Make In India
The Make in India initiative was launched by Prime Minister in September 2014 as part of a wider set of nation-building initiatives. Make in India was devised to transform India into a global design and manufacturing hub. Make in India quickly became a rallying cry for India’s innumerable stakeholders and partners. It was a powerful, galvanising call to action to India’s citizens and business leaders, and an invitation to potential partners and investors around the world. But Make in India is much more than an inspiring slogan. It represents a comprehensive and unprecedented overhaul of outdated processes and policies. Most importantly, it represents a complete change of the government’s mindset – a shift from issuing authority to business partner, in keeping with Prime Minister's tenet of ‘Minimum Government, Maximum Governance’.
The Department for Promotion of Industry and Internal Trade (DPIIT) worked with a group of highly specialised agencies to build brand new infrastructure, including a dedicated help desk and a mobile-first website that packed a wide array of information into a simple and sleek menu. Designed primarily for mobile screens, the site’s architecture ensured that exhaustive levels of detail are neatly tucked away so as not to overwhelm the user. 25 sector brochures were also developed - contents included key facts and figures, policies and initiatives and sector-specific contact details, all of which was made available in print and on the website.
In a short space of time, the obsolete and obstructive frameworks of the past have been dismantled and replaced with a transparent and user-friendly system. This is helping drive investment, fostering innovation, developing skills, protecting Intellectual Property (IP) and building best-in-class manufacturing infrastructure. The most striking indicator of progress is the unprecedented opening of key sectors – including railways, defence, insurance and medical devices – to substantially higher levels of Foreign Direct Investment.
The ministry has engaged with the World Bank group to identify areas of improvement in line with World Bank’s ‘doing business’ methodology. Several workshops with Ministries and State governments have been conducted by the Department for Promotion of Industry & Internal Trade (DPIIT) and World Bank for Business Reforms Action Plan.
An Investor Facilitation Cell (IFC) dedicated for the Make in India campaign was formed in September 2014 with an objective to assist investors in seeking regulatory approvals, hand-holding services through the pre-investment phase, execution and after-care support.
The Indian embassies and consulates proactively disseminate information on the potential for investment in the identified sectors. DPIIT has set up a special management team to facilitate and fast track investment proposals from Japan. The team known as ‘Japan Plus’ was operationalized in October 2014. Similarly, 'Korea Plus', launched in June 2016, facilitates fast track investment proposals from South Korea and offers holistic support to Korean companies wishing to enter the Indian market.
Various sectors have been opened-up for FDI like defence manufacturing, railways, space, single brand retail, etc. Also, for ease of doing business, the regulatory policies have been relaxed to facilitate more investments.
Across various regions of the country; six industrial corridors are being developed. Industrial Cities will also come up along these corridors.
Today, India’s credibility is stronger than ever. There is visible momentum, energy and optimism. Make in India is opening investment doors. Multiple enterprises are adopting its mantra. The world’s largest democracy is well on its way to becoming the world’s most powerful economy.
Know more at: https://www.makeinindia.com/home