Make in India: Still a host for new opportunities.
Launched by the prime minister on 25th September 2014,
Make in India aims at generating employment and advancing 25 sectors through encouraging companies to make their products in India.
Make in India not only brings in foreign direct investment but advanced technology and employment opportunities come along with it.
Small scale industries do not require hefty investments, they are easy to set up, use minimal capital, employ available resources, and sell products domestically and internationally. Indian population is capable of managing such units along with being employed for the diverse employment opportunities that come with it. Small scale industries contribute to the exports which in turn gets more capital for the country.
According to Ease of Doing Business rankings by the World Bank, India has leaped from the rank of 77th in 2019 to the rank of 63rd in 2020. Due to ease of operation and setting up these industries are the potential to reduce the regional and class differences effectively, developing rural areas. Make in India also promotes startups by the youth, inviting young and innovative minds to set up their enterprises. If products are manufactured in India it will create a name for our country, making it synonymous with international brands.
India has witnessed an increase in FDI from $16 billion in 2013–14 to $36 billion in 2015–16. But it is estimated by the Indian Tax Authorities that these in most of the investment were ‘black money’ from India, routed via Mauritius
The dream of becoming a renowned manufacturing hub will result in pressure on the available natural resources and also cause a shift in the occupations of many. Local manufacturing units that already exist in the market will face competition from the foreign manufacturing units, the units unable to perform well might have to shut down. Industries are major contributors to pollution and without a proper waste treatment system the areas around them will end up as wastelands.
There are ways this could be avoided, by establishing systems that sustainably promote growth, transportation, and logistics, as well as rules and regulations concerning industrial development, should receive the focus that had been lacking before.
Both the small scale industries and foreign industrialists have a huge opportunity to grow in India, if the resources are utilized efficiently and the manufacturing sector is kept in balance with other sectors, India should make administrative machinery effective, and have policies that are driven towards sustainable development. Make in India would offer unprecedented benefits for India.
Contributed by Lachkegeetanjali, Content Writer at Mitti Ke Rang
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