What is “Make in India” Initiative
Make in India initiative primary goal is making India a global manufacturing hub, by encouraging both multinational as well as domestic companies to manufacture their products within the country. Its main objective is to promote foreign investment in our country as much as possible and at the same time provide excellent employment opportunities to citizens in India so that India can become a distinct identity at the international level. Make in India also aims to give a boost to the domestic manufacturing industry.
“Make in India” means “Made in India” which means the goods manufactured in our country. If most of the goods are made in our country, then it is clear that the price of these goods will also be low because when a commodity is imported from outside, then the goods become expensive due to taxation in it, if the goods are manufactured in our country, then the possibility of exporting goods to other countries will increase and the income of our country will increase along with the employment of the youth of the country.
The Modi government also aims to connect around 3000 companies under the Make in India campaign. This will provide employment to the youth of the country and strengthen the economic system of the country and will also encourage foreign investment.
Make in India at a glance
- Name of the scheme – Make in India
- Beginning – 25 September 2014
- Who started – Prime Minister Narendra Modi
- Make in India aims – to manufacture all goods in India only
- How many areas were included- 25 areas
The purpose of Make in India
The main objective of this Make in India is to manufacture more and more goods in India. With which people can get goods at a lower price, as well as to encourage foreign investment.
New companies will open under Make in India, which will increase employment opportunities, reduce poverty, and make the country stronger financially.
The main goal of the government is to start manufacturing all goods in India by the year 2022 under the Make in India program. Apart from this, 100 million additional jobs have to be created.
Under Make in India, more and more items have to be exported to other countries so that India’s economy will get a boost.
Under the Make in India program of the Modi government, the manufacturing sector is to increase by around 12 to 14 percent.
Under Make in India, the share of manufacturing in GDP is to be 16 to 25 percent by 2022.
Under this Make in India program, it is to attract the attention of foreign companies to encourage foreign investment.
The main goal of the government is to reduce inflation under Make in India. If most of the items are manufactured in India, then obviously people will get the goods at cheaper prices.
Under Make in India, foreign companies are also encouraged to invest in India, which will create new jobs.
Under Make in India, the youth have been given complete freedom, so that the youth can do business with their new thinking, this will promote business.
The main objective of the government is to promote the domestic value addition of Make in India and technical knowledge in manufacturing.
Make in India also aims to ensure the sustainability of development in the environment.
Make in India Vision
The main objective of Make in India is to manufacture more and more domestic products in the country, whereas if we talk about the manufacture of gross domestic products in the country, then only 15 percent of the products in India today Construction is done, due to which most of the goods need to be imported from outside countries, which also increases the prices of the goods significantly.
At the same time, the contribution to make the country’s gross domestic products under Make in India has to be increased to about 25 percent. It is clear that if goods are manufactured in the country, then employment opportunities will increase, the foreign direct investment will increase and India will become financially stronger.
With the Make in India vision, the Modi government aims to remove poverty from the country and give economic strength to the country.
Make in India LOGO
The logo of ‘Make in India’ – a lion made of gear wheels – itself reflects the integral role of manufacturing in government’s vision and national development. The beautiful lion has Ashok Chakra, which also shows success in every field of India.
Profit from Make in India
The economy of the country has been strengthened under the Make in India program of the Modi government. Foreign investment has received a big boost. Through Make in India, young people are trying their hand in business with new thinking, with the creation of many products in India, employment opportunities are also increasing.
Under this, people’s trust has been attracted towards the brand, due to which the brand value has also increased significantly. In addition, GDP has expanded. Technical knowledge has increased. Apart from this, people have got many benefits from Make in India which are as follows –
- Make in India gives strength to the rupee
FDI has got a boost under Make in India, under which the Indian rupee will be strengthened against the dollar. In fact, the establishment of new companies in India will increase the export of goods, which will attract the attention of the people under the FDI, so that the Indian rupee against foreign currency Will get strengthened.
- Employment gets a boost under Make in India
The main objective of the Government of India behind the launch of the Make in India program is to create employment opportunities. Under this program, the younger generations are trying their hand in business with new ideas, which are not only increasing employment opportunities but also strengthening the country’s economy.
Under Make in India, the Modi government has focused primarily on 25 sectors, in which many sectors including automobile, telecom, tourism, media, entertainment, defense manufacturing have given traders a chance to move forward with new ideas.
