Make In India in the year 2016-17

Written by: Lisa
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"Today India is demographically the youngest country in the world, with young dreams full of energy."

"India has the potential to become the manufacturing hub for the world."

"The current generation of youngsters don't want to be job seekers. The youth wants to be job creators."

Prime Minister Narendra Modi has often said this in numerous speeches he has made at various occasions.

make in india

Nothing can undermine the importance of manufacturing industry for a young nation like India. The demographic dividend that PM Modi has been talking about since 2013 when he kick started the Lok Sabha election campaign only emphasises how serious he is to ensure that India can gainfully employ its ever increasing work force.

Most experts say that India is adding over 12 million people to the workforce every year. However, India is not able to create so many jobs each year to gainfully employ them all. Which is why PM Modi has shifted the entire focus on Make In India initiative.

To support the Make In India initiative Micro Units Development & Refinance Agency (MUDRA) Bank was set up through a statutory enactment. MUDRA Bank is there to lend financial support to non-corporate small business sector as it is the economic foundation of India but it is largely disaggregated business ecosystem that sustains around 50 crore lives.

Currently India is hosting Make In India week in Mumbai.

PM Modi had ahead of week-long Make In India event had promised to redouble reform efforts to attract global manufacturers to India and to also improve tax structure for the foreign companies and make sure that doing business in India becomes as easy as possible.

PM Modi had addressed corporate and administrative envoys from 68 countries which included prime ministers and representatives from 1,000 international companies. Many including PM Modi want that both Make In India and Start-Up India should be able to foster entrepreneurial spirit of the youth of India so that we have many more job providers than job seekers.

For those who think that Make In India is only about huge business houses need to check few of the Make In India success stories coming from across India.

Success stories:

The example of Mamata Sharma of Bhopal, Madhya Pradesh shows how by using MUDRA Bank loan under Make In India it is easy to run a small business in organised way and also expand it. Mamata Sharma is also training other women and girls about how to manufacture handmade traditional purses.

Ranchi, Jharkhand is where women are making artistic bangles and exporting them too under Make In India. Within 60 days women after training are making export quality bangles and now are self-employed and are also e-marketing their bangles.

Agra which houses thousands of small shoes manufacturing units is also planning big time to expand business under Make In India. Even today Agra does business worth 1200 crores each year by exporting shoes to foreign countries.

The early success for Make In India came when Chinese smartphone manufacturer Xiaomi set up a manufacturing center in India. India is soon to become the world's second-largest market for smartphones toppling the US.

Other early success story comes from Airbus Group that wishes to boost its sourcing of aerospace parts from Indian companies. They plan to use $2 billion in the coming five years in India.

Reliance Infra too gave an early boost to Make In India by agreeing to set up a shipyard close to Visakhapatnam's Navy Shipyard. Reliance's shipyard will be used to manufacture nuclear submarines. This Make In India in defence sector will sure help reach the ambitious target of Indian Navy possessing 200 warships by 2027.

This defence Make In India is in addition to Hyundai Heavy Industries plan to get into a joint venture with Hindustan Shipyard Limited, Visakhapatnam to manufacture warships. Hyundai is also ready to develop a mini SUV and make India the global manufacturing hub for the vehicle which it says will be under 4 meters in length.

Other Korean firm like Samsung on other hand is collaborating with Kochi Shipyard to manufacture liquefied natural gas tankers.

Make In India success in numbers:

For 2016-17 it is expected that manufacturing sector will grow at 9.5%. Also manufacturing sector's contribution to the Gross Domestic Product of India has come to 21% as compared to 16% contribution of last year.

India has shown excellent growth in manufacturing furniture, electrical, textile industry, automobile and chemical industries.

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