Make in India - How Is It Transforming the Country’s Industries?

In September 2014 the prime minister of India, Mr. Narender Modi announced the initiative of Make in India which started to change the landscape of the Indian manufacturing industry. It was launched to change the global manufacturing hub.

It aimed to boost the domestic manufacturing industry of India so that exports could be increased leading to an increase in foreign reserves too. 

Source: Livelaw

It is a well-known fact that India is a country with massive unemployment, launching Made in India provided the unemployed citizens of India with the platform to earn their livelihood. This initiative impacted various kinds of industries in India in different ways.

Diversification of the Economy

Earlier the Indian economy was restricted mainly to the agricultural and services sector. Still, after the Make in India initiative, the economy diversified itself to various other sectors such as automobile, aviation, biotechnology, and many more.

This not only led to growth in sectors but also a rise in the GDP of the nation because now more products were manufactured which led to increase of GDP. this diversification gave many opportunities to people who wanted to pursue careers in these fields and provided them with employment which helped reduce the country's unemployment rate.

Increase in Foreign Direct Investment (FDI)

Making in India led to an increase in FDI inflows because it was able to attract foreign investors to invest in India. The policies implemented by the government of India were business which influenced and led the big Multinational Corporations to invest in India.

As a result, it became a huge hub for investment for foreign investors which led to the economic growth of the Indian economy. Not only in economy the emergence of MNCs has also created huge employment.

Job Opportunities

India is a country listed in the top 2 most populous countries of the world. The initiative of Make in India also had a plan to increase job opportunities in India so that more people can be employed.

It created job opportunities in diversified sectors of the economy millions of job opportunities were created across various skill levels. From the textile to the tourism industry, job has been created in all of the 25 sectors of making in India.

Increase in Foreign Reserves

Before being made in India many products and services that were imported by India from all over the globe were now manufactured in India after make. It created an increase in foreign reserves because now India started exporting the services and not importing leading to an increase in foreign reserves.

Manufacturing products in India is cheap in the global industry so people from all over the globe prefer buying things from India which created foreign reserves for India as well as created a powerful image of Indian trade in the world.

Innovation and Technology

The Make in India program also promoted innovation and technology in the manufacturing sector to produce goods with new technology that would be efficient and cost-effective. It has encouraged the country towards advanced manufacturing techniques.

It not only increased the quality of the products but also India became a producer at a global level. To support make in India various infrastructural developments have also been made in India such as the construction of roads, ports, logistics, and many more. it has improved the supply chain and helped in the smooth functioning of transportation of the goods manufactured.

Closure

The Make in India launched by the honorable Prime Minister Mr. Narendra Modi was a great initiative to change the history of the Indian manufacturing industry which resulted in many kinds of improvements in diversified sectors. 25 sectors were in main focus of this scheme. The annual growth went to 12-14% of the manufacturing sector due to the Make in India program which is an achievement for India.

knowing that India is a country with huge unemployed people, making India a boon to employ over 100 million people. Earlier India imported many products that were not manufactured in the domestic territory but now the initiative manufactured those products too making India an exporter which increased the foreign reserves.

Along with this India earlier could not meet the standards of global products but after 2014 India had a good reputation in the global market. These all changes made in India were commendable.

Written By- Tanya Aggarwal

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