How will the Make in India initiative impact various sectors of Economy

The concept of  Make in India was introduced by Prime Minister Narendra Modi on 25th September 2014. It is an initiative by the Indian government to bring up those sectors of the economy whose goods and services do not reach the market. It is a kind of upliftment for industries to produce their own goods and commodities and sell them within the country itself. This, in turn, would boost up the Indian economy in terms of technological development, capital formation, trade operations, employment generation, industrial development and elevation of various other sectors of the society who have not been involved in the production process since a long time. It is a way in which the industries, manufacturing sectors or multinationals can display their potential and strengths.

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“Make in India” initiative has a lot many advantages for our economy. It will gradually lead to an increase in industrial development where many more industries will come up and start manufacturing their own units. It will also result in the development of the economy in the coming years if this concept of “Make in India” is implemented to the fullest. This national program has a direct relation with the generation of employment; the more and more industries are engaged in this process, more people will be involved, thereby reducing the problem of unemployment.

More capital will be generated within the economy which in turn would stabilize the credit system of the country. Since the sectors will be producing their own goods within the country so it is the economy which will be benefitted as the entire capital formation is taking place within the country itself. Many latest technologies and infrastructures will be developed which will be helpful in the production process. It will enhance the efficiency of the product and maintain high-quality standards up to a certain level. Also, the exports will increase which in turn will increase the capital generation within the economy.

To become one of the largest economies in the world, these developments and changes have to be brought about to ensure an efficient growth and development of the country. Incentives must also be provided by the government to encourage various sectors of the country to manufacture their own goods and products. If the Indian economy continues to grow at an efficient rate then one day India will become one of the largest manufacturing hubs in the entire global market. Finally, India can become one of the top-ranked monopolies in the global market and provide goods to the world at reasonable prices.

A lot has been done by the Government of India to promote this initiative even in the International markets, there has been a sudden positive sentiment from Manufacturing giants and Investors abroad to invest and make in India. Although it has a very tough and challenging way ahead to provide the underlying infrastructure required to make world class products in bulk at reasonable prices, it seems to be a good start towards brighter prospects for employment opportunities and the Economy as a whole.

Article by Anisha Dutta

She is a content evangelist who believes that the Science of today is the Technology of tomorrow. 
She can be reached at https://twitter.com/Anisha_Dutta29