[metaslider id=10676]Prime Minister Narendra Modi’s recent trip to China on the eve of the completion of his government’s first year in office has put the spotlight back on ‘Make in India’ which aims to transform the country into a global manufacturing hub. The economic giants signed billions of dollars worth of business deals that is expected to infuse Chinese mega bucks into manufacturing sector and infrastructure projects—the two critical areas of ‘Make in India.’
Announced with much fanfare in September last year, ‘Make in India’ is the prime minister’s flagship initiative that is as ambitious in its avowed goal as it is enterprising in its scope and size. The national renewal programme has fired the imagination of industry, literally, both within and outside the country, and not a week goes by when there is no announcement of a project or scheme under ‘Make in India.’
As Saurabh S. Dhanorkar, Managing Director, Finolex Industries Ltd, said in an article on this website, “Make in India is an excellent idea. If India is to embark on the next wave of growth it cannot be driven purely by services. Manufacturing has to play a major role and since this requires huge infusion of capital, there is definitely a need for foreign direct investment.”
‘Make in India’ is “Designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build best-in-class manufacturing infrastructure.” One of the key objectives of this campaign is to increase the share of manufacturing sector, as a percentage of GDP, from 16 per cent currently to 22 per cent by 2022, generate large-scale employment across industries, including sectors like wellness, space, leather, and tourism, and eventually boost purchasing power.
Prime Minister Modi feels there has never been a better time to make in India. He may well be right when he observes, “We want to promote manufacturing in a big way, particularly to create jobs for our youth who form 65 per cent of our population. Hence, we want to make things in India. For this purpose, we have launched a campaign called ‘Make in India’.” He has promised to work aggressively towards making the country easy for business.
The ‘Make in India’ campaign has become the subject of a national debate. Whether it is hope or hype, it is an idea whose time has come.