“Make in India” has completed 10 eventful years prompting Prime Minister Narendra Modi to write that it could “transform the nation into a manufacturing and innovation powerhouse”.
“Today, we mark 10 Years Of Make In India. I compliment all those who are tirelessly working to make this movement a success over the last decade. ‘Make in India’ illustrates the collective resolve of 140 crore Indians to make our nation a powerhouse of manufacturing and innovation. It’s noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened,” Narendra Modi wrote on X.
3 spinoffs of Make in India
It might be worthy to note that the focus on manufacturing has led to three significant spinoffs – one, a rise in exports from India, two, a rise in manufacturing investments in the country from abroad and three, a focus on blue-collar job generation.
In 2014, the exports from India were worth $317.54 billion. In 2024, exports have risen to $776.68 billion, registering a rise of 2.46 times in the period coinciding with the launch of the Make in India programme.
Wooing FDI in manufacturing
One downstream fallout of the emphasis on manufacturing has also been the aggressive wooing of foreign direct investment into the manufacturing sector. One of the most visible impacts has been the rolling out of the PLI (production-linked incentive) schemes in the country in different sectors of manufacturing such as electronics, pharmaceuticals, automobile, telecom, textile, food processing etc.
ILO report on blue collar employment
Various experts and expert agencies such as the ILO (International Labour Organisation) have emphasised that creation of blue-collar employment is one of the necessary conditions for India to offer livelihood to the huge number of youths who are joining the country’s workforce every year. The Make in India Programme is tailormade to generate jobs on the shopfloor to rise up to this challenge.
The government is trying to position India as an alternative centre of manufacturing as more and more MNCs try to find another manufacturing base to spread its risk beyond China in the post-Covid era.
Ever since it came in power in 2014, the BJP-led government has been striving to restore manufacturing to its position of pre-eminence in India. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
