Make in India initiative has made significant achievements and presently focuses on 27 sectors under Make in India 2.0.
Make in India initiative
- It was launched on September 25, 2014.
- The initiative is aimed at creating a conducive environment for investment, modern and efficient infrastructure, opening up new sectors for foreign investment and forging a partnership between government and industry through positive mindset.
- Facilitating investment
- Fostering innovation
- Building best in class manufacturing infrastructure
- Making it easy to do business
- Enhancing skill development
Need for Make in India 2.0
- Lack of research and development, lack of conducive environment for business, underscored skills development and up-gradation program, creating are some of the major challenges faced by Make in India first phase.
- In the current phase government has identified 10 sectors which have the potential to become global champions and drive double- digit growth in manufacturing.The sectors have been identified for renewed focus under the Make in India version 2.0.
Recent Government steps to boost domestic investments
- National Infrastructure Pipeline for example Vocal of local and MSME boost
- Reduction in Corporate Tax
- Easing liquidity problems of NBFCs and Banks
- Trade policy measures to boost domestic manufacturing
- Government of India has also promoted domestic manufacturing of goods through public procurement orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives of various Ministries.
- Steps were taken to improve Ease of Doing Business.
- Simplification and rationalisation of existing processes
Ease of Doing Business
- India jumped to 63rd place in Ease of Doing Business ranking under Doing Business Report (DBR) 2020.
- The report is released by World Bank.
- This is driven by reforms in the areas of Starting a Business, Paying Taxes, Trading Across Borders, and Resolving Insolvency.