Article on "Make in India" - By Ritu Barnwal

 MAKE IN INDIA

Ritu Barnwal, Roll No. 40

B.Com Semester VI (2019-22)

“Make in India is”, an initiative by the government of India to make India a manufacturing hub and galvanize the economy with stalwart investment in the manufacturing and service sector. As its name
suggest Make in India is an initiative to make products and services in India and encourage companies both foreign and domestic companies to develop and manufacture products in India. It also focuses on building effective physical infrastructure and improving the digital network in the country to create a global hub for business. It is a golden opportunity for investors who want to set up any business anywhere in the country.

Individual states too launched their initiatives, such as “Make in Odisha”, “ Vibrant Gujarat”, and “Happening Haryana”, and “Magnetic Maharashtra”. After its launch, to give a head start to this initiative, Government of India announces investment commitments up to 16.40 Lakh crore and investment inquiries worth of 1.5 lakh crore from September 2014 to February 2016. As a result, India emerged globally as the favorite destination for Foreign Direct Investment (FDI) in 2015.  In terms of Foreign Direct Investment India even surpasses the United States and China in 2015. At the start of this campaign 25 economic sectors were targeted for job creation and skill enhancement.

Make in India movement was launched by keeping in mind three major objectives. Those three objectives are as follows:
 To enhance the growth of the manufacturing sector of India by 12-14% annually.
 To create 100 million additional manufacturing jobs in the Indian economy by 2022.
 To ensure the contribution of the manufacturing sector in GDP is increased by 25% by 2022
(later revised to 2025).

The contribution in GDP from manufacturing sector in India was 16.3% in year 2014-15 and that of in 2019-20 15.1% that shows the decline of manufacturing sector even after implementation of Make in India campaign. This could be the impact of Covid-19.  As the whole world was shut down due to the pandemic situation. The manufacturing sector was put on hold since the end of 2019.
Indian market is dominated by cheap Chinese products which hamper the sale of commodities produced in India. Make in India campaign if implemented successfully can result in decrease dependence in Chinese products and also promotes manufacturing and job opportunities in the country. It will ultimately result in the increase in growth rate in GDP and create boom in the economy.

Not only in India but at international level China is a major rival to India when it comes to the outsourcing, manufacturing, and services business. The bureaucratic approach of former governments, lack of robust transport networks, and widespread corruption makes it difficult for manufacturers to achieve timely and adequate production. Removing these hurdles and make the nation an ideal destination for investors to set up industries is the aim of Make in India program. Like every coin has two sides these campaigns also have few disadvantages. These are: negligence of agriculture sector, loss of small entrepreneurs, manufacturing based economy, pollution, disruption of land, bad relation with China, increase gap between haves and have-nots, etc. On these aspects governments must apply some corrective measures so that country will grow in a balanced way.

To conclude, India, a country, having the 2nd largest population after china to make it attain full employment by bringing development and growth and reducing poverty this policy is an urgent need. India is a developing country and to increase its growth rate this policy will be helpful. Thus the country’s economy will achieve a new height after the success of this campaign. This, in turn, may solve various social issues in the country.