- It was easy to do business with Make in India
Under Make in India, the gross domestic products will be manufactured in India itself, while many countries will also be invited for this, due to which foreign investment will increase in India, which will strengthen India’s economy as well as ease of doing business with other countries.
- Make-in-India expansion of GDP
Make in India is contributing a lot in strengthening the Indian economy because the more domestic products manufactured in the country will also boost trade and strengthen the country’s economy.
New factories were set up with which there was an increase in income, whereas under Make in India, 25 big areas have been focused, which is expected to grow in many sectors like textile, architecture, telecom. At the same time, GDP is also expanding.
- Make in India boosted technical knowledge
India is a country that is not so technically developed, there is a lack of mechanization which is a hindrance in the development of the country but under Make in India, it will keep pace with the foreign companies investing in India with new technology. There will be an opportunity to work together, which will increase the technical knowledge in India as well as provide skilled labor to the concerned nations.
- Increase in brand value through Make in India
Under the Make in India program, small manufacturing companies have benefited immensely as most people prefer to use branded items. This helps the international brand significantly while the small manufacturing companies have to suffer but the Government of India Brand value has increased under this program.
- Capital flow from Make in India
Under the Make in India program, many products will be manufactured in India itself, which will also encourage foreign companies to invest in India so that India will not spend on foreign countries but will spend on India in the form of foreign investment and wages.
- Development of new ideas in youth
Under Make in India, the youth have been freed up for new thinking for skill development, due to which the young generation of today is getting an opportunity to come up with new ideas in different fields, which is encouraging the industrial and India In the future, new options will be prepared for the future of the youth, which will secure the future of the youth of the country and they will not go to other countries for employment.
Disadvantages from Make in India
Every coin has two aspects, on one side, while Make in India is proving beneficial to people, on the other hand, Make in India is also having negative effects on many sectors.
While the industrial sector is being encouraged by Make in India, on the other hand, the agricultural sector is being neglected, besides many companies are being created under Make in India, which is causing the depletion of natural resources because most of the factories are natural. Consuming more of the resources, therefore, such resources are becoming extinct.
Along with this, small traders are also making losses under Make in India because Make in India invites foreign companies to manufacture in India. Apart from this, there are many disadvantages from Make in which are as follows –
- Natural resources are becoming extinct from Make in India
The government’s Make in India program is primarily based on industries that are manufactured, hence these companies demand a re-setup that consumes more of the natural resources like water, land, etc., due to which natural resources are being erased.
- A loss to small traders due to Make in India
Under the Modi government’s Make in India, small traders are suffering a lot, as more and more foreign companies are being motivated to manufacture goods in India under this program, due to which foreign companies are coming to India and doing business. Due to which these foreign companies are seen dominating the small traders, which the small traders are suffering.
- Make in India being ignored by agriculture
While the government’s Make in India is encouraging the creation of new companies, on the other hand, agriculture is also being neglected, this program is having a negative impact on farming, in fact, more and more industrial areas were promoted under Make in India. Going on the other side, farming is being disregarded in India, no attention is being paid to this.
- Disadvantages of Make in India being a manufacturing-based economy
Under this Make in India program, the emphasis is mainly on manufacturing more and more items in India which are proving to be harmful to other economic sectors.
In fact, the Indian economy is mainly based on the formation of agriculture, services, and industry, while the Indian economy is playing an important role in the service sector, along with this service sector also contributed about 57 percent of GDP.
- Increase pollution due to Make in India
On one hand, making goods in India will strengthen India’s economic condition, on the other hand, opening new companies will also cause a lot of damage, in fact, the contaminants emitted from companies pollute the environment which will have an ecologically negative effect.
‘Make in India’ website
The Modi government has also launched a website aimed at making Make in India a success. In which the complete details of the Make in India campaign have been given, along with this, the Make in India website gives 25 sectors their data, growth factors, favorable policies to invest in each sector, government support, and also new opportunities for investors. It shows. Along with this, it also helps people in answering all the questions related to this campaign.
Conclusion- Make in India is one of the main schemes launched by the Modi government, which has not only created new employment opportunities in India but has also given a new direction to India’s economy.
In the future, Make in India will prove to be much better for the youth as more and more items will be manufactured in India under Make in India, which will reduce the import of goods and make things available to the people at a cheaper price, as well as the country’s economy will boom.
The launch of Make in India is a good initiative of the Modi government which will ensure the future of today’s youth i.e. their future.