In this article, we have written an Essay on Make in India for Students in 1100 Words. This persuasive essay contains its significance, government projects and policies.
So, let’s start the Essay on Make in India…
Introduction (Essay on Make in India)
Prime Minister Narendra Modi initiates the Make In India initiative on September 25, 2014, whose primary goal is to make India a global production center by encouraging both international and domestic companies to build their products in this country.
After the NDA government was seized, the program was launched as a necessary response to the permanent status of the Indian economy. Following the failure of the BRICS Nation promise, GDP growth fell to around 6%, and India was labeled as “Fragile Five.”
This program is the result of a change in the way the government thinks that it is a permanent issuing body to become a potential business partner. It was an invitation for potential investors and companies from the world, whose purpose was to make India as a credible business environment that would have the desired effect three times:
- Greater confidence in India’s industrial capabilities,
- A stable structure for producers
- An instrument to increase structure and Indian emotions is a residual phase.
The “Make in India” program aims to promote India as an essential investment target and global center of production, design, and innovation. The ‘Make in India’ initiative is not only about the manufacturing sector but also aims to promote entrepreneurship in this country.
Also, the initiative aims to create a favorable investment environment, modern and efficient infrastructure, open new sectors to foreign investment, and establish a partnership between government and industry through a positive attitude.
Favorite status
India has already identified its presence as one of the fastest-growing economies in the world. By 2020, the country is expected to belong to the three largest global growth economies and the three central production locations.
There are favorable demographic dividends for the next 2-3 decades, constant availability of high-quality workforce.
The cost of labor is relatively low compared to other countries. Responsible business institutions are operating with credibility and professionalism. Active consumer involvement is creating dynamic the domestic market.
Strong technical and engineering capabilities are supporting by the best scientific and technical institutes. Well regulated and stable financial markets open to foreign investors
Sectors for Starting Make in India Products
The following 25 sectors have been identified as part of the ‘Make in India’ initiative:
- Auto Components
- Automobiles
- Aircraft
- Biotechnology
- Chemicals
- Building
- Defense production
- Electric machines
- Design and production of electronic circuits
- Food processing
- IT and BPM
- Leather
- Media and entertainment
- Mining
- Oil and gas
- Pharmaceuticals
- Ports
- Railways
- Roads and highways
- Renewable energy
- Space
- Fabrics
- Thermal power
- Tourism and hospitality
- Wellness
Running Projects under Make in India
Five industrial corridor projects have been identified, planned, and launched by the GOI in the Union budget for 2014-2015 to provide an impulse for industrialization and planned urbanization.
In each of these corridors, production will be a vital driver of the economy, and these projects are seeing as key in increasing the share of production in Indian Gross Domestic Product from current levels of 15% to 25% by 2022.
Along these corridors, 100 smart cities are also planned to develop in the Union’s budget for 2014-2015. These cities are being developed to integrate a new workforce that will power production along industrial corridors and to overthrow the Indian housing scenario.
A National Office for the Development of the Industrial Corridor (NICDA) is established to standardize and integrate the development of all industrial corridors.
Industrial corridors of Make in India project
- Delhi-Mumbai industrial corridor (DMIC)
- Bengaluru- Mumbai Economic Corridor (BMEC)
- Chennai-Bengaluru Industrial Corridor (CBIC)
- Industrial corridor Visakhapatnam-Chennai (VCIC)
- Industrial corridor Amritsar-Calcutta (AKIC).
Convenient Policy
New initiatives
The Make in India program includes major new initiatives to facilitate investment, support innovation, protect intellectual property, and build best-in-class production infrastructure.
Foreign direct investment
India has already identified its presence as one of the fastest-growing economies in the world. It was placed in the top three attractive places for inbound investments. Since 1991, the regulatory environment for foreign investment has been consistently relaxed to make it investor-friendly.
Intellectual Property
The GOI has taken several initiatives to create favorable conditions for the protection of intellectual property rights of innovators and creators, introducing changes at the legislative and political levels.
Also, particular emphasis was placed on improving the provision of services by modernizing infrastructure, building capacity, and using the latest technologies in the functioning of intellectual property offices in the country. This measure caused considerable changes in the IP administration in the country.
Domestic production
The need to increase the global competitiveness of the Indian manufacturing sector is essential for the country’s long-term growth. National production policy is by far the most comprehensive and significant political initiative undertaken by the government.
This policy is for the manufacturing sector, as it covers areas of regulation, infrastructure, skills development, technology, funding availability, exit mechanism, and other relevant factors related to the development of the sector.
- Convenience in doing business
- Central government initiatives:
- Unified internet portal (Shram Suvidha)
- Employee portals for the State Insurance Corporation (ESIC) and Employees Provident Fund Organization (EPFO)
- Simplified Forms
- Eliminate the minimum capital requirement and joint seal
- Integrate the processes for obtaining PAN, TAN, ESIC and EPFO registration with the company registration
- Check-in in one window for import and export
Government initiatives were taken under Make in India
- Online consent system for the Pollution Control Board (Gujarat)
- The unified process with one VAT identifier and professional tax registration (Maharashtra)
- Establishment of Invest Punjab as a comprehensive settlement system for investment projects (Punjab)
- Internet application portal for building permits for flats and industrial buildings (Delhi)
- Green industry released from control by the Pollution Control Committee (Puducherry)
- Internet portal for issuing building permits (Mumbai)
Production currently accounts for over 15% of national GDP. The goal of this campaign is to increase a 25% contribution from other developing countries in Asia. In this process, the government hopes to create jobs, attract foreign direct investment, and transform India into a preferred production center around the world.
Successful implementation of this program will help build 100 smart city projects and affordable homes in India. With the help of significant investors, this is the primary goal of creating stable development and valuable employment in the country.
Both these investors and the country will benefit both sides. The Government of India has created a dedicated support team for effective and secure communication of the internet portal (makeinindia.com) and investors. At any time, a loyal business company is dedicated to answering all questions.
India is a wealthy country in terms of natural resources. Work is readily available due to the high unemployment rate among the educated classes of the country, and a qualified workforce is readily available. With the development of Asia as an Asian outsourcing center, India will soon become the preferred production site for most investors around the world.
The Make In India campaign logo is an elegant lion inspired by Ashok Chakra, which is supposed to represent India’s success in all areas. The prime minister dedicated the campaign to the famous patriot, philosopher and political personality, Pandit Deen Dayal.
Conclusion (Essay on Make in India)
The Prime Minister called on all people associated with the campaign, in particular entrepreneurs and corporations, and as part of their duties in the form of Indian citizens and initiated the country’s Make In India initiative by investing directly in foreign investment. I hope you like this Essay on Make in India for Students.