The make in india initiative was launched on September 25, 2014, with the goals of easing the way for foreign investment, encouraging innovation, creating a world-class manufacturing infrastructure, simplifying the way for businesses to operate, and boosting skill development. The initiative also seeks to open up new industries to foreign investment, modernise existing ones, improve efficiency, and forge a partnership between the government and industry by cultivating a constructive frame of mind.
Significant progress has been made since the launch of the Make in India initiative, and the programme is now concentrating on 27 different industries as part of Make in India 2.0. The Department of Commerce is responsible for the coordination of the service sector, while the Department of Promotion of Industry and Internal Trade handles the coordination of action plans for the manufacturing sector.
Achievements of Make In India 2.0
The Indian government’s efforts to find investors for the Make in India initiative fall under the umbrella of Investment Facilitation for Make in India Action Plans. Indian embassies and state governments are being assisted in their efforts to promote Make in India by hosting conferences, summits, road shows, and other promotional events. Efforts are being made to improve the country’s Ease of Doing Business and attract more foreign direct investment through investment outreach activities.
In recent years, the Indian government has taken several measures, on top of already existing schemes, to encourage more investment within the country. Measures taken by the government to encourage domestic production include the National Infrastructure Pipeline, a cut in corporate tax rates, relief for non-bank financial institutions and banks, and favourable trade policies. Using public procurement orders, the Phased Manufacturing Programme (PMP), and the Schemes for Production Linked Incentives of various Ministries, the Indian government has encouraged the domestic production of goods.
India’s foreign direct investment (FDI) inflow for the fiscal year that ended March 31, 2019, was a record-breaking $74.39 billion, up from $45.15 billion in the previous year. India has received a total of USD 358.30 billion in foreign direct investment (FDI) in the last six fiscal years (2014-20), accounting for 53% of the total FDI reported in the last twenty years (USD 681.87 billion).
For better Ease of Doing Business, measures are taken to streamline and standardise the way things are done. According to the World Bank’s Doing Business Report (DBR) 2020, India has risen from its previous position of 63rd to 62nd in the Ease of Doing Business ranking as a direct result of the government’s efforts to enhance the country’s investment climate. This is because of changes made to the processes of starting a business, paying taxes, engaging in international trade, and winding down an insolvent company.
The Make in India 2.0 initiative, launched by the government of India, places a primary emphasis on developing two distinct facets of the Indian economy simultaneously. These two sectors are broken down even further into 27 different sub-sectors.
- Aerospace and Defence
- Automotive and Auto Components
- Pharmaceuticals and Medical Devices
- Capital Goods
- Textile and Apparels
- Chemicals and Petrochemicals
- Electronics System Design and Manufacturing (ESDM)
- Leather & Footwear
- Food Processing
- Gems and Jewellery
- New and Renewable Energy
- Information Technology & Information Technology enabled Services (IT &ITeS)
- Tourism and Hospitality Services
- Medical Value Travel
- Transport and Logistics Services
- Accounting and Finance Services
- Audio Visual Services
- Legal Services
- Communication Services
- Construction and Related Engineering Services
- Environmental Services
- Financial Services
- Education Services
How To Register Your Start-Up Under Make In India 2.0?
The Government of India has decided to take measures to achieve India’s goal of becoming “Atmanirbhar”. Consequently, it is taking several initiatives to devise more schemes that are similar to Make In India 2.0. And we at Egniol have made it our mission to not only spread awareness about these schemes but also to assist you with applying and registering for the same; with our team of experts that meet all your requirements.