The Make in India initiative has transformed India’s economy, positioning the country as a global hub for manufacturing, innovation, and economic resilience. Over the last decade (2014-2024), this flagship program has attracted significant foreign investment, boosted exports, and fostered job creation, all while empowering various industries like mobile manufacturing, defence, and renewable energy. The program has not only reshaped India's economic landscape but also redefined its position on the world stage.

What is Make in India Initiative ?

Launched in 2014 by Prime Minister Narendra Modi, the Make in India initiative aimed to turn India into a manufacturing powerhouse. This initiative was designed to:

• Attract foreign investment
• Foster innovation
• Develop skills and infrastructure
• Enhance job creation and sustainability in manufacturing

The initiative focuses on making India self-reliant (Atmanirbhar) in various sectors, promoting exports, and creating a conducive environment for both domestic and foreign companies to thrive. The goal was simple—position India as a global manufacturing hub, reduce dependence on imports, and strengthen the country's industrial base.

The Four Pillars of ‘Make in India’ Initiative

The Make in India program rests on four main pillars:

1. New Processes: Simplifying policies to improve ease of doing business.
2. New Infrastructure: Building state-of-the-art industrial corridors and upgrading infrastructure.
3. New Sectors: Opening up previously restricted sectors to FDI, such as railways, insurance, and defence.
4. New Mindset: Encouraging private participation and shifting from government control to a partnership-based approach.

Key Initiatives Under ‘Make in India’

The success of the Make in India initiative is owed to several key programs and policies that were launched to support this vision. Below are some of the most significant initiatives that have helped India take major strides over the past decade:

1. Production Linked Incentive (PLI) Scheme : The PLI Scheme was introduced to encourage local manufacturing by providing incentives to companies. By June 2024, the scheme had led to an investment of ₹1.32 lakh crore (USD 16 billion) and boosted manufacturing output by ₹10.90 lakh crore (USD 130 billion). Notably, the initiative directly and indirectly created over 8.5 lakh jobs, contributing significantly to India’s growing industrial sector.

2. PM GatiShakti : A transformative initiative, it aims to propel India's economy to a USD 5 trillion milestone by 2025. This ambitious program is designed to accelerate economic growth by enhancing multimodal connectivity and strengthening last-mile infrastructure. At its core, PM GatiShakti is driven by seven critical engines of development: roads, railways, airports, ports, waterways, mass transit, and logistics infrastructure. By integrating these key sectors, the initiative seeks to create a seamless, efficient network that will boost India's economic productivity and global competitiveness.

3. Semiconductor Ecosystem Development: Under this the Semicon India Programme was approved in 2021 with the aim to develop a sustainable semiconductor and display ecosystem. Since then, India’s foray into semiconductor production has gained significant momentum.

Major Achievements in 10 Years of ‘Make in India’

In addition to the above programs, here are some more remarkable achievements of the Make in India initiative:

1. Foreign Direct Investment (FDI) : Make in India has helped streamline foreign investment procedures, leading to a 119% increase in FDI inflows over the last decade. Manufacturing FDI alone rose by 69% during this period, with India attracting $667.41 billion in FDI between 2014 and 2024. This represents 67% of the total FDI the country received over the past 24 years.

2. Rise in Merchandise Exports : India’s merchandise exports surpassed USD 437 billion in FY 2023-24, marking a significant milestone. This was driven by various sectors like textiles, electronics, and automotive manufacturing, contributing to India’s rising stature as a global exporter.

3. Unified Payment Interface (UPI) : The UPI system revolutionized digital payments in India. Between April and July 2024 alone, UPI processed transactions worth ₹81 lakh crore, accounting for 46% of global real-time digital payment transactions. The rapid adoption of UPI showcased India’s ability to lead the world in fintech and digital transactions, playing a crucial role in both urban and rural economic growth.

