Weaving A New Opportunity With Make In India
With the advent of liberalization, privatization, globalization and fierce corporate competition, survival of the fittest was given birth to. Thus, came in cutting edge of Collaborations and Joint Ventures. As Indian companies and brands nurtured global ambitions, they faced a plethora of challenges of understanding complex, new markets and customers making it as a daunting task.
Therein, the “Make in India” Initiative was launched by our Honorable PM, Mr. Narendra Modi in 2014. This was a type of Swadeshi movement covering 25 sectors of the economy. This concept clutched homegrown brands and turned conventional wisdom on its head and scripted exceptional growth stories by overcoming daunting challenges with innovation, human ingenuity, effective leadership, social conscience – that is committed to inclusive and equitable growth of the nation. This reform is also aligned with parameters of World Bank’s “Ease of Doing Business” index to improve India’s ranking as a favorable manufacturing destination on the global map. Further, this initiative also gave birth to the development of “SMART CITIES”.
An eye-opener and a leading instance under “Make in India” program was the mobile giant- “SAMSUNG ELECTRONICS”. Samsung mobile handsets inaugurated the world’s biggest mobile manufacturing facility in India. Since, Electronics and Hardware industry was pushed the most under this program leading to technology transitions such as the roll out of 4G/LTE networks and IoT. This initiative shall also curb the 60% electronics import dependency of Indian market. Additionally, Micromax Phones also announced setting-up of three new manufacturing units in Rajasthan, Telangana and Andhra Pradesh after planning to shift its manufacturing base from China.
This “Make in India” scheme promoted not only manufacturing in India, but also development of manufacturing sector, international infrastructure, job creation, skill enhancement, business processes, foreign investment, innovation and protected intellectual property.
In lines with this program, it also announced several other policy initiatives creating a business-friendly and governance-oriented financial and economic environment. This resulted in various Indian and global manufacturers announcing their expansion plans. For instance, 100% FDI in retail gave a boost to the major acquisitions and India Entry by world giants like AMAZON, WALMART, ALIBABA and IKEA. It also started the well-known war between the cab service providers “India based OLA” and “UBER worldwide” .
With the opening up of FDI in sectors like defence and aviation too, “BOEING” was invited to manufacture under this “Make in India” concept and entered into a strategic aerospace partnership with TATA Advanced Systems.
Since India retained its position as World’ No. 1 Greenfield FDI destination, this initiative shined and touched FDI of $5,000 Crore in April’18.
Thus, a point to ponder – If this can be done by China and other parts of the World, then why not India.
We thereby request all global manufacturers to take support and advantage of this GOLD Initiative of our Honorable PM and make India as the biggest Manufacturing and Export Hub of the world. These reforms will continue… irrespective of the change in political ideologies, leading to the development of the biggest emerging market – India. Since India already caters to a ready platter of advantages i.e., cheap labor, single window fast track clearances, labor reforms, highly educated, tech-savvy & English speaking 53% youth, it has emerged as the 6th largest economy of the world.
Mother India is eagerly waiting by spreading a red carpet, welcoming all global giants to make India as a global manufacturing hub and the World is embracing this vision of our PM.