Make in India was the initiative by the Government of India and was launched by Prime Minister Narendra Modi on September 25th, 2014. As the logo suggests, it is the ‘Lion’s Step’ taken by the government with an aim: to use the rapidly increasing youth workforce in productive manner, boost the domestic manufacturing industry and also to attract foreign investors to invest in India’s economy. The program was introduced to bring the global investment from large production houses across the world in terms of electronic equipment manufacturing.
Make in India has accompanied bunches of advantages and preferences for the Indian Economy. Because of this reality, organizations around the globe made a gigantic interest in Make in India venture and have flourished effectively, making India a center point for the assembling organizations, overshadowing the very progressive nations. The programme was mainly targeted for the economic growth of the nation by utilizing the existing talent, creating more employment opportunities and enabling secondary and tertiary area. The concept was additionally programmed for improving India’s position on the Ease of Doing Business file by deducting unnecessary laws and guidelines, thereby, making the administration more simple and responsible. The major association was taken with the entrepreneurs and corporations who contribute extensively to the nation including Mukesh Ambani (Reliance Industries chairman), Azim Premji (Wipro chairman), etc. Under the Make in India initiative, the government aims to increase the manufacturing sector’s share to GDP of the country upto 25% by 2025.
The main focus of the Make in India programme is to concentrate on 25 sectors that include: automobiles, automobile components, aviation, biotechnology, construction, chemicals, defence manufacturing electrical machinery, food processing, electronic systems, media and entertainment, oil and gas, mining, ports and shipping, renewable energy, pharmaceuticals, railways, roads and highways, textile and garments, space, tourism, thermal power and last but not the least hospitality and wellness.
The major drive of this initiative was benefitted to micro business, i.e., the start-ups developed by the youth. These start-ups have made vital role transforming India.
Let’s just see how well the Make in India has been beneficial to small entrepreneurs or the sole proprietors or the start-up founders.
- It has brought about Self Dependency:
With the advancement in the country and improved pace of production, there has been a growth in self-reliance of the product manufacturer and also sudden increase in the demand of such creative products. Soon are the days when the homegrown brands would create their own identity in the market.
- Decrease in Imports:
Better production of homegrown products with good quality will soon replace the foreign products. This would definitely reduce the foreign imports. The brand value of Indian products will soon increase.
- Lucrative Manufacturing:
An expansion in the quantity of units and services has led to lucrative manufacturing of small and micro-business. It has turned down the overall manufacturing costs of various machines and tool.
- Aptitude Development:
Aptitude development has always been advantageous. It leads to self improvement among employees, which is beneficial for the organizational growth. Employees need to keep on learning or updating themselves for their growth. This Make in India project aims to develop the overall expansion of the working class in micro business.
- Increase in Rupee Value:
Make in India initiative will attract more Foreign Direct Investment, leading to increase in the value of Indian Rupee against the foreign money. This has reduced the effect of supremacy of foreign currency over Indian Rupee. This has indirectly sustained the young Indian generation to remain in the country, instead of switching themselves abroad. The Make in India help them nurture their own skills by establishing their own start-ups.
- Technological Upgradation:
India being a developing nation needs lot of mechanical improvisation, which is the biggest hurdle in the path of development of the nation. But with Make in India concept, micro-business can upgrade their technology in order to sustain in the competitive market.
- Advantage of Better Infrastructure:
The major benefit for improved infrastructure will help boost the business production and finally reducing the cost. It would also improve people’s lifestyle and expand opportunities in the environment. For example, if the factory is developed in rural area-it not only attracts the laborers and help to increase the employment but it also develops the particular region with schools, healthcare facilities, markets etc. Thereby, educating the would be young citizens for the better future of the nation.
- Availability of Young Mind and their Innovative Ideas:
The youth of India never gets that environment within the nation to develop their skills due to much privatization and too much bossism. They never get a chance to implement their innovative thoughts and showcase their talent within the organization. This is the major reason of brain drain happening in India. But with the Make in India concept, young ones have got the opportunity to begin with their own start-ups and discover the talent within them by being in India itself. The Make in India has in a way procured the young generation of the nation.
- Supporting the Innovation:
Encouraging the innovation provides an edge to the companies to penetrate into the market and connect with other competitors, which in turn, leads to bigger opportunities. With enhanced recognition and great brand value, more thoughts are valued and dealt with.
- Opportunity to enter Large Business Sectors Globally:
Some of the developing sectors like architecture; textile, telecom etc. will certainly prosper over the time, thereby, strengthening the Indian economy. MSMEs or the start-ups are likely to enter the global market via direct or indirect marketing in export territories either through local entrepreneur, JV with business partner or through website.
The key element of the Make in India initiative is the workforce. Thrust can be seen across different areas of the nation. All the start-up businesses are reasonably performing well with better development, indirectly boosting the economy of the nation.