The ‘Make in India’ initiative, one of the Modi government’s flagship programs, celebrated its 10th anniversary on Wednesday. Prime Minister Narendra Modi took the occasion to share his thoughts on the scheme’s impact across various sectors, illustrating India’s journey toward becoming a global manufacturing hub.
Launched on September 25, 2014, during Modi’s first term, the initiative brought forward major reforms. It played a crucial role in boosting domestic manufacturing, enhancing skill development, and attracting foreign investments.
Today, we mark #10YearsOfMakeInIndia. 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.…
— Narendra Modi (@narendramodi) September 25, 2024
Significant Growth in FDI
In the past decade (2014-2024), India has seen a cumulative Foreign Direct Investment (FDI) of USD 667.4 billion, reflecting a 119% increase. FDI inflows now span across 57 sectors, with many opened for 100% FDI under the automatic route. The manufacturing sector alone witnessed USD 165.1 billion in FDI, a 69% rise from the previous decade, which stood at USD 97.7 billion.
Success of PLI Scheme and Surge in Exports
The Production Linked Incentive (PLI) Scheme, hailed as a game-changer, attracted ₹1.32 lakh crore (USD 16 billion) in investments. This significantly boosted manufacturing output and created more than 8.5 lakh direct and indirect jobs. India’s exports have also surged, with an additional ₹4 lakh crore generated through the PLI schemes in the last decade.
Reforms and Ease of Doing Business
India has climbed the ranks in the World Bank’s Ease of Doing Business Index, improving from 142nd in 2014 to 63rd in 2019. Over the years, the government reduced over 42,000 compliances and decriminalized 3,700 provisions, easing the business environment.
The launch of the National Single Window System (NSWS) in September 2021 simplified the investor experience, integrating approvals from various ministries and departments. The PM Gati Shakti National Master Plan, launched in October 2021, introduced data-based decision-making for integrated multimodal infrastructure planning, reducing logistics costs.
Key Achievements of ‘Make in India’
– Development of 11 industrial corridors under the National Industrial Corridor Development Programme aims to enhance India’s global competitiveness by providing world-class infrastructure.
– The One-District-One-Product (ODOP) initiative fosters local economic development, with 27 states setting up Unity Malls to showcase unique local products.
– Under the Startup India initiative, 1,40,803 startups have been recognized as of June 2024, creating over 15.5 lakh jobs.
‘Make in India’ continues to play a pivotal role in transforming India into a manufacturing powerhouse, encouraging foreign investments, driving local development, and boosting exports.
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