Make In India: 10 Years From Launch & Beyond

The article highlights how flexible financing solutions empower manufacturers, SMEs, and MSMEs to embrace digitalisation and new technologies, making a substantial contribution in building a resilient and self-sufficient manufacturing ecosystem.

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In 2013, India was among the so-called ‘fragile 5’ group of countries and its growth rate had fallen to its lowest level in a decade. Fragile because of its over-reliance on risky foreign investment to fund growth aspirations.

In 2014, India was the 10th largest economy, fourth most favoured destination for foreign direct investment, but was witnessing the lowest growth rate in a decade. It was then that the ‘Make in India’ initiative was launched with an overarching goal of fostering innovation, promoting indigenous manufacturing, and elevating India’s position in the global market. This was soon followed by launch of Digital India in 2015. Both visionary programs laid the foundation of what would have far-reaching impact on businesses and the daily lives of Indian citizens – we just didn’t know it then.

Today in 2023-2024, India is the fastest-growing large economy in the world, the most preferred destination for foreign direct investment, and is ranked fifth in terms of GDP (close to $4 trillion). As per the latest government estimates, our GDP growth rate will be over 7 percent in 2024. A similar trend has also been witnessed in the financial sector in India – credit availability and growth via Banks, Non-Banking Finance Companies (NBFCs) and FinTechs are also indicators of a robust, resilient economy, based on the foundation of strong domestic demand.