Make in India is a campaign launched by Indian Prime Minister Narendra Modi on 25 September 2014. The goal of the initiative, which was officially announced by the prime minister during his speech at Vigyan Bhawan, New Delhi is to encourage businesses in India, especially manufacturers, to manufacture or produce their goods and services in the country, as well as boost India’s economy.
Essay on Make in India | Objectives, Purpose, Importance
Make in India is the name of the new national program which aims to jump start Indian manufacturing by inviting multinational corporations (MNC) to invest in India. But what exactly is Make In India? The word “make” means that a country must produce its own products. By this logic, Make in India is a program to encourage manufacturing in India by foreign companies.
The government has created a list of products which are in high demand in India. They want these to be manufactured in the country. The Ministry of Commerce has shortlisted 34 different industries.
Objectives of Make in India
The government of India is focusing on ten key areas where they want to encourage investment. They include:
- Ease of Doing Business
- Energy and environment
Need of Make in India
India has too much unemployment. There are about 12 million people who enter the job market every year, but there only around 4 million jobs available. The main reason for this is that economic growth does not lead to fast job creation. The Indian government hopes Make in India will change the situation. They think foreign companies will create lots of jobs when they build factories in India.
Make in India is a government driven program. It means the government has created (and will continue to create) policies which they hope will encourage foreign companies to make products in India. The Indian government has already started implementing their policies. For example, they have cut down the number of permissions one must get to start a company in India.
The government has also changed rules for when roads and railways must be used to transport goods. These changes, among others, will allow foreign companies to transport goods from ports to factories faster and cheaper.
Contribution of Make in India Plan
The government expects it to create 25 million new jobs, 16% more than in the year before. This is a huge increase and will help reduce high unemployment in India.
How will Make in India help foreign companies?
The government is focusing on a few areas. They want to make it easier for foreign companies, to get permission to do business in India. They are also making it easier for companies to pay taxes in India.
Make in India will also give foreign companies access to international markets. For example, a foreign smartphone company can sell in India and also in Bangladesh and Nepal which have a combined population of 300 million people!
Benefits of Make in India
Foreign companies will save money. They won’t need to build factories in countries such as China and Bangladesh, where labour costs are higher than in India. While this will benefit foreign companies, it will also benefit Indians. These companies can employ more people and pay them relatively higher wages than many Indians earn now.
The government is hoping that Make in India will grow the country’s Gross Domestic Product (GDP) by 25%. This means the economy will be larger and have more jobs.
There is lots of interest in Make in India. The Indian government said it has received investment proposals worth about $280 billion since 2014, when the program was announced. The government expects this to increase once they have finished making policies which make it easier for foreign companies. Companies like Fiat Chrysler, Cipla and Airbus have already started working in India. These companies have foreign capital and produce a large number of products for the Indian market.
Make in India (MII) is a government initiative to encourage companies worldwide to manufacture their products in India. The initiative was launched with an aim to build a strong manufacturing sector in India. It aims to transform the country into one of the leading manufacturing destinations across the world. There are various benefits that MII offers to both the companies and the nations.