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A Decade of Growth, A Future of Possibilities: Make in India 2.0
DataQuest
|November 2024
Ten years after its launch, the “Make in India” initiative has significantly transformed India’s manufacturing landscape. By attracting foreign investments, fostering domestic innovation, and promoting policy reforms, the initiative has propelled India’s economic growth and positioned the country as a global manufacturing hub. However, to sustain this momentum, India must address challenges such as labour rights, environmental impact, and regional disparities.
A DECADE OF GROWTH, A FUTURE OF POSSIBILITIES: MAKE IN INDIA 2.0
Launched on September 25, 2014, the 'Make in India' initiative has reached its tenth anniversary, marking a significant milestone in India's journey to become a global manufacturing hub. The initiative aimed to boost economic growth, generate employment, and attract foreign investments. Over the past decade, India has made notable strides in achieving these goals.
ECONOMIC GROWTH AND INVESTMENT
India's GDP has grown substantially, reaching $3.9 trillion as of 2024, making it the fifth-largest economy globally. The country's GDP growth rate has consistently outpaced major economies, with an impressive 8.2% growth rate in FY24. Projections suggest India's economy will expand by 6-7.1% annually between 2024 and 2026, positioning it to become the third-largest economy by 2030, with a projected GDP of $7.3 trillion.
KEY ACHIEVEMENTS
• Foreign Direct Investment (FDI) Inflows: India has received FDI inflows worth $440.27 billion in the last seven financial years (2014-21), with the manufacturing sector receiving $148.97 billion between 2014 and 2023.
• Manufacturing Sector Growth: The manufacturing sector accounted for 17% of India’s GDP and employed over 27.3 million individuals as of 2023.
• Production-Linked Incentive (PLI) Scheme: The PLI scheme has significantly boosted production, employment, economic growth, and exports in India. It covers 14 key sectors and has an incentive outlay of about $26 billion.
CHALLENGES
This story is from the November 2024 edition of DataQuest.
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