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Make in India: The idea will make India a manufacturing hub


 Making India a manufacturing hub is the aim behind "Make in India." The discussion of the Make in India campaign's effectiveness drew not just economists, bureaucrats, and politicians to analyze the project's advantages and disadvantages, but also top MBA schools in India.

Topic Background

The "Make in India" initiative was started by the government of Indian Prime Minister Narendra Modi with the goal of putting the Indian economy on a high growth trajectory. The concept seeks to entice corporations from all around the world to invest and produce in India.

The goal of the program is to turn India become a major worldwide producer of things like vehicles, software, satellites, submarines, paper, power, and much more.

Make in India-key facts

  • A realistic initiative called "Make in India" seeks to boost manufacturing's current 16% share of GDP to 25%.
  • With the introduction of the "Make in India" campaign, India has established itself as one of the economies in the world with the quickest growth rates.
  • India will benefit from favorable demographic dividends for the next two to three decades, and the cost of labor is lower than in other wealthy nations.
  • India is home to numerous reputable, trustworthy, and powerful corporate organizations. These corporations have made significant contributions to the growth of the Indian economy.
  • The consumer market in India is robust and will grow over the next few years.

Comparison with China

  • China currently has a significant industrial advantage, but it is predicted that India will directly compete with China in this area.
  • The cost of labor in China is continuously rising, which could raise the price of manufactured items.
  • This will give India the opportunity to develop its manufacturing capacity and supply the rest of the globe with low-cost-produced goods.
  • China may soon lose its dominant status as the "factory of the world" due to its declining product quality despite having excellent production facilities.
  • Raghuram Rajan, governor of the Reserve Bank of India, said that while the world cannot support two Chinas, he cannot prevent India from being a successful exporter.

Make in India’ to awaken India

  • The third-fastest expanding economy globally is India.
  • With its inexpensive labor and plentiful resources, India offers a vast array of opportunities.
  • India's economy will grow as a result of export-led manufacturing, and the nation will gain from the creation of additional jobs.
  • If the "Make in India" campaign is carried out properly with a robust and transparent framework, it will be effective in promoting India's growth.

Concerns

  • Poor roads, energy, and infrastructure are preventing foreign investors from making investments in India.
  • India needs to put more effort into building its infrastructure and developing its energy resources. Investment may be encouraged in these sectors in order to realize the Make in India objective.
  • To make the "Make in India" program successful, it will be necessary to eliminate red tape and other operational issues.

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