New Delhi: The ‘Make in India’ initiative, launched on September 25 2014, completed a landmark decade of empowering India to become a global manufacturing hub, according to Ministry of Commerce and Industry.
Under the visionary leadership of Prime Minister Narendra Modi, the program has played a pivotal role in boosting domestic manufacturing, fostering innovation, enhancing skill development, and facilitating foreign investment.
Since 2014, India has attracted a cumulative FDI inflow of USD 667.4 billion (2014-24), registering an increase of 119 per cent over the preceding decade (2004-14). This investment inflow spans 31 States and 57 sectors, driving growth across diverse industries.
Most sectors, except certain strategically important sectors, are open for 100 per cent FDI under the automatic route. The FDI equity inflows into the manufacturing sector over the past decade (2014-24) reached USD 165.1 billion, marking a 69 per cent increase compared to the previous decade (2004 -14), which saw inflows of USD 97.7 billion.
The Production Linked Incentive (PLI) scheme introduced in 2020 have resulted in Rs.1.32 lakh crore (USD 16 billion) in investments and a significant boost in manufacturing output of Rs.10.90 lakh crore (USD 130 billion) as of June 2024. Over 8.5 lakh jobs have been created directly and indirectly due to the initiative.
India’s merchandise exports surpassed USD 437 billion in FY 2023-24. Exports have surged, with an additional Rs.4 lakh crore generated due to the PLI schemes, while total employment in the manufacturing sector increased from 57 million in 2017-18 to 64.4 million in 2022-23.
Ease of Doing Business
India’s commitment to improving business conditions is evident in its sharp rise from 142nd rank in 2014 to 63rd rank in 2019 in the World Bank’s Doing Business Report. Over 42,000 compliances have been reduced, and 3,700 provisions has been decriminalized. The Jan Vishwas (Amendment of Provisions) Act-2023, passed by Lok Sabha on July 27 2023 and Rajya Sabha on August 2 2023, which has decriminalized 183 provisions across 42 Central Acts.