In yet another major achievement of the Make in India initiative, FDI equity inflow in the manufacturing sector between 2014-2022 has increased by 57% over the previous 8 years. This is a clear testament to the confidence that global investors have in India’s manufacturing capabilities. The information was provided by MoS Commerce and Industry, Som Parkash in a written reply in the Lok Sabha.
Various global companies have either started some sort of manufacturing in India or have shown interest in India’s manufacturing sector. Earlier in July, the US chipmaker Advanced Micro Devices (AMD) announced that it would invest $400 million in India over the next five years. Amazon, the world’s largest e-commerce marketplace, has announced its plan to invest USD 1 billion to digitally enable MSMEs and traders across India. There are more than 550,000 sellers on the Amazon India marketplace and more than 60,000 Indian manufacturers and brands exporting their Make in India products to customers worldwide on Amazon.
The Make in India initiative, launched by the central government in 2014, has emerged as a transformative policy aimed at boosting domestic manufacturing and propelling India towards becoming a global manufacturing hub.
The initiative focuses on 27 sectors under Make in India 2.0, which is implemented across various ministries and departments, the central government, and state governments. Various other steps taken by the government, such as reductions in corporate tax, improving the ease of doing business, FDI policy reforms, and measures for reducing compliance burden, are also catalysing the growth of Indian manufacturing.
Production-Linked Incentive (PLI) Schemes for 14 key sectors (with an incentive outlay of Rs. 1.97 lakh crore) are under implementation to enhance India’s manufacturing capabilities and exports. With the announcement of PLI Schemes, significant improvements in production, skills, employment, economic growth, and exports are expected over the next five years and more.
One District One Product (ODOP) is an initiative that aims to promote at least One Product from each District of the country for enabling holistic socio-economic growth across all regions. The Ministry informed that the ODOP initiative has identified more than 1000 products encompassing various sectors such as textiles, agriculture, food processing, handicrafts and more from all 761 districts of the country.
Furthermore, an institutional mechanism to fast-track investments has been put in place, in the form of Project Development Cells (PDCs) in all concerned Ministries/ Departments of the Government of India.