In 10 years, the ‘Make in India’ initiative has revitalized India’s industrial landscape, attracting investments, boosting manufacturing, and creating millions of jobs, positioning India as a global manufacturing hub, writes the Union Minister of Commerce and Industry

On September 25, the country observed 10 years of Prime Minister Narendra Modi’s game-changing ‘Make in India’ initiative, which is transforming India’s industrial landscape by encouraging job-creating investments and giving many ordinary citizens the confidence to become wealth creators.

It has been a remarkable 10-year journey, which has injected renewed vigour into industrial sectors, turning them into engines of growth that meet domestic demand and contribute to exports. This exciting journey began at a difficult time when domestic investors were disheartened by policy paralysis and poor governance under the indecisive Congress government. The economy was down, confidence was shattered, headlines were dominated by corruption scandals, inflation was soaring, interest rates were high, and the rupee’s outlook was uncertain.

To end this feeling of doom and gloom, the Indian voters decisively voted for PM Modi, who came with a vision for India. He wanted to ensure that India would become a global superpower, provide jobs and opportunities for youth, and recognise that manufacturing was critical to India’s success story. This is when the PM launched the ‘Make in India’ initiative.

These 10 years have been remarkable, but they would not have been possible without the multidimensional and transformative changes made by the Modi government. Key initiatives include the implementation of GST, the Bankruptcy Code, and numerous other reforms. To improve the ease of doing business, 42,000 compliance requirements were eliminated, and 3,700 provisions for criminal penalties for minor offences were removed from various statutes to protect small businesses from harassment. As a result, India significantly improved its rank in the World Bank’s Doing Business report, rising from 142nd in 2014 to 63rd in 2019.

The government’s Startup India initiative has encouraged many job seekers to become job creators. This initiative has led to the recognition of 1,40,803 startups as of June this year, bringing in investments and creating more than 1.5 million jobs. These startups are driving the country’s innovation ecosystem, working on solutions to pressing issues in areas such as sanitation, space navigation, reducing food wastage, improving access to healthcare, and empowering women.

The development of 11 industrial corridors is another area of government focus. Twenty industrial smart cities are being developed under this program, which will help make these corridors the backbone of India’s manufacturing growth. Four of these smart cities have already become magnets for investment, with infrastructure and clearances available for manufacturing units to be set up. A potential investment of Rs. 1.7 lakh crore has already been committed, which will provide direct employment to 80,000 people and indirect employment to many more.

The government’s PLI (Production-Linked Incentive) schemes focus on critical sectors such as electronics, pharmaceuticals, automobiles, textiles, and medical devices, aiming to create ecosystems in these sectors for sustained growth and ensure their global competitiveness. PLI schemes have resulted in Rs. 1.32 lakh crore in investment and a significant boost in manufacturing output, amounting to around Rs. 11 lakh crore. More than 8.5 lakh jobs have been created directly and indirectly through this initiative.

The Prime Minister’s focus on infrastructure development has also bolstered Indian manufacturing. Infrastructure not only generates demand for goods and services but is also a key facilitator of industrial activity. Today, India boasts an extensive and growing network of expressways and highways. New, world-class railway stations are being built, and new freight corridors are emerging.

India is increasingly being seen as an attractive destination for investment, offering the 4D advantage:

1. Decisive leadership of PM Modi,
2. Demographic dividend of our youthful, talented, and skilled Indians,
3. Demand generated by 140 crore Indians,
4. Democracy, which ensures the safety and security of investors and the rule of law, preventing discrimination against any group.

This 4D advantage is a compelling case for attracting manufacturers to India. Domestic and international investors today find a golden opportunity to grow their businesses. There is a flurry of activity in the investor community, with delegations visiting India, eager to invest and participate in the Indian growth story. Foreign governments and global CEOs are keen to seize opportunities in India, and many countries are eager to sign trade deals.

The world now views India as a manufacturing destination, thanks to its competitive advantage and robust economic fundamentals. Today, inflation is under control, economic growth is strong, and the Modi government is following strict fiscal discipline. This is particularly commendable given the current global situation, which is marked by conflict and uncertainty.

PM Modi’s initiatives have helped India rise from being regarded as one of the “Fragile Five” in the world in 2014 to being one of the top five economies today. Initiatives like ‘Make in India’ have made the past decade a transformational one—a quantum leap from the lost decade under Congress rule.

The writer is the Union Minister of Commerce and Industry

Piyush Goyal