Lohia's Aspirational Vision For 2047

The article traces India’s transformative journey over the past decade, from economic growth and innovation to the challenges that lie ahead. It pens down a future vision, focusing on smart manufacturing, skill development, and global collaboration, as India aspires to redefine the automotive industry for a self-reliant and globally competitive future.

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When the ‘Make in India’ initiative was launched in 2014, the primary objective was clear: to transform India into a global manufacturing hub by encouraging both multinational and domestic companies to manufacture their products within the country. The vision extended beyond mere production; it aimed to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build world-class infrastructure.

One of the most significant achievements of