India is diving deep with the ‘Make in India’ campaign into industries like energy, railways, digital infrastructure, textile sector, road development, renewable energy, export and import, thermal power industry, and many others.
Prime Minister Shri Narendra Modi has stressed on the skills and talents that are being educated and eager to work in our country.
PM Modi has been encouraging businesses and entrepreneurs to invest in India as we have the demographic strength that defines a diverse market along with the utmost discipline towards any task.
Why is ‘Make in India’ a superb initiative?
Shri Narendra Modi is confident in India’s manufacturing industry that has skilled labor. The campaign is set to provide a lot of employment opportunities in the manufacturing industry. The policy for National Manufacturing growth will allow further development through this campaign and increase the GDP from 15% to about 22% in the next few years. The purchasing power of the customers shall increase along with a growth in the consumer base for several companies.
The ‘Make in India’ campaign is set with the objective to making trade and commerce more seamless with other countries. The bilateral collaboration with other countries will increase exports through this campaign. Considering such steps, the reserves for foreign exchange will grow along with a fine balance in the structure of the payments.
The auto-response system formulated by the Indian Government will also come with solving matters related to procedural clearings. By setting this at several relevant levels, the approach will back an industrial-focused approach. Technical expertise will be enhanced along with several creative skills.
In India, the manufacturing sector will create immense development by being a center for several kinds of products. The FDI collection will increase thereby strengthening the rupee when calculated with the American dollar.
Our country is still in the phase of developing our digital infrastructure. Although we are one of the fastest-growing nations in the world, we need the support of foreign investors to bolster our technological setup.
One of the most pivotal factors behind India’s phenomenal growth is the youth that forms a bigger part of our population. Make in India will encourage more youth to look for opportunities in the country when it comes to more jobs and steady career growth.
Some key challenges of the ‘Make in India’ campaign-
India is expected to become a power similar to that of China. There are items that should be imported from other countries as it might cost more to build in India. China had the advantage of time unlike India, which is facing a lot of challenges while setting itself as a completely developed nation.
The campaign is only focusing on exports and has been making several changes in the import policy. This might pose an adverse effect on import bills and create several roadblocks for companies that are struggling with their infrastructural output. In order to tackle this, India needs more funds and time.
Since manufacturing and industrial advancements require a certain amount of policy review and funding opportunities, sectors like agriculture might suffer as India has about 61% land for agriculture.
Building more industrial infrastructure will also lead to more usage of natural resources and India might put pressure on the consumption of water, energy, and land. As the ‘Make in India’ campaign demands more foreign companies to come to India and invest here, small businesses might take a hit. But a supportive business policy will help both local and foreign businesses to thrive together.
The products from ‘Make in India’ will elevate the brand value as it will champion better quality. But to operate all these steps, crucial concerns like pollution need to be taken on an urgent note. Reports indicate that the pollution index in our country is about 76.50. Large-scale industrialization will increase pollution levels at a massive pace. Countries which are now developed have faced this issue almost several decades ago. Now, in the situation of environmental sustainability, India has a lot to achieve. With efficient policy, India is paving the future and will overcome any obstacle in its way.