Short Essay on Make In India in English
Make in India is a way to encourage foreign investment in India that will bring the most advanced technology, expand the knowledge base and inject research and development into the country.
India was facing severe economic difficulties in 2013, when the emerging market crashed and the growth rate fell dramatically. Global investors began to consider India as a potential investment destination.
First in rating Minister Narendra Modi pushed out ‘Make in India 1’ to help India get out of the current time of great crisis on 25 September 2014.
The campaign “Make in India” aims to promote India as a country that is attractive for foreign investment and as a hub for innovation, manufacturing, and design globally. The “Make in India” initiative is not just focused on the manufacturing sector, but also promotes entrepreneurship in India.
The initiative also aims to create a favorable investment environment, modern infrastructure, open up new sectors for foreign investments, and establish a partnership between industry and government through a broader perspective.
The country’s manufacturing sector contributes 15% to its GDP. The mission’s action plan is to increase the manufacturing sector’s contribution to 25% by 2020.
The mission is represented by a lion with a body constructed of clogs from the Ashoka Chkra. This mission was a major step by the government to lower the unemployment rate of youth in the country.
The launch of this campaign came just one day after the Mars Mission when the PM was required to travel to the USA for the first time. This campaign was launched to increase the manufacturing sector in India. It will certainly boost the Indian economy.
Guidelines and policy for Make in India
The government laid guidelines to launch the mission. The guidelines were designed to approve projects approved by the states. These guidelines include:
There is less paperwork needed to establish a company.
Reduce the time it takes to get approvals from government agencies.
Eliminate Corporate Social Responsibility (CSR), from the project costs.
There are policies that allow for easy transfer of funds when switching jobs in any part of the country. Through a web portal, a team will answer queries from business entities.
Sectors identified under the ‘Make in India’ Mission
This mission identified twenty-five sectors. It includes —– Automobile and automobile parts.
Benefits and Criticism
India is a preferred manufacturing location because of its abundant labor and natural resources. The huge Indian population can find more job opportunities.
The growth of manufacturing will not only increase the trade sector, but also the Indian GDP. The opening of factories will facilitate the development of rural areas .
This initiative, which is highly beneficial, faces many challenges, including rigid labor laws, bureaucratic procedures for approving environmental clearances for large projects, poor technology, and a poor transportation system.
Any country can grow its economy by increasing production. The Make in India campaign will allow many small entrepreneurs to expand and provide employment opportunities for a large population. The Indian economy can rise with foreign investments and the growth of the manufacturing sector.