TRANSFORMING INDIA INTO A GLOBAL MANUFACTURING HUB IN THE ERA OF MAKE IN INDIA: GOVERNMENT INITIATIVES AND ACCOMPLISHMENTS

Make in India is a program launched by the Prime Minister in September 2014 to make India as one of the leading manufacturing hub in the world by raising its contribution from 16% at present to 25% of GDP by the year 2020. Some of the initiatives taken to enhance the share to 25% by the Government are Rs.6000 crores package for the textile sector to make India more competitive than Bangladesh &Vietnam in the global market, prioritizing indigenously made defense products and 25% share of defense production will be open for private firms, creation of Technology Acquisition And Development Fund to promote clean green and energy efficient technologies by MSME, Government to invest 10 Billion US dollar in two semi conductor plants to facilitate electronics manufacturing in the country and providing loans to small scale enterprises under Pradhan Mantri Mudra Yojna. The net impact of these initiatives is the investment commitments by Multinational and Indian Companies to the tune of 15.2 trillion Rupees. Some of the global giants who have made these commitments are- GE, Siemens, HTC, Toshiba, Boeing, LeEco, Zopo Mobile, Huwaei, Force Motors etc. Some of these commitments have been realized. As per the available estimates in September, 2016, FDI inflow in electronic manufacturing sector alone is of the order Rs.23000 crores in 2016 as compared to Rs.11000 crores in 2014. The accomplishments of these initiatives are visible in terms of increase in the share of the manufacturing sector from around 17% to 17.5% in real gross value added at basic 2011-12 prices and from around 16% to 16.25% in gross value added at current prices. Thus Make in India campaign of the government has facilitated in stimulating the manufacturing sector of the economy. There is a need to take up more measures especially for enhancing the contributions of textiles, electronics, defense manufacturing and food processing industries in the gross value added for achieving the stipulated target of 25% set by the government for the year 2020.