The Central Government of India led by the Hon’ble Prime Minister Shri Narendra Modi had initiated an ambitious scheme named ‘ Make in India‘. The Make in India is an initiative launched to encourage multi-national, as well as national companies /regional companies /start-ups to manufacture their products in India.
Objectives of Make in India Scheme
The initiative of Make in India basically promises the investors – both domestic and overseas (all over worldwide). A complete environment to turn 125 crore population strong-And making India a manufacturing hub and something that will also create job opportunities and make young generation much stronger.
Progress of Make in India Scheme
The Central Government has identified 21 major areas under ‘Make in India Scheme’. In these areas, the central government will mainly focus on the below points –
- Policy Initiatives
- Financial Assistance
- Infrastructure Creation
- Easy Business
- Innovation and Research & Development
- Skill Development
Under this scheme, FDI policy and process of direct foreign investment have been simplified and progressively liberalized. Major areas such as defense sector, food processing, telecommunications, agriculture, pharmaceuticals, civil aviation, space, private security agencies, railways, insurance and pension and medical devices have been opened for direct foreign investment.
In 2015-16, for the first time, the FDI inflow crossed the $ 55 billion mark in a financial year. The total FDI flow between April 2014 and October 2017 was $ 198.88 billion, which was 38 percent of the total FDI in India since April 2000. In 2016-17, the FDI flow was US $ 60 billion, which is the highest in any financial year so far. According to the IMF World Economic Outlook (April 2017) and the United Nations Global Economic Prospects 2017, India is the fastest growing economy in the world, which is expected to remain the same in 2018.