Ever since its launch almost 5 years ago, the â€˜Make in India’ program has been in talks not just in the diplomatic or business circles but also amongst the commonfolk. People now have more hope regarding job opportunities and opportunities in general to grow.
The basic idea behind the whole scheme was to increase the manufacturing units in India of not just Indian companies but foreign companies as well. The idea was to create tax benefits for the companies and make the manufacturing of foreign goods cheaper. Let us take a look at some of the major developments and achievements in the different sectors.
Sectors listed under â€˜Make in India’ scheme
The criteria of identifying the sectors for this scheme was to choose sectors that see the maximum foreign investment. 25 sectors were identified in this way and the government promised to give the push it required to ensure that more and more foreign investments took place.
|Automobiles Components||Oil and Gas|
|Defence Manufacturing||Roads and Highways|
|Electronic Systems||Textile and Garments|
|Food Processing||Thermal Power|
|IT and BPM||Tourism and Hospitality|
|Media and Entertainment|
India has always had incredible potential, which needs to be tapped into. This is what the â€˜Make in India’ scheme was formulated to do. The scheme aims to create a huge economic boom and allow India to make a name for itself as a manufacturing hub.
Within months of its launch, the scheme garnered huge interest from investors and had the potential of raising more than Rs 2,000 crores at that time. However, ever since that, the government has received serious flak for not walking the talk. The labour and policy reforms required to benefit this scheme were not given the green light and hence the scheme never really took flight.
In recent years, it has seen some improvement and achievements that are significant to the growth of the scheme. The government has made some reforms in general that help the â€˜Make in India’ in the larger picture.
- GST has reduced production costs and has considerably lightened the procedural system involved in tax
- Just like â€˜Make in India’, â€˜Digital India’ was another scheme launched by the government. This scheme got a serious high post the Jio boom, prompting more people to go digital. It has made the online systems even better
- To help businesses out during tough times, the Insolvency and Bankruptcy Program protects them through an incredibly agile restructuring mechanism
- The Jan Dhan Yojana now aims at providing financial cover to all citizens
- The liberalisation of FDI (Foreign Direct Investment) has directly resulted in getting much bigger investments. Moreover, it has also helped in creating more job opportunities
- Bharatmala Pariyojana Programme and Sagarmala Programme are focusing on the issues of connectivity
- BharatNet focuses on providing digital connection to the rural parts of the country
- India is No.4 in generating wind power and No.6 in solar power
Programs launched in prominent sectors
Automobiles and Automobiles Components
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (Fame) and National Electric Mobility Mission Plan are the two best programs launched to promote the production and use of electric cars. Multiple R&D centres have been set up and special regulations have been put in place for FDI. As a result, ISUZU Motors, Mercedes, Tata Motors and Suzuki Motors have started their manufacturing units in different parts of the country.
The aviation industry has seen a huge boom in the number of passengers travelling by national airlines. The UDAN program has been launched to improve connectivity to local areas as well. Cargo terminals usable by normal people have also been introduced in 13 different cities.
Under different schemes, the government has focussed on providing the basic infrastructural facilities. Under Pradan Mantri Awas Yojana, 1.7 million houses have been constructed. Also, in this sector an incredible number of people are employed with the count now standing at 35 million.
This sector has seen the biggest surge in many ways as 38 different manufacturing units have been launched in India over the last few years, resulting in close to 40,000 jobs. 99.56 lakh people have enrolled in the training programs conducted by government facilities.
RBI has classified loans to food and agro-based cold chain companies under Priority Sector Lending, allowing more cash flow for entrepreneurs. 88 out of the 134 cold chain companies sanctioned are now operational. 42 mega food parks are coming up with each one creating 5,000-6,000 job opportunities. 8 of them are already functional.
India has seen a huge surge in equity FDI inflow. It has increased from $2.3 billion to $5.9 billion.
India has the biggest solar power plant in the world, located in Tamil Nadu with a capacity of 648 MW. 140% in the solar power generated and 34 solar parks have been sanctioned to make it the next big thing in India.
Tourism and Hospitality
India has risen several ranks in terms of Travel and Tourism Competitiveness Index. There has been Rs 200 billion increase in the Foreign Exchange Earnings as well.
With so many industries flourishing and with scope of much more improvement, the â€˜Make in India’ scheme has been successful in many ways. However, it is still too far from the stage that the government had promised to reach in these many years. The government will have to come up with more schemes to ensure that more companies start investing in India in a huge way.
Also read: GST Rules for Start-ups in India