Make In India Yojana : Make in India yojana has been started by the Government of India. Actually, it is not a scheme but an initiative. Through which the Government of India wants to increase foreign investment, along with this it wants to bring India forward in the manufacturing sector. So that India-made products can get maximum promotion.
Through this initiative, the government will also generate employment opportunities. Which will create employment in the country. This will create many opportunities to start business in the country, which will lead to growth in the economic system. In this article, we are going to give you all the important information related to Make in India. So that you will be able to easily understand the Make in India initiative
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What is Make in India Scheme?
Make in India is an initiative of the Government of India, which was first launched by Prime Minister Narendra Modi in the year 2014. Along with this, this topic was first discussed by Prime Minister Modi. Through this initiative, the Government of India wants to promote the goods being manufactured in the country. So that Indian business can get a new platform. As a result, it will be possible to grow the economy of India.
Actually, the Government of India also wants to increase foreign investment through this scheme, for this the government is making vigorous efforts. Along with this, developing the structure of manufacturing industries is also the scope of the scheme. For this, the government is investing in many industries from the country and abroad, so that the industries can be expanded. The government gets a lot of help from the manufacturing industry in this, because it is possible to invest properly in every industry.
Objective of Make in India scheme
The aim of Make in India is to increase the Indian manufacturing industry by 16 to 25%. Along with this, through this scheme, employment of up to 100 million will be generated in the coming years. Due to which it will be possible to eliminate the problem of unemployment in the country. Along with this, the gross domestic trade will be increased. For which investors from the country and abroad will be attracted through the scheme.
Apart from this, the government will create a partnership between education and industry to promote manufacturing industries. Along with this, it will also play an important role in promoting sustainable manufacturing practices. Apart from this, training has been facilitated through skill development initiatives to meet the demand of industries. Along with this, technological facilities have been provided for manufacturing industry productivity and competitiveness.
Features of Make in India Yojana
- Through this scheme the GDP manufacturing share in India will be increased from 16% to 25%.
- Through this, the target is to generate more than 100 million jobs in the manufacturing sector.
- More than 2,40,000 investors have been approved under this initiative, attracting over $75 billion in foreign investment.
- This has led to growth of 7.9% in the automobile field and 27.3% in the electronic field at an average annual rate.
- This has increased Indian trade, so that the Indian trade ranking has improved from 142nd to 63rd as of 2020.
- Through this initiative Indian economy has emerged as the fastest i.e. there has been an increase in the growth of Indian economy.
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Benefits of Make in India scheme
- Industries and business have grown in this Indian markets.
- This has reduced imports and increased the means of exports in India. This has led to growth in the economic system.
- This has given a boost to the goods being manufactured in India. Due to which the number of employment opportunities in India has increased.
- Actually this scheme has proved to be very beneficial in generating employment.
- This has also strengthened the manufacturing industry sector and the economy.
- Along with this, the manufacturing sector has received help from domestic as well as foreign investors.
- This has also increased foreign investment, which is an important aspect of the country’s economy.
Make in India Yojana scheme progress
- Through this scheme, foreign investors have shown significant interest in key sectors like automobile, electronics and security.
- Manufacturing facilities have been expanded by domestic and international companies. This has led to the establishment of new production units and has increased employment as well as economic capabilities.
- There has been a huge improvement in India’s ranking in the global competitiveness index. The main reason for this has been the manufacturing sector, as policies in this sector have been investor-friendly.
- Efficiency and productive capacity has improved across various industries, owing to the adoption of technology and manufacturing sector.
- The most important role has been to create a vital infrastructure for the manufacturing sector.
- The government has shown significant partnership in technology and education sectors to boost the manufacturing sector.
Importance of Make in India scheme
The importance of the Make in India initiative for the Indian economy is immense. Because it is through this initiative that foreign investors can be attracted for investment. Because investment of foreign currency is very beneficial for Indian industry. This has also reduced the rate of unemployment, because the Make in India initiative has proved to be important in creating employment.
