As the 4 years of Modi government have come to an end and the five-year term is about to get over in a few more months, it’s time to take a look at the flagship scheme of the centre and the progress made under the programs. Make in India is one of these flagship schemes introduced by PM Modi in 2014 with the aim of transforming India and boost the economy.
Since its introduction in September 2014, the Make in India initiative has come a long way as the outgoing policies have been replaced by more progressive and transparent system that is contributing towards driving investment, develop skills, and building best-in-class manufacturing. Here’s all you need to know about Make in India which is transforming India:
What is Make in India Initiative?
Make in India is a wide set of initiatives aimed at shaping India into a global design and manufacturing hub. Apart from inviting investments from partners and investors at a global scale, it’s also about bringing a change in the government’s mindset in lines with PM’s policy of ‘Minimum Government, Maximum Governance’.
The focus of the flagship scheme is spread across 25 sectors of Indian economy, including automobiles, IT & BPM, Pharmaceuticals, food processing, textiles and garments, construction, defence, railways, biotechnology, space, thermal power, electrical machinery, aviation, ports, automobile components, electronic systems, renewable energy, tourism and hospitality, chemicals, leather, wellness, media and entertainment, mining, roads and highways.
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Progress made under the Flagship Scheme:
In a very short time period, the Make in India initiative has helped in attracting foreign direct investment in sectors which remained completely untouched until 2014 like railways and defence. The Department of Industrial Policy & Promotion (DIPP) has set up a special management team to fast track investments from Japan and South Korea. Besides, the sectors like construction and business have also been benefited.
The recently introduced fast track corporate #insolvency resolution process, limits the resolution process for mid-sized companies to 90 days as against 180 days for larger firms. This has made insolvency resolution for smaller companies faster and efficient. #IndiaMeansBusiness
— EODB India (@EODB_India) May 16, 2018
Ministry of Corporate Affairs new name reservation procedure (RUN) has substantially simplified the application process, reducing a 5 page application process to only 3 fields. @CimGOI @FinMinIndia @arunjaitley @ppchaudharyMoS @DIPPGOI #easeofdoingbusiness
— PHD Chamber (@phdchamber) May 8, 2018
Implementation of GST, which subsumed 12 indirect taxes (including CST, CENVAT, Excise, Service Tax), has resulted in significant reduction in number of tax payments and time taken to file GST returns. Paying Taxes has become much easier for the industry now. #EaseofDoingBusiness
— Confederation of Indian Industry (@FollowCII) May 14, 2018
A series of initiatives aimed at streamlining trading across borders #EaseofDoingBusiness #IndiaMeansBusiness pic.twitter.com/qXU3Lvs3JS
— EODB India (@EODB_India) May 16, 2018
Direct Port Delivery (DPD) facilitates movement of import cargo as it helps deliver the shipment from the port to the importer's warehouse or factory directly. Adoption of DPD is steadily on the rise at @JNPort #IndiaMeansBusiness #EaseofDoingBusiness pic.twitter.com/yEYZFIPxEI
— EODB India (@EODB_India) May 16, 2018
Future Plans:
In a 5 year span, beginning from 2014-15, MNRE (Ministry of New & Renewable Energy) is targeting the launch of 25 Solar Parks (500MW) and over 20,000 MW of solar power installed capacity (Ultra Mega Solar Power Projects) #NewIndia #IndiaMeansBusiness @CimGOI @DIPPGOI pic.twitter.com/XMF4OXGTu1
— Make in India (@makeinindia) May 25, 2018
With a coastline that stretches for 7,000 km, #NewIndia is looking towards a future energised by wind power. #IndiaMeansBusiness @CimGOI @DIPPGOI pic.twitter.com/2jQ0PRZYnX
— Make in India (@makeinindia) May 25, 2018
Assistance of USD 34.6 million for 100 MW Grid Connected Solar PV Power Plants on Canal Banks and Canal Tops to be disbursed over a period of maximum two years post sanctioning of the plants. #NewIndia #IndiaMeansBusiness @CimGOI @DIPPGOI pic.twitter.com/kTciFHMM2R
— Make in India (@makeinindia) May 25, 2018
