Make in India Scheme 2023: Overview, Benefits, Objectives, Businesses & Goals

Make in India Scheme is a drive by the Government of India to make and urge organizations to create, fabricate and collect items made in India and boost devoted interests into assembling. The policy approach was to open up new industries to foreign capital, develop a modern and effective infrastructure, and create a favorable environment for investments. The initiative aimed “to transform India into a global design and manufacturing export hub” and targeted 25 economic sectors for job creation and skill enhancement.

Objectives of Make in India Scheme

1. To bring the manufacturing sector’s annual growth rate up to 12-14%;
2. By 2022, to add 100 million manufacturing jobs to the economy;
3. To guarantee that the manufacturing sector will contribute 25% more to GDP by 2022 (later revised to 2025).

Make in India Scheme Overview

Between September 2014 and February 2016, India made investment commitments totaling 16.40 lakh crore (US$210 billion) and investment inquiries totaling Rupees 1.5 lakh crore (US$19 billion) following the launch. Consequently, with US$60.1 billion in FDI, India overtook China and the United States to become the top global destination for FDI in 2015. Only the space industry (74 percent), the defense industry (49 percent), and the Indian media industry (26 percent) are exempt from the current policy, which allows for 100% FDI in all 100 industries. A “Japan-India Make-in-India Special Finance Facility” fund valued at US$12 billion had also been announced by India and Japan to encourage investment.

State-specific initiatives like “Make in Odisha,” “Tamil Nadu Global Investors Meet,” “Vibrant Gujarat,” “Happening Haryana,” and “Magnetic Maharashtra” were also launched in accordance with the Make in India initiative. In the fiscal years 2016–17, FDI in India totaled $60 billion.

India is now ranked 63rd out of 190 countries in the World Bank’s 2019 Ease of Doing Business report, up 23 places from its 2017 ranking of 100. India’s recent governmental initiatives, which include converges, synergizes, and enables other important Government of India schemes such as Bharatmala, Sagarmala, Dedicated Freight Corridors, Industrial Corridors, UDAN-RCS, Bharat Broadband Network, and Digital India, had helped the country rise 42 places on the Ease of Doing Business Index, 32 places on the Global Competitiveness Index, and 19 notches on the Logistics Performance Index by

The objectives of Make in India have not yet been met. The development pace of assembling arrived at the midpoint of 6.9% per annum between 2014-15 and 2019-20. Manufacturing accounted for 14.3% of GDP in 2020–21, down from 16.3% in 2014–15.

Key points of Make in India Scheme 2023

Make in India Key Points
Name of the Scheme	Make in India
Objective	Boost the domestic manufacturing industry
Start Date	25-Sep-15
Website	www.makeinindia.com
Launched By	PM Narendra Modi
Number of Sector Involved	25

 

Pillars of Make in India Scheme

This project is divided into four pillars, the four points of these pillars are built;

1. New process
2. New thinking
3. New Area
4. New infrastructure

Businesses Under Make in India Scheme 2023

Many businesses have been added under the Make in India project, some of which are listed below as follows.

1. Auto components
2. Defense production
3. Auto mobile
4. Electronic system design
5. Electrical machinery
6. Food Processing
7. Biotechnology
8. Aviation
9. IT
10. BPM
11. Media
12. Entertainment sector
13. Leather industry
14. Pharma
15. Port
16. Gas
17. Oil
18. Renewable energy
19. Clothing industry
20. Space
21. Thermal power
22. Tourist spot
23. Highways and Roadways

Benefits of Make in India Scheme 2023

1. The process of making India self-reliant has become even stronger.
2. The manufacturing infrastructure has received a lot of support and they have worked specially to remove unemployment in India.
3. Due to Make in India Scheme, India’s ranking at the international level will improve.
4. Make in India Yojana will increase transparency in industries and reduce corruption.
5. India’s infrastructure will be strong.
6. New thinking will be created among businessmen, industrialists and people regarding business.
7. Employment will be available and unemployed youth will be able to get employment opportunities.
8. Business license will be increased for 3 years, which will greatly benefit the industries.

What is the goal of Make in India project?

1. To establish the Indian manufacturing sector as a global competitor.
2. Ensuring sustainability in relation to the development of the environment.
3. To provide a boost to growth rate of construction sector by about 15% in a very short span of time.

FAQs about Make in India Scheme

When did Make in India scheme start?

PM Modi launched 'Make in India' program on 25 September 2014 to transform India into a global hub of investment and manufacturing, infrastructure and innovation.

What is the logo of Made in India?

The logo of Make In India scheme is Lion. It is inspired by the Ashoka Chakra.

What are the main objectives of Make in India scheme?

The Make in India plan has two major objectives: to increase the number of jobs to 100 million by 2022 and to promote export-led growth.