Make in India Push For A Better Tomorrow

 - Sakshi Post

Sridhar Thirunakara, Founder and MD of Outshiny India (parent company of the brand Arctic Fox)

Make in India was launched by our honorable PM, Shri Narendra Modi, in 2014. This initiative was a national program that was designed to transform India into a global manufacturing hub and push India towards becoming a developed country from a developing country. Following the Swadeshi Movement, this program aimed to make India self-sufficient and catch up with other developed countries in the world. Many small, local, and creative individuals have put their skills and minds to use to create products and jobs through local, indigenious processes. Big corporations and manufacturing giants have put in a lot of money to set up their offices in India considering India’s growth in the economy.

This movement was powerful enough to encourage Indian citizens, business leaders, investors, and potential partners all around the world to partner up with India in the field of business. Make in India is much more than an inspiring slogan; it represents a comprehensive and unprecedented overhaul of out-dated processes and policies. It had the opportunity to inspire confidence in India’s capabilities amongst potential partners abroad, the Indian business community and citizens at large, provide a framework for a vast amount of technical information on 25 industry sectors; and lastly, reach out to a vast local and global audience via social media and keep them updated about opportunities, reforms, etc.

Several objectives of this program include raising growth in the manufacturing sector to 12-14% per year, creating 100 million additional jobs in the manufacturing sector, increasing the share of the manufacturing sector in the GDP to 25%, skill development among the urban poor and rural immigrants in order to foster inclusive growth; encouraging environmentally sustainable growth; and enhancing the global competitiveness of the Indian manufacturing sector.

Various schemes are initiated by the government of India to support the Make in India campaign from time to time. Firstly, the Skill India Mission, this mission aims to skill approximately 10 million people in India annually in various sectors. In order to support this campaign, there is a need to upskill the human resources that are available. Currently, the percentage of the formally skilled workforce in India is a very small percent of the population. Another important scheme is Startup India, which aims to build an ecosystem that fosters the growth of startups and creates large scale employment. This has enabled the government to introduce several key relaxations for entrepreneurs. Digital India is another scheme which aims at transforming India into a knowledge based and digitally empowered economy by making many services available online. The Pradhan Mantri Jan Dhan Yojana( PMJDY) mission envisages financial inclusion to ensure access to financial success, namely banking savings, credit, insurance, and pension in an affordable manner. .

India has several strengths that have helped it become a manufacturing powerhouse. This includes a large pool of engineers, a young labor force, and significant consumption of manufactured goods. These factors become important as China, the world’s pre-eminent manufacturing destination, faces a peak labor shortage and exponential wage growth. India has a few shining examples of world class excellence in manufacturing and well-established core sectors such as textiles, auto components, and petrochemicals.

Indian manufacturers fare better than global averages for cost control despite low capacity utilization, primarily because of lower wages and a focus on reducing costs. However, Indian manufacturers face more quality complaints and fulfillment delays due to low productivity, talent and skill shortages, and insufficient supply chains. Focusing on these issues will enable India to be more globally competitive.

On may 12th 2020, PM Narendra Modi coined the termed Aatmanirbhar Bharat which was later came to be known as the Aatmanirbhar Bharat, which is an extended push to the Make-in-India initiative.  Manufacturing in India is yet to become globally competitive. India’s manufacturers have been improving slowly and steadily over the past few years. Adopting the principles of good manufacturing techniques is the key to joining hands with world leaders and competing in the global ring successfully. 

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