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Bright future for manufacturing as ‘Make in India’ marks 10 years: Piyush Goyal
Industry News- Sep 26,24
Other sectors like steel, cement, and textiles have seen massive investments, contributing to the overall growth of India’s manufacturing capacity.
Commerce and Industry Minister Piyush Goyal emphasised that the ‘Make in India’ initiative has significantly boosted domestic and foreign investments in the country by implementing a range of reforms to enhance ease of doing business and promoting emerging sectors like electronics. Celebrating the 10-year milestone of the initiative, Goyal highlighted the program’s success in transforming India into a global manufacturing hub.
Launched on September 25, 2014, ‘Make in India’ aims to attract investments, foster innovation, build world-class infrastructure, and position India as a leading center for manufacturing, design, and innovation. Reflecting on the initiative's journey, Goyal mentioned that the Indian economy was in a challenging position in 2014, with low investment sentiment and being labeled as a “fragile five” economy. However, the Modi government restored investor confidence by introducing major reforms like the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), and transparent auction processes for natural resources.
The minister also pointed out that these steps, along with stable and predictable policies, significantly improved India’s global ranking in ease of doing business, moving up 14 spots to 63 among 190 countries. With zero tolerance for corruption and a focus on emerging sectors, India is now the world’s second-largest mobile phone manufacturer, growing from just two factories to 200.
Other sectors like steel, cement, and textiles have seen massive investments, contributing to the overall growth of India’s manufacturing capacity. The Make in India initiative has also boosted exports, reaching a record high of $778 billion in 2023-24. Goyal expressed optimism that the share of manufacturing in India’s GDP will continue to grow in the coming years.
Key steps that have bolstered manufacturing include liberalising foreign direct investment (FDI) norms in sectors such as space, coal mining, civil aviation, and e-commerce, as well as launching the Production Linked Incentive (PLI) Schemes to enhance domestic production. Over the last decade, FDI inflow surged by 119%, reaching $667 billion compared to $304 billion in the previous decade. Other measures such as the National Logistics Policy, National Single Window System, and reforms to decriminalise business laws have further improved the investment climate.
Looking ahead, Goyal highlighted ongoing efforts to develop industrial corridors, smart cities, and world-class infrastructure, along with promoting innovation through streamlined intellectual property rights (IPR) systems and aligning workforce skills with industry needs, ensuring a promising future for Indian manufacturing.
(Business Standard)
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