"Make in India" is a new push on manufacturing by the new Indian Prime Minister, Narendra Modi. It is a sales pitch the Prime Minister is making on 25 key industries to attract foreign businesses into India. It is partly a conference and partly a portal that will list the things Indian government will help foreign investors.
What does Make in India include?
- Fundamentally it is a sales pitch . The Prime Minister wants the foreign companies to manufacture their products in India.
- It covers 25 major sectors (automobiles, chemicals etc) that the government feels are the most important for India. Government is putting all its effort to bring new businesses in these.
- It will work well with the "Invest India" - an initiative by the Commerce ministry to make it very simple to get investment approvals for manufacturing.
- It will have a web portal with in-depth details on government initiatives in various sectors and also a hotline for foreign investors to get immediate support.
Why we need it to work?
The core idea of the campaign is to make India a manufacturing super power by inviting as many foreign manufacturers to set their base in India. So what will happen if many foreign companies set their manufacturing units in India?
It creates More Employment More new industries means more new job opportunities. India has an unemployment rate of 8% and according to the recent surveys India will require 55 million more jobs by 2015. "Make in India" campaign gaining desired traction will be a vitamin injection to the employment sector.
The core idea of the campaign is to make India a manufacturing super power by inviting as many foreign manufacturers to set their base in India. So what will happen if many foreign companies set their manufacturing units in India?
It creates More Employment More new industries means more new job opportunities. India has an unemployment rate of 8% and according to the recent surveys India will require 55 million more jobs by 2015. "Make in India" campaign gaining desired traction will be a vitamin injection to the employment sector.
It increases Industrial sector’s GDP contribution to our Economy The service sector’s and Industrial sector's GDP contribution to our economy has improved considerably in the last fifty years whereas Agricultural sector has taken a huge hit in GDP contribution to the economy
Making this work will have huge impact on India’s GDP while changing the entire graph of our employment sector.India’s GDP contribution inManufacturing(currently at 15%) will increase substantially.
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