8 years of ‘Make in India’! Annual FDI nearly doubles to $83 billion since inception of the campaign | Details

Make in India, the flagship program of the Government of India will complete eight years of groundbreaking reforms on 25 September 2022. Launched in 2014, ‘Make in India’ is transforming the country into a leading global manufacturing and investment destination.

The initiative is an open invitation to potential investors and partners from around the world to participate in the growth story of ‘New India’.

Make In India has substantial achievements in 27 sectors. These also include strategic manufacturing and service sectors. To attract foreign investment, the government has launched a liberal and transparent policy in which most sectors are open to FDI through the automatic route.

FDI inflows to India stood at US$ 45.15 billion in 2014-15 and have since achieved consecutive record FDI inflows for eight years. The year 2021-22 recorded the highest ever FDI at $83.6 billion.

This FDI comes from 101 countries and has invested in 31 UTs and States and 57 sectors of the country. On the back of economic reforms and ease of doing business in recent years, India is on track to attract $100 billion in FDI in the current financial year (FY).

The Production Linked Incentives (PLI) scheme, across 14 key manufacturing sectors, was launched in 2020-21 as a major boost to the Make in India initiative. The PLI scheme incentivizes domestic production in strategic growth sectors where India has a comparative advantage. This includes strengthening domestic manufacturing, building resilient supply chains, making Indian industries more competitive and increasing export potential. The PLI Scheme is expected to generate significant gains for production and employment, with benefits spilling over into the MIPI ecosystem.

Recognizing the importance of semiconductors in the global economy, the Government of India has launched a $10 billion incentive plan to build a semiconductor design, display and ecosystem in India.

To promote local industry by giving them preference in public procurement of goods, works and services, the Public Procurement (Make in India Preference) Order, 2017 was also issued under Rule 153 (iii ) of the General Financial Rules of 2017, as an enabling instrument. disposition The policy aims to encourage domestic manufacturer participation in public procurement activities over entities that simply import to market or assemble items. The policy applies to all ministries or departments or attached or subordinate offices or autonomous body controlled by the Government of India and includes government undertakings as defined in the Companies Act.

In addition, the National Single Window System (NSWS) has been soft-launched in September 2021 to improve ease of doing business by providing a single digital platform for investors to obtain approvals and clearances. This portal has integrated various existing settlement systems of various Ministries/Departments of the Government of India and State Governments to enhance the investor experience.

The Government has also launched a multi-modal connectivity program in the country’s manufacturing zones, called the PM Gatishakti programme, which will ensure logistical efficiency in business operations by creating infrastructure that improves connectivity. This will enable faster movement of goods and people, improving access to markets, centers and opportunities, and reducing logistics costs.

The One-District-One-Product (ODOP) initiative is another manifestation of the ‘Make in India’ vision to facilitate the promotion and production of the indigenous products of each district of the country and provide a global platform to artisans and handloom manufacturers . , handicrafts, textiles, agricultural and processed products, thus contributing even more to the socio-economic growth of various regions of the country.

Historically, the toy industry in India has been dependent on imports. The lack of raw materials, technology, design ability, etc. led to large imports of toys and their components. In 2018-19, toys worth $371 million (Rs. 2,960 cr) were imported into our country. A large proportion of these toys were unsafe, substandard, counterfeit and cheap.

To address the importation of dangerous and low-quality toys and to improve domestic toy manufacturing, the government has taken several strategic interventions. Some key initiatives include increase in basic customs duty from 20% to 60%, implementation of Quality Control Order, mandatory sample testing of imported toys, grant of more than 850 BIS licenses to domestic manufacturers of toys, toy cluster development, etc. Various promotional initiatives such as La India Toy Fair 2021, Toycathon 2021, Toy Business League 2022 were undertaken to promote indigenous toys to encourage new age innovation and design to suit global requirements.

There are several trends that mark a shift in Indian manufacturing, including increased domestic value addition and local sourcing, greater focus on R&D, innovation and sustainability measures.

The Make in India initiative has endeavored to ensure that the nation’s business ecosystem is conducive for investors to do business in India and contribute to the nation’s growth and development. This has been done through a series of reforms that have resulted in increased investment flows and economic growth.

With this initiative at the forefront, companies in India aim to make ‘Made in India’ products also ‘Made for the World’ by adhering to global quality standards.

With GDP inputs

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