Make in India Initiative: Meaning, Objective, Key Sectors

Introduction 

The Make in India initiative was launched in September 2014 by the Indian Government which is a visionary campaign aiming to transform the country into a global manufacturing hub. An initiative such as this was introduced to create jobs, attract foreign direct investment (FDI), and boost economic growth. By promoting both local and international companies to manufacture products in India, the initiative's primary goal is to strengthen India’s industrial base and make it a self-reliant economy.

What is the Make in India Initiative? 

Make in India is a flagship program designed to enhance manufacturing capabilities, foster innovation, improve skill development, and build world-class infrastructure. India launched the initiative in order to position itself as a global manufacturing powerhouse and reduce its dependency on imported goods. This initiative based on the four main pillar - 

1. The Processes - The Make in India promotes entrepreneurship and recognizes “ease of doing business”. There are many initiatives already taken by the government, this Make in India Initiative aims to de-license and deregulate the companies during the entire life cycle of a business.
   
   
2. New Infrastructure - New Infrastructure is a necessity for the industry growth. The Indian Government by the Make in India initiative intends to develop smart cities and industrial corridors to provide new infrastructure according to the State-of-the-art technology with modern touch and integrated logistic arrangements.
   
   
3. New Sector - The Make in India initiative has opened for 25 sectors in Infrastructure, manufacturing, service activities and many more. Railway infrastructure, construction, and defense production have all seen significant increases in FDI.
   
   
4. New Mindset - A paradigm shift in how the Government interacts with industry is intended by 'Make in India'. In order to develop the economy of the country, the government will partner with industry. Rather than acting as a regulator, we will act as facilitators.

Objective of Make in India Initiative 

The objectives of Make in India Initiative is to -

1. Encourage Indian industries by boosting domesting manufacturing and modernizing their production facilities.
   
   
2. Attract and increase FDI (Increase Foreign Direct Investment) from global industries by giving incentives and policy support.
   
   
3. Provide more employment opportunities across multiple industries that also helps to decrease migration in developed countries.
   
   
4. Improve infrastructure and industrial corridors by developing world-class infrastructure to support manufacturing at large-scale.
   
   
5. Promote technological advancements and development in products that help to improve innovation.
   
   
6. Also aims to strengthen the ease of business by simplifying business operations. 

Key Sectors Covered under Make in India 

Total 27 key sectors covered in the Make in India initiative which mainly categorised into manufacturing, infrastructure and services to encourage industrial growth and investment. Get the category wise breakdown here - 

Conclusion 

The Make in India initiative will transform India into a manufacturing powerhouse. As a result of its focus on investment promotion, skill development, and innovation, the initiative has made a significant contribution to India's economic progress. While there are challenges such as infrastructure development and global competition, continuous government support and industrial participation will ensure its long-tergrowth. Although infrastructure development and global competition present challenges, continued government support and industrial participation will ensure its long-term success.

Frequently Asked Questions 

1) Who can apply for a Make in India Certificate? 

Any Company or manufacturing unit operating in India uses minimum domestic content requirement can apply for Make in India Certificate.

2) How can I check my classification under the Make in India Certificate?

The percentage of local content in your product determines your classification. Certification by the organization and verification by government authorities determines the classification.

3) How is local content calculated for Make in India certification?

Local content for a Make in India certificate is calculated as the value of the content added in India, excluding the value of imported content, represented as a percentage of the total item value.

4) Is verification by a CA or auditor necessary for the Make in India Certificate?

Yes, for procurement values exceeding Rs.10 crores, a certificate from a statutory auditor or a practicing CA is required to obtain the Make in India certificate. 

1. Can non-local suppliers obtain the Make in India Certificate?

Non-local suppliers with less than 20% local content are generally not eligible for the make in India certificate, except in cases where global tender inquiries are issued.