MAKE IN INDIA: A NEW INITIATIVE FOR TRANSFORMING INDIA

Manufacturing sector is the backbone of any economy as it fuels growth, productivity, employment, and strengthens other sectors of the economy. Developing countries like India for their growth and employment are largely dependent on manufacturing. These are exciting times in India from the standpoint of economic growth and rapid development standpoint. The last year has been marked by a number of remarkable initiatives from the government of India such as “Make in India”, Skill India”, Digital India”, etc., which are committed to ensuring improvement in the business environment in India and making it the pre-eminent destination for global foreign direct investment. “Make in India” is an initiative of the Government of India to encourage Multinational and domestic companies to manufacture their products in India. It was launched by Prime Minister Narendra Modi on 25 September 2014 with an aim of providing global recognition to the Indian economy. The program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. The major objective behind the initiative is to focus on 25 sectors of the economy for job creation and skill enhancement. The initiative hopes to attract capital and technological investment in India. Through this paper I describe the initiative taken by the government of India for achieving the goals of “Make in India”.