Challenges and Triumphs: Assessing Make in India's Impact on Manufacturing
Keywords:
Make in India, Manufacturing Sector, Gross Value Added, Gross Domestic Product, EmploymentAbstract
Traditionally India is known for its agrarian economy and is witnessing a prominent shift in its economic landscape. While agriculture remains vital, the country's economic backbone now predominantly rests on the tertiary sector, overshadowing the performance of the secondary (industrial) sector. Hence, the 'Make in India' program was introduced by the government of India. This program aims to renew the life of the manufacturing sector by promoting greater productivity, creating employment opportunities, and fascinating more Foreign Direct Investment.
Identifying the need for a holistic approach to make 'Make in India' a success, the Government introduced a heap of complementary schemes. These initiatives, including Skill India Mission, Start-up India, Digital India, Smart Cities, Atal Mission for Rejuvenation and Urban Transformation, International Solar Alliance, Sagarmala, and Accelerating Growth of New India’s Innovation, collectively aim to fortify and elevate the manufacturing sector's performance.
The 'Make in India' program is beached in four fundamental pillars that serve as cornerstones for entrepreneurial growth, not only within manufacturing but also across other sectors of the economy. This paper endeavours to assess the program's objectives and accomplishments after seven years of implementation, offering insights into its successes and the key challenges it faces. By doing so, it seeks to shed light on the transformation and impact this initiative has had on India's economic landscape.
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References
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