How Make in India Program Encourages Swadeshi Spirit
Created in 2014, the Make in India program aims to replace imports, create jobs, and make India a global export hub. Discover the impact of the program, the challenges faced, and the government's initiatives to support SMEs and improve infrastructure.
India is one of the fastest-growing economies in the world, and its manufacturing sector plays a vital role in its growth. To boost the sector, the government launched the "Make in India" program in September 2014. The program aims to encourage new industrial production to replace imports, create jobs, and make India a global export hub.
The "Make in India" program supports 25 sectors, including processed food, automotive and its components, aviation, textiles, biotech, pharmaceuticals, chemicals, mining, oil and gas, construction, electrical and electronic equipment, ports and railroads, renewable energy, space research, thermal energy, IT, media, and entertainment. The program aims to improve infrastructure in factories and artisan workshops, encourage innovation, develop skills, protect intellectual property, and strengthen the manufacturing sector by encouraging the inflow of foreign capital and technologies.
Industry Support Programs
The Indian government has launched several programs to support the manufacturing sector. The Skill India program aims to develop skills among the youth to make them employable in the manufacturing sector. The program provides training in various sectors, including automotive, construction, textiles, electronics, and IT. The government has also set up the Micro-Unit Development and Refinance Agency (MUDRA) to provide loans to small businesses and artisans. The loans range from 50,000 to 10.5 million rupees and are unsecured.
To support domestic products, the government gives preferential treatment to them in its purchases. The government has also launched a startup program to build a favorable ecosystem for entrepreneurship. The program provides funding, mentorship, and networking opportunities to startups. The aim is to create a culture of innovation and entrepreneurship in India.
Impact of the Make in India Program
Since the launch of the "Make in India" program, India has seen significant growth in the manufacturing sector. The program has helped to attract foreign investment in various sectors. For instance, the automotive sector has seen investments from companies such as Ford, Suzuki, and Hyundai. The program has also helped to create jobs in various sectors, such as textiles, electronics, and construction.
India's rank in the Ease of Doing Business Index has improved significantly, from 142 in 2014 to 63 in 2019. The program has helped to reduce the bureaucratic hurdles faced by businesses in India. The government has also made several policy changes to make it easier for businesses to operate in India.
While the "Make in India" program has been successful in attracting foreign investment and creating jobs, there are still several challenges that need to be addressed. The manufacturing sector in India is dominated by small and medium-sized enterprises (SMEs). These SMEs face several challenges, such as a lack of access to finance, technology, and skilled labor. The government needs to address these challenges to support the growth of SMEs in India.
Infrastructure is another challenge that needs to be addressed. India needs to improve its infrastructure to attract more foreign investment. The government has launched several initiatives to improve infrastructure, such as the Sagarmala project, which aims to develop the country's ports.
The "Make in India" program has been successful in attracting foreign investment and creating jobs in India. The program has helped to improve India's manufacturing sector and make it more competitive globally. However, there are still several challenges that need to be addressed, such as a lack of access to finance, technology, and skilled labor. The government needs to address these challenges to support the growth of SMEs in India and make India a global manufacturing hub.