The Prime Minister of India launched the "Make in India" global initiative on 25th September 2014.
'Make in India' initiative aims at promoting India as an important investment destination and a global hub for manufacturing design and innovation, to invite both domestic and foreign investors to invest in India.
The initiative is aimed at creating a conducive environment for investment, development of modern and efficient infrastructure, opening up new sectors for foreign investments and forging a partnership between government and industry through a positive mind-set.
The "Make in India" initiative is based on four pillars, which have been identified to give boost to entrepreneurship in India, not only in manufacturing but also other sectors.
The four pillars are New Processes, New Infrastructure, New Sectors and New Mind-set.
Sectors under Make In
25 sectors have been identified under 'Make in India' initiative are: Auto Components, Automobiles, Aviation, Biotechnology, Chemicals, Construction, Defence Manufacturing, Electrical Machinery, Electronic System Design and Manufacturing, Food Processing, IT and BPM, Leather, Media and Entertainment, Mining, Oil and Gas, Pharmaceuticals, Ports, Railways, Roads and Highways, Renewable Energy, Space, Textiles, Thermal Power, Tourism and Hospitality and Wellness.
Workshop for Make In India:
A National Workshop was held on 'Make in India' initiative on 29th December 2014 in Vigyan Bhawan, New Delhi to prepare Action Plans for one year and three years for the identified sectors.
Progress made under Make In India:
Ministries and departments concerned have updated their action plans to identify quantifiable and measurable milestones in respect of each activity of their Action Plan. The progress on 'Make in India' Action Plans is being monitored.
The 'Make in India' programme has received a very positive response.
inflow has increased 29% during the period October 2014 to December
2015 (15 months after 'Make in India') compared to the 15 months
period prior to the launch of 'Make in India'.
FDI equity inflow has increased 36%.
There is an improvement in business environment with the initiatives taken to improve Ease of Doing Business under the 'Make in India' programme. This has resulted in the UNCTAD World Investment Report (WIR) 2015, in its analysis of the global trends in Foreign Direct Investment (FDI) inflows, ranking India as the third top prospective host economies for 2015-2017.
Frost & Sullivan has ranked India as number 1 amongst 100 countries on the growth, innovation and leadership index.
In November 2015, a global consultancy firm namely Ernst & Young (EY) India conducted the India Attractiveness Survey 2015, where they had taken responses of 505 investors on three most attractive markets for investment. On the basis of response received from these investors and data provided by FDI Markets (a service of The Financial Times Limited), India ranked number one FDI destination in the world during the 1st half of 2015.