4. Defence Manufacturing and Atmanirbhar Bharat : India has made tremendous progress in defence manufacturing owing to plans under Make in India initiative. In FY 2023-24, defence production soared to ₹1.27 lakh crore, with exports reaching over 90 countries. India’s defence exports saw an exponential rise, from ₹1,000 crore to ₹21,000 crore in just 10 years. The launch of the INS Vikrant, India’s first domestically made aircraft carrier, symbolizes the nation’s leap towards self-reliance in the defence sector.

5. Semiconductor and Chip Manufacturing : The semiconductor ecosystem attracted investments worth ₹1.5 lakh crore, with five major fabrication plants in the pipeline. These plants are expected to have a combined daily production capacity of 7 crore chips, helping reduce India’s dependence on imports and laying the groundwork for future technological advancements.

6. Mobile Manufacturing Revolution : India has emerged as the second-largest mobile phone manufacturer globally. From just two manufacturing units in 2014, India now hosts over 200 units, producing 99% of mobile phones used in the country. Mobile exports surged from ₹1,556 crore in 2014 to ₹1.2 lakh crore in 2024, showcasing India’s dominance in mobile manufacturing.

7.Startup Ecosystem : India’s startup ecosystem has grown exponentially, with over 1,40,803 recognized startups by June 2024, creating more than 15.5 lakh direct jobs. The growth of startups has fostered innovation, employment, and economic development, propelling India into the ranks of leading global startup hubs.

Other notable achievements resulting under Make in India Initiative include

• Toys Manufacturing: Exports of toys have surged by 239% over the past decade, with India now producing 400 million toys annually.
• Vaccines: India supplies 60% of the world’s vaccines, and during the COVID-19 pandemic, it played a vital role in global vaccination efforts.
• Steel Production: India became a net exporter of finished steel, with production increasing by 50%.
• Renewable Energy: India is now the fourth-largest producer of renewable energy, with installed capacity growing from 76.38 GW in 2014 to 203.1 GW in 2024.
• Automobile Industry Growth: India has become a global leader in automotive manufacturing, especially in two-wheelers and electric vehicles (EVs).
• Railway Modernization: The launch of indigenous Vande Bharat Trains symbolized India's progress in building a modern railway infrastructure.

Future Scope of ‘Make in India’

While the past decade has witnessed substantial growth, the next ten years promise even more transformative changes. Here’s what lies ahead for Make in India Initiative :

• Semiconductors and AI: With significant investments in semiconductor production, India is poised to become a leader in high-tech manufacturing. Advances in artificial intelligence, robotics, and automation will further bolster this growth.

• Green Manufacturing: India is expected to become a major player in green manufacturing, especially with its commitment to achieving net-zero emissions by 2070. Industries like electric vehicles and renewable energy will drive sustainable growth.

• Digital Innovation: Through Make in India, the digital economy will also continue to grow, with UPI leading the way in financial inclusion and digital transactions.

• Defence and Aerospace: India’s self-reliance in defence manufacturing will continue to expand, with increasing exports and partnerships with global firms.

• Global Trade: As global supply chains shift, India will capitalize on its manufacturing prowess, further boosting exports and attracting international investors.

Conclusion

The past ten years of Make in India Initiative have been remarkable, with transformative changes across industries. India has emerged as a major global player in manufacturing, defence, renewable energy, and digital payments. The initiative has not only boosted the economy but also created millions of jobs and enhanced India’s position on the world stage.

With strong government support, innovation, and a robust industrial ecosystem, the future of Make in India looks even brighter. India is on track to become a global manufacturing and economic powerhouse, shaping the future of industries worldwide.

References :

https://www.makeinindia.com/about

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/sep/doc2024925401801.pdf

https://pwonlyias.com/current-affairs/10-years-of-make-in-india/

https://www.businesstoday.in/latest/economy/story/10-years-of-make-in-india-pm-says-impact-visible-across-sectors-447504-2024-09-25

https://forumias.com/blog/10-years-of-make-in-india-success-and-challenges-explained-pointwise