Issue Details

MAKE IN INDIA: UNLOCKING INDIA’S POTENTIAL AS A MANUFACTURING HUB

ABSTRACT

Make in India was created with the intention of easing the way for businesses of all stripes to set up shop in India and export their wares to the rest of the world. This programme, which began on September 25, 2014, has become a landmark achievement in India economic history. “Make in India” and “Made in India” both contribute to the growth of the Indian economy in their own ways. Increased foreign investment is a result of Make in India, which is good for India economy. At the same time, the Made in India initiative encourages insular production inside the country, cutting down on imports. Thats why its so important to do these steps in a methodical, consistent manner. Consumption in India is forecast to quadruple to US$ 4 trillion by 2025, making it the worlds third-largest consumer economy, according to research by the Boston Consulting Group (BCG). Consumers habits and spending habits are changing, which is driving this development. PricewaterhouseCoopers also projects that by 2040, India will have the worlds second-biggest economy as measured by PPP, overtaking the United States. Mr. Modi initiative sends a clear message to the worlds affluent and semi-wealthy countries that they may benefit from investing in India future development. This is analogous to encouraging companies from other countries to set up shop in India and manufacture their wares inside the country borders. The fact that these goods are made in India yet sold all around the world says a lot about the importance of the country.

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