Launched by the Prime Minister in September 2014, Make in India is a great nation-building initiative. It is a campaign devised to transform India into a global design and manufacturing hub. Much more than a powerful slogan, Make in India is a galvanising call to action to India’s citizens and business leaders, and an invitation to potential partners and investors around the world. It has imprinted Indian economy in a positive light on the global platform.
The positive image if the country has eventually helped to increase the flow of foreign funds in India. The year 2015-16 witnessed 46% growth in Foreign Direct Investment (FDI) equity inflows and highest ever FDI inflows at $ 55.5 billion. As per International Monetary Fund, post the launch of Make in India initiative, India has emerged as the fastest growing major economy with GDP growth rate above 7.6% in 2015-16 and projected growth rate above 7% till 2020.
In order to attract foreign and domestic investors, our government has introduced a number of sector specific measures. Some of them are as follows:
- Focusing on the investment opportunities available in India for the Chinese investors.
- In the textile sector, various tax reforms and benefits have been introduced, such as Merchandise Exports from India Scheme (MEIS), Interest Equalisation Scheme and reduction in Basic Customs Duty.
- Automobile Mission Plan 2016-2026 is planned which aims to put India into top three automobile manufacturing centres in the world.
- Indian government plans to industry friendly policies, smart regulations, world class infrastructure and relevant skill development initiatives for transforming the bio-manufacturing sector.
With the introduction of such great policies and plans to even make it better for the Indian manufacturers, the Make in India campaign is looked up to create necessary fertile ground to foster the growth of manufacturing sector and uplifting the Indian economy.