A Study on Economic Role of Make in India: Present and Future
Author : Kowsalya S and Dr. MD Chinnu
Abstract :
The 'Make in India' initiative, launched in 2014, is a national program designed to transform India into a global manufacturing and design hub. It aims to boost the manufacturing sector's growth, create millions of jobs, and increase its contribution to the country's GDP. The initiative is built on four key pillars: new processes, new infrastructure, new sectors, and a new mindset. Key reforms like the liberalizing of Foreign Direct Investment (FDI) and the introduction of Production-Linked Incentive (PLI) schemes have been instrumental. The program has successfully attracted significant FDI and helped reduce import dependency in sectors like electronics. However, it still faces considerable challenges, including infrastructure gaps, skill shortages, and administrative hurdles. While not fully achieving all its targets, 'Make in India' has undeniably positioned the nation as an attractive global investment destination. It continues to be a crucial driver of India's economic transformation and growth.
Keywords :
Make in India, Foreign Direct Investment (FDI), Manufacturing Sector, Economic Transformation, Sustainable Development.
