Launched by Prime Minister in September 2014, Make In India’s motive is to transform India into a global design and manufacturing hub. While India stayed at 5-6% GDP, with this new plan of action, India witnessed a rise in the GDP in 2015 when the GDP touched 8%.
Make In India was launched in response to the times when the country was standing on the brink of economic failure and urgently needed a big push. The idea represents a complete change of the government’s mindset from being an issuing authority to being a supporter. This plan covers 24 primary sectors that contribute to India’s economy like automobile, IT, fashion, electrical, energy, pharmaceuticals, media, and hospitality, to name a few.
Exporting raw material and importing finished goods made from the same material is a loss-making deal to eliminate. That is when the Make in India project came to force and encouraged the Indian entrepreneurs to set their foot into making everything in India.
India recorded a US $ 74.39 billion annual FDI inflow in 2019-20. In the last six fiscal years (2014-20), India’s US-valued FDI inflows receive the US $ 358.30. This represents 53% of the foreign direct investment (the US $ 681,870 million) reported in 20 years.
One of the essential advantages of the Make In India project is that it provides job opportunities to India’s young population. Unemployment is a significant issue in India, and this project is effectively working toward eradicating it. This project also plays a fundamental role in increasing the country’s GDP by boosting the trade sector. Besides, India is becoming a manufacturing hub for many products with the rise of manufacturing industries. That is how we will be able to provide more job opportunities to the youth.
An economy’s biggest challenge is a war or pandemic during a natural calamity. It is a very well-known fact that the Ukraine Russia war has changed a lot of things for the Indian economy. The war has created an impact on almost everything.
The war’s significant impact on the Indian economy has been oil prices. The prices of palm oil, sunflower oil, and groundnut oil have increased significantly. Oil is an essential item used in Indian households for cooking purposes. With the rise in oil prices, people have switched to majorly using mustard oil because mustard oil is highly produced in India, and India is an exporter of this oil.
The above example of the impact of the Ukraine-Russian war indicates that India’s product is available in abundance for the Indian people irrespective of the happenings around the world. The dependence of India is reducing on other countries as far as the products and services are concerned. And that has proved to be an excellent opportunity to sustain the economy in these challenging times.
Therefore, it is better to become sufficient in as many products as possible so that our country does not have to depend on other countries to fulfill its needs. The Make in India project focuses on making India self-sufficient in fulfilling as many requirements as possible to reduce imports. The exports of our country increase, making India self-reliant and a strong nation with good GDP growth. The Make in India project also provides opportunities to small people in business by protecting their businesses from the tough competition of imported goods.
Considering the current circumstances of war, we should understand the importance of ‘Make in India’ and the homegrown products and services. This would make our nation self-reliant and not let us deprive of the resources in adverse situations like a pandemic or war.
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