Make in India completes 8 years on 25th September 2022. Annual FDI (Foreign Direct Investment) doubles to USD 83 billion. Eased compliance policies resulting in reduction in compliance burden brings down cost and enhances ease of doing business. Centre is focussing on key sectors like Semiconductors to achieve “Atmanirbhar Bharat”. PLI (Production Linked Incentive) scheme gives huge boost to localised manufacturing. Export of toys registered growth of 636% in April-August 2022 over the same period in 2013.
Make in India is an Indian Government scheme to make and encourage indigenous companies to develop, manufacture and assemble products which are made in India and incentivise dedicated investments in manufacturing sector. It was launched by Prime Minister Shri Narendra Modi in September 2014.
The objective of the scheme is to create a conducive environment for investments, develop a modern and efficient infrastructure, and open up new sectors for foreign capital. This scheme targets 25 economic sectors for job creation and skill enhancement and aims to transform India into a global design and manufacturing export hub.
What are the 25 sectors covered under Make in India?
Here is the list of 25 sectors covered in the scheme :
| Automobiles | Automobiles Components |
| Mining | Oil and Gas |
| Aviation | Pharmaceuticals |
| Biotechnology | Chemicals |
| Railways | Ports |
| Construction | Electrical Machinery |
| Roads and Highways | Space |
| Food Processing | Electronic Systems |
| Textile and Garments | Thermal Power |
| IT and BPM | Tourism and Hospitality |
| Leather | Wellness |
| Media and Entertainment | Defence Manufacturing |
| Renewable Energy |
Scheme Details
- The scheme is managed by Department for Promotion of Industry and Internal Trade (DPIIT).
- DPIIT worked with a group of highly specialised agencies to build brand new infrastructure, including a dedicated help desk and a mobile-first website that packed a wide array of information into a simple and sleek menu..
- 25 sector brochures were also developed.
- Contents included key facts and figures, policies and initiatives and sector-specific contact details, all of which was made available in print and on the website.
- Link of the official website : https://www.makeinindia.com/
Objectives
Objectives of the scheme are
- Increase the manufacturing sector’s growth rate to 12-14% per annum.
- Create 100 million additional manufacturing jobs in the economy by 2022
- Ensure that the manufacturing sector’s contribution to GDP is increased to 25% by 2022 (later it is revised to 2025).
Entry Options for Foreign Investors
Any interested foreign investors can commence business in India as Foreign company, Indian Company or Limited Liability Partnership
- Foreign company
To commence business as Foreign company investors are advised to have following offices for carrying out export import, research and project execution operations.
- Liaison office – To represent parent company in India.
- Branch office – To undertake activities such as export, import of goods, research, consultancy etc.
- Project office – Activities as per contract to execute project.
2. Indian Company
Any investor can enter into a JV (Joint Venture) or Wholly owned subsidiary as either Private Ltd. or Public Ltd company subject to Companies Act 2013.
3. Limited Liability Partnership
For carrying out manufacturing/ services and other related business operations Limited Liable Partnership is Subject to provisions of LLP Act, 2008.
FDI permitted under automatic route in LLPs operating in sectors/ activities where 100% FDI is allowed via automatic route and there no FDI linked performance conditions.
Types of permitted business establishments in India
- One-person company
- Private Ltd. company
- Public Ltd. company
- Sole proprietorship
- Partnership firm
- Limited Liability Partnership
- Foreign company
Who can help in Investing in India?
Invest India is the first port of call for potential investors. It is the official investment promotion and facilitation agency of the Government of India, mandated to facilitate investments into India.
Experts provide sector- and state-specific inputs, and handholding support to investors through the entire investment cycle, from pre-investment decision-making to aftercare.
Invest India is promoted by the Department for promotion of industry and internal trade (DPIIT), Ministry of Commerce and Industry (Government of India), the State Governments of India and the Federation of Indian Chambers of Commerce & Industry (FICCI).
Conclusion
As we know Unemployment is one of the burning issues in India. Make in India initiative is helping in eradicating Unemployment. This will reduce poverty hence India’s economy will achieve great heights.