YEAR THE POLICY WAS INTRODUCED: September 25th 2014
Make in India act was introduced by Prime Minister Narendra Modi on September 25th 2014 to make India a global manufacturing hub by encouraging the Indian companies to manufacture their products within India and to increase the GDP and tax revenues in the country, by producing high-quality materials by providing good infrastructure and to reduce the impact on the environment. Make in India lies in the hand of the Department of industrial policy and promotions. Create 100 million additional jobs by 2022 in the manufacturing sector, to develop skills among rural and urban for growth, to enhance global value for Indian products.
It aims to raise the contribution of manufacturing sectors from 16% (present) to 25% of GDP by the year 2022 and also introduced many new initiatives like Promoting foreign direct investment, implementing intellectual property rights and developing the manufacturing sector. It targets 25 sectors from automobile to IT (information technology). It also enhances job creation, improves skill development. The logo of 'Make in India' a lion made of gear wheel, represents the role of manufacturing in the government's vision and national development.
The main target of introducing this act in India is to encourage Indian products more and to provide the best class of infrastructure and to reduce the adverse effect on the environment or ecological impact. It creates more job opportunities and reduces unemployment, the value of rupees would increase, India would be in a better position in the international market and the economy would grow as per capita of people would increase as the GDP of the country also automatically raises and Indian products would be of good quality in the market.
The Make in India initiative is built on four pillars.
In new processes the government introduced many reforms to create more chances for getting Foreign direct investment (FDI) and foster business partnerships, this reform is aligned with the World bank's 'Ease of doing business' to improve India's ranking, FDI has been opened from defence production. This government will partner industry in the economic development of the country by being a facilitator to the industries throughout their business.
In new infrastructure, the government is helping the industries in building good class infrastructure for Intellectual property right (IPR) registrations. Innovations and research activities with supported fast-paced registration systems and the training for a skilled workforce being addressed.
As Make in India identified by 25 sectors from automobile to information technology (IT) sectors the details have been shared through interactive web-portal of government from which one can get registered and can get access to get involved or can get information about the business throughout the business from the web portal, construction and railway infrastructure in a big way.
As the government of India has always been a regulator and not a facilitator, this brings a change in the way government interacts with industries. It is acting as a partner in the economic development of the country along with the industrial sector. An interactive with a proactive is deployed to track visitors one who is interested and to know user behaviour. Visitors will be followed by relevant information. An investor facilitation cell is set up to guide and assist investors throughout the business, and additional safeguard has been put for shareholders of companies.
The slogan says that 'Zero defect ......Zero effect'. In the words of Narendra Modi, it refers to "Let's think of making a product which has 'Zero defect' 'Zero effect' on manufacturing so that it doesn't affect the environment. Thus sustainable development is done in the country by making high-quality manufacturing while having less impact on the environment.
Make in India is an act to enrich Indian products, to improve good class infrastructure to the industries and to increase countries GDP. It can also be called as a well-recognised part of the Indians economy. Manufacturing high-quality products which will have lesser impacts on the environment or nature. It also attracts people from other countries to invest in technologies and capital. It also has created proposals in such a way that people of different countries would invest in our country for manufacturing powerhouses etc. It is designed in such a way that it can transfer India into a global manufacturing hub. The main purpose of this is to create jobs and also to enhance the 25 sectors of the economy such as IT and BPM, roads and highways, oil and gas, leather, construction, textiles and garments etc. Due to this initiative of the Government, there will be an increase in the GDP rate of the country when there is growth in the country's economy. And due to all factors, there are chances that our money value will increase in front of the dollar.
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