build warships
- Sun Group to build Russian helicopters
- Reliance and international partners to build nuclear submarines and stealth warships
- Airbus to increase its exports from India upto $ 2 bn USD
- Pratt & Whitney evinced interest to Makae in India
The clarion call “Come Make in India” has transformed into an effective strategy and has become a huge success in creating a buzz globally. In order to provide greater momentum to the ‘Make in India’ initiative, Government of India is organizing a landmark event called the “Make in India Week” in Mumbai on February 13 – 18, 2016. The week-long event will be inaugurated by the Prime Minister of India.
Major Highlights of the “Make-in-India Week”will include:
- Make in India Center:This will be the platform for exhibiting innovative products and manufacturing processes developed in India along with a vision to leverage design, innovation and technology in the backdrop of global manufacturing.
- CNN-Asia Business Forum:Would comprise of a series of seminars, CXO meets and round-tables and networking events on economic challenges, investment opportunities etc. The event would feature Global visionaries, and leaders from the fields of finance, industry and design.
- Urban Planning Seminar on re-imagining Mumbai:This session would focus on new impetus for a smarter e-enabled Mumbai collaborating with the best-in-class technology partners.
- Hackathon: A 24-hour marathon event where coders, engineers, and designers collaborate intensively for 24 hours to come up with ideas to solve urban design problems.
- TIME India Awards: Recognizing excellence in the world of manufacturing.
The mega event will offer foreign investors and businesses unprecedented access, insights and opportunities to showcase, connect and collaborate with young Indian entrepreneurs, industry leaders, academicians, and government officials at the central and state levels.