The “Make in India” initiative, which marked its 10th anniversary in September 2024, which led to overseas increase in  inflows of FDI by 119% compared to 2004-2014.

Key Highlights of the Decade

• Foreign Direct Investment (FDI): 
  • India attracted cumulative FDI inflows of USD 667.4 billion from 2014 to 2024, a 119% increase from the previous decade.
  • The manufacturing sector alone saw a 69% rise in FDI equity inflows, amounting to USD 165.1 billion.
• Production Linked Incentive (PLI) Scheme: 
  • Since its introduction in 2020, PLI has garnered ₹1.32 lakh crore in investments, driving manufacturing output of ₹10.90 lakh crore and creating 8.5 lakh jobs.
• Exports & Employment: 
  • Merchandise exports exceeded USD 437 billion in FY 2023-24.
  • Manufacturing employment grew from 57 million in 2017-18 to 64.4 million in 2022-23.
• Ease of Doing Business: 
  • India’s rank improved from 142nd in 2014 to 63rd in 2019. 
  • Over 42,000 compliances have been reduced, and the Jan Vishwas Act of 2023 decriminalised 183 provisions across various laws to further simplify business operations.

Enroll now for UPSC Online Course

About Make in India

• Launched in 2014 under Prime Minister Narendra Modi’s leadership.
• Aim: 
  • To facilitate investment, foster innovation, enhance skill development, protect intellectual property & build best in class manufacturing infrastructure.
  • To transform India into a global hub for design and manufacturing.
• Vocal for Local:
  • Seen as an important ‘Vocal for Local’ initiative, its objective is to
    • To boost India’s manufacturing capabilities and 
    • To showcase its industrial potential globally
• Four Pillars of “Make in India” initiative: 
  • New Processes: To enhance the business environment, promote entrepreneurship and startups – ‘ease of doing business’ became a crucial factor.
  • New Infrastructure: Development of industrial corridors, smart cities, integrating state-of-the-art technology and high-speed communication to create world-class infrastructure, improving intellectual property rights (IPR) infrastructure etc. 
  • New Sectors: Opening of Foreign Direct Investment (FDI) in sectors like Defence Production, Insurance, Medical Devices, Construction, and Railway infrastructure. 
  • New Mindset: The government embraced a role as a facilitator rather than a regulator. 

Strategic Reforms to support Make in India

• Semiconductor Ecosystem: The ₹76,000 crore Semicon India Program supports semiconductor and display manufacturing, boosting technological growth.
• National Single Window System (NSWS): Introduced in 2021, NSWS streamlines approvals across multiple ministries and states, facilitating investment and business setup.
• PM Gatishakti & National Logistics Policy: These initiatives focus on improving infrastructure and logistics efficiency, making Indian products globally competitive.
• Industrial Corridors & Infrastructure Development: Significant investments have been made to enhance industrial infrastructure, with 11 corridors approved and ₹28,602 crore allocated for new projects.
• Focus on Startups and Innovation: The Startup India initiative, launched in 2016, has nurtured over 1,40,803 recognized startups, creating 15.5 lakh direct jobs.

Check Out UPSC Modules From PW Store

As India looks ahead with “Make in India 2.0”, the focus will shift towards sustainability, renewable energy, and advanced manufacturing, ensuring global competitiveness and self-reliance for the future.