There’s no denying that the Make in India campaign introduced by Prime Minister Narendra Modi in September 2014, is a brilliant initiative for the growth in our economy. A year into Make in India and we’re already pushing towards bigger manufacturing plans in the country.PM Modi’s recent visit to U.S has marked a major development in the campaign , launching the Make in India 2.0 campaign in order to initiate a further boost in the manufacturing sector in India.
Taking a cue from countries like Japan and Germany, who’re known for their top-quality manufacturing, New Delhi is starting an investor outreach program with several countries to bring global best practices in India. It is designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure.
From the period of September 2014 to August 2015, the Indian government has already received 1.10 lakh crore worth of proposals from countries and companies who’re interested in manufacturing in India. In August 2014, the cabinet of India allowed 49% of foreign direct investment in the defense sector alone and a whopping 100% in the development of railway infrastructure. The defense sector previously allowed 26% FDI and FDI was not allowed in railways. It aims at fully leveraging India’s manufacturing potential by making the country even more attractive for business with initiatives like Digital India, Skill India and soon to be launched Start-up India.
Department of Industrial Policy and Promotion is said to be drawing up the action plan for Start-up India initiative.
During India’s participation as Partner country at the Hannover Masse in 2015, the Make in India program was presented to the German industry. Which was followed by a significant interest shown by German companies, especially the Mittelstand, the Indian Embassy in Berlin with the support of the relevant Ministries of the Government of India is now implementing a strategic. First of its kind Market Entry Support Program Make in India Mittelstand MIIM is designed to assist German Mittelstand companies in entering the Indian market.
With the government has already opened up sectors including railways, medical devices, insurance and more for foreign direct investment, going forward it plans to launch initiatives with the Make in India 2.0 campaign to boost domestic investment through small and medium enterprises.