New Delhi: India’s flagship initiative ‘Make in India’ celebrates a decade of success, marking a significant milestone in the country’s journey towards becoming a global manufacturing and innovation hub. Launched in 2014, the initiative has driven notable progress in India’s manufacturing sector, contributing to the nation's economic growth. Today, India stands as the second most sought-after manufacturing destination in the world, with the sector accounting for 13.9% of the economy.
The ‘Make in India’ initiative has catalysed industrial reforms and attracted significant investments in key sectors such as renewable energy, electric vehicles, and advanced manufacturing technologies. As India aims for Net Zero by 2070, these sectors are central to aligning industrial growth with sustainable practices. The introduction of the production-linked incentive (PLI) scheme with an outlay of Rs 1.97 lakh crore further enhanced India’s local manufacturing capabilities, ensuring the country’s competitiveness on the global stage.
In a post on X, Prime Minister Narendra Modi hailed the completion of 10 years of ‘Make in India’, stating:
“Today, we mark 10 Years Of Make In India. I compliment all those who are tirelessly working to make this movement a success over the last decade. ‘Make in India’ illustrates the collective resolve of 140 crore Indians to make our nation a powerhouse of manufacturing and innovation. It’s noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened.
The Government of India is committed to encouraging ‘Make in India’ through all possible ways. India’s strides in reforms will also continue. Together, we will build an Atmanirbhar and Viksit Bharat!”
Amit Shah, Union Home Minister and Minister of Cooperation, echoed the Prime Minister’s sentiments on X, writing:
“In the #10YearsOfMakeInIndia, PM Shri @narendramodi Ji has unlocked Bharat's tremendous potential in manufacturing. With the mantra of Aatmanirbhar Bharat, our nation has emerged as a frontrunner in manufacturing and a major destination for investment, creating a world of opportunities for our youth.”
The initiative’s impact is evident in India’s improved rankings in the World Bank’s Ease of Doing Business report, rising from 142nd in 2014 to 63rd in 2020. Measures such as reducing 39,000 compliances and decriminalising 3,400 legal provisions have facilitated a business-friendly environment, attracting foreign investments. Total FDI inflows in FY 2022-23 stood at $70.97 billion.
Union Minister of Commerce and Industry, Piyush Goyal, also shared his thoughts on X:
“Today marks #10YearsOfMakeInIndia, a transformative initiative launched by PM @NarendraModi ji in 2014, which has revolutionised India’s manufacturing landscape and strengthened our economic growth. Over the past decade, @MakeInIndia has become a national force, paving the way for our country to emerge as a Global Manufacturing Hub.
This initiative aligns with PM Modi ji’s vision of positioning ‘Brand India’ as a global benchmark for innovation and quality. To bring this vision to life, major initiatives have been undertaken, be it introducing the landmark Production-Linked Incentive (PLI) scheme across key sectors or bringing reforms to boost the startup ecosystem and employment opportunities.”
"To further accelerate industrial growth, the government recently announced the establishment of new industrial smart cities, enhancing infrastructure to further boost the manufacturing sector. The opening of Invest India offices abroad will aid in attracting global investments, thereby generating opportunities for the growth of domestic enterprises. These significant measures are crucial in ensuring the continued success of the Make in India initiative. In essence, Make In India has laid a robust foundation, setting the stage for the nation’s ambitious journey towards becoming a Viksit Bharat by 2047," Goyal further added.
With a strong focus on sustainable growth and global competitiveness, India’s manufacturing sector is well on track to contribute significantly to the nation’s goal of becoming a developed economy by 2047, as envisioned in the Amritkal 2047 vision. /BI
