Make In India, 2014 to 2018: The Story So Far
Launched on September 25, 2014, “Made in India” is a pioneering national program initiated by the Indian government to promote investment, innovation, skills development and protect intellectual p
Since its inception, the government has announced several steps to improve the business environment by streamlining processes of doing business in the country. Today, as the “Make in India” program enters its fourth year, industry experts believe that this is an active invitation to potential partners and investors around the world.
“Made in India” for the Indian electronics industry is not just an inspirational slogan. It represents a comprehensive reform of processes and policies, as believed by various industry veterans. It represents a radical change in the way the government thinks – from a licensing agency to a business partner, in line with Prime Minister Modi’s “minimum government, maximum governance.”
Vivek Yadav, Senior Vice President, Havells India Ltd believes that “Make in India” is a journey which should be viewed as an ongoing change and not a destination wherein we pronounce a verdict. Sharing his views on the Indian manufacturing ecosystem, Yadav thanked the impetus provided to local manufacturing and strict norms to curb import in electronic manufacturing. “Companies are now increasingly considering setting up departments in India, especially in the mobile phone sector, to serve the Indian domestic market”, said Yadav.
Meenu Singhal, Vice President, Industry Business, Schneider Electric is optimistic about the focus and push “Make in India”program has given which is turn has led to the definite upswing in the manufacturing space in India.
The “Make in India” move has undoubtedly resulted in an exponential rise in domestic production and has made India a local manufacturing hub. Gaurav Ahluwalia, Managing Director at R&M India expressed that with the launch of ‘Make in India’ initiative in 2014, Indian economy has witnessed radiant growth in the IT and manufacturing sectors. “This call from the Indian government has encouraged various global/foreign investors operating in different verticals to make investments in India and boost their business by building the products in the country”, said Ahluwalia. He believes that it has identified and facilitated the leading sectors of the country which are responsible for the rapid economic growth and employment in the states.
Supporting Ahluwalia further, Satish Kumar V, Co-Founder & CEO at EverestIMS Technologies Pvt Ltd. stated that successfully completing the 4 year mark from its launch, it has made an accountable growth in the country’s GDP. “With its effective campaigns, it has encouraged both multinational and domestic industrialists across the globe to invest in India and manufacture their products on the Indian soil.”
The policy laid out plans to boost the manufacturing sector by raising its contribution towards GDP to 25 percent and creating 100 million new jobs by 2025. For India to achieve its stated goals of reviving the manufacturing sector and providing jobs to the tens of millions of unemployed youth, it will need massive investment, including major contributions from foreign investors.
Will India be able to achieve the dream? What will be hurdles in the way? Read what the experts think in the full version of the story.