Make in India is a Government of India scheme launched by Prime Minister Narendra Modi in 2014 intended to boost the domestic manufacturing sector and also augment investment into the country.The government wants to revive the lagging manufacturing sector and spur the growth of the economy. The GOI also intends to encourage businesses from abroad into investing in the country and also manufacturing here, by improving the country’s ‘Ease of Doing Business’ index. The long-term vision is to gradually develop India into a global manufacturing hub, and also boost employment opportunities in the country.
OVERVIEW OF MAKE IN INDIA
|Name||Make In India|
|Launched on||25 September 2014|
|Launched by||PM Narendra Modi|
|Nodal ministry||Ministry of Commerce and Industry|
|Sector||Central sector scheme|
|4 pillars||New Mindset, New Sectors, New Infrastructure, and New Processes|
OBJECTIVE AND BENEFITS OF MAKE IN INDIA
Objective is to attract foreign investment for new industrialisation and develop the already existing industry base in India to surpass that of China and to target an increase in manufacturing sector growth to 12-14% per annum over the medium term. It aims to increase the share of the manufacturing sector in the country’s Gross Domestic Product from 16% to 25% by 2022.
•Manufacturing sector in India