From the era of licence raj in the years after India became independent to the liberalised era after 1970, India has transformed itself to be the fastest growing economy of the world. Patterns of production and consumption have changed over the years. The same world which was not confident of ‘Made in India’ products now looks at the country as a reckoning force.
I remember my father had to wait for about 3 months to get the delivery of the scooter he had purchased, but today we have lots of choices available at our disposal. We just have to go to an automobile vendor, pay the amount and get delivery of the vehicle. Times have indeed changed drastically for the better making life more comfortable.
Two years ago India witnessed the most definite election verdict in three decades, and is gearing up for growth. With overall positive outlook, industry leaders expressed confidence in the economic revival. Prime Minister Shri. Narendra Modi launched the ‘Make in India’ campaign, aiming to transform India into a manufacturing hub and take it to the next stage of development.
The ‘Make in India’ initiative is focused towards job creation which will boost the national economy and make India self-reliant and give Brand India a global recognition. An important step of ‘Make in India’ initiative is creating India as an attractive destination for Foreign Direct Investment (FDI) in various sectors to maintain a steady rate of economic growth.
We have formulated far-reaching changes in the national policies to attract FDI. India has many advantages to offer to potential investors such as high and steady economic growth, single-digit inflation, vast domestic markets, growing number of skilled personnel, increasing entrepreneurial class and constantly improving financial systems including expanding capital markets.
India aims for ease of doing business, creation of skill and jobs for the youth, making India a manufacturing hub, getting away with archaic laws and establishment of 100 smart cities initially. There are many factors required to be in place for improving the innovation environment. An ecosystem needs to be evolved to attain the objectives of ‘Make in India’ initiative.
The government is planning to locally produce as many as 181 products that are currently imported at a cost of at least $ 18.1 billion which could also help infrastructure sectors such as power, oil and gas, and automobile manufacturing that require large capital expenditures. Changes may be required in labour laws governing the micro, small and medium enterprise sector.
However, this campaign in reality will be possible only when the bureaucracy is efficient, tax policies and rules are favourable and friendly to companies, assigning bigger role for small and medium-sized industries, constantly keeping up India’s strength so as to outpace China’s supremacy in the manufacturing sector and by giving more emphasis on R & D in various areas.
There are surely lots of opportunities to be tapped as far as Indian manufacturing and other sectors are concerned. However, the imitating practice which we followed for many years is required to be replaced with original invention and innovation and should be combined with growing ecosystem so that the country really makes a top spot in the world economic arena.