The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Ajeetesh Kumar, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
‘Make in India’ – This phrase is an innovation and a novel step by the incumbent PM to escalate and optimise the global economic whirlwind. Well, in simpler terms, economies around the global are suffering from slowdown. China- has exceeded it’s manufacturing capacity and now they don’t have enough markets to export their goods ( So they devalued their currency to boost exports) . Secondly, European union troubleshooting the Greece austerity measures and USA still coming out of the trauma of 2008 meltdown is a decent opportunity to push up Manufacturing sector in India. India needs a robust manufacturing sector and infrastructure when the world is looking for other alternatives to lay its factories and expand markets. As we know Make in India has been the spirit in which the current Government is aiming to work for. After pitching the campaign globally the question is – Is make in India really working?
Let’s look at some sectors which have assembled to rise using this platform.
1. Defence – Deals with France for Rafale jets, American gun manufacturing units, Boeing and Tata entering a joint venture for space security, Defence co-operation with Russia in research ( India to be used as base for manufacturing), Recent indigenous Aircraft carriers ( INS kochi, INS Virat, INS Kolkata, INS Vikramaditya ,INS Vishwakarma ( in process) ) are all Make in India initiative.
2. Space exploration- Well we don’t need much awareness in regard of the astounding success ISRO has achieved in the last 3 decades. And it’s success with every launch has earned a global faith in it’s indigenous technology. 51 satellites belonging to global customers from 20 countries, including Germany, France, Japan,Canada, U.K, have been launched successfully by ISRO so far.
3. Automobile sector- India is now the sixth-largest automobile market, behind China, the US, Japan, Brazil and Germany. Foreign Direct Investment (FDI) into the automobile industry has seen a 164 percent growth, in the financial year.Foreign investment jumped to US$2189.15 million (October 2014- April 2015) from US$ 830.69 million (October 2013- April 2014), in the industry.
4. Renewable Energy- ‘INDIA IS THE NEW SUNRISE IN THE POWER GENERATION’ .India has the fifth largest portfolio in power generation. China’s construction equipment manufacturer Sany Group has expressed its intention to invest up to USD 5 billion (about Rs 33,000 crore) on renewable energy, construction equipment and housing sector in India.The company has committed to Prime Ministerto develop 2,000 MW of renewable energy projects in India at an investment of USD 3 billion (about Rs 20,000 crore), which is expected to create 1,000 jobs over next five years.
Well there are plenty other sectors to go through and every sector has attracted global attention and investment. To name a few : Biotechnology, Oil and exploration, Electronic systems, Leather, IT, Railways, Ports etc.
So Mr. Modi ,has successfully or to be precise, considerably has ignited the campaign and its fruits are yet to be visible in a comprehensive way. It’s a long term plan and it will yield results because Mr. Modi has taken this project right in his hands and is keen to deliver it. Whatever the political outcome is in 2019. He or His successor is going to reap the benefits of the ‘Make in India’ campaign.
We still have some lacunae in our domestic policies and bureaucratic initiatives. Some bills are still yet to be passed in the Parliament ,so that the economic and administration will start functioning efficiently. The ‘Make in India’ lion has all the attributes to rule the global kingdom but only its claws should be made strong. So that it can start running and run for a marathon.