New Delhi: On September 25, 2024, the “Make in India” initiative celebrated a decade since its launch by Prime Minister Narendra Modi. The initiative was first announced during Modi’s inaugural Independence Day speech in 2014 and aimed to position India as a global manufacturing hub.
According to the Ministry of Commerce, the past ten years have seen significant advancements in various sectors, with increased domestic and foreign investments. The Production Linked Incentive (PLI) scheme alone has created 850,000 new jobs.
Key Achievements Over the Last Decade
- Mobile Manufacturing: India has become the second-largest mobile manufacturing hub in the world.
- Investment: A staggering ₹1.46 lakh crore has been invested across different sectors.
- Startup Ecosystem: An average of one startup has been established every hour, generating approximately 1.5 million jobs.
- Foreign Direct Investment (FDI): From 2014 to 2024, FDI equity inflow surged by 69%, reaching $165 billion.
- Automotive Market: India is now the fourth-largest automotive market globally.
- Defense Production: Defense production increased to ₹1.27 lakh crore in the fiscal year 2023-24.
- Vaccine Supply: India has emerged as the supplier of 50% of the world’s vaccines.
A salute to every innovator and wealth creator who has powered the spirit of @makeinindia. This initiative has furthered growth and given wings for our Yuva Shakti to dream big! Penned a few thoughts on @LinkedIn. https://t.co/JTXZL5cPxp #10YearsOfMakeInIndia
— Narendra Modi (@narendramodi) September 25, 2024
Future Directions
During a recent meeting with leading global tech CEOs in New York, Prime Minister Modi invited them to invest in India’s future under the “Make in India” initiative. His focus was on sectors such as artificial intelligence (AI), data centers, and energy, encouraging global companies to engage in co-development and co-manufacturing.
The Ministry of Commerce released key statistics related to “Make in India,” which indicate a strong commitment to continue advancing this initiative.
Upcoming Initiatives
The Indian government is now preparing to roll out new projects, including a ₹76,000 crore semiconductor ecosystem development plan. This initiative aims to bolster semiconductor production in India, thereby enhancing the country’s self-reliance in this critical sector.
In a recent tweet, Prime Minister Modi emphasized the initiative’s significance: “‘Make in India’ embodies the collective resolve of 1.4 billion Indians to transform our nation into a powerhouse of manufacturing and innovation.”
As “Make in India” enters its second decade, it stands as a testament to India’s evolving industrial landscape, presenting new opportunities for economic growth and job creation. The government remains committed to further strengthening this initiative, ensuring India’s position as a leader in global manufacturing.