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MAKE IN INDIA 2.0

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    4th Feb, 2021

Context

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.

Objectives

  • 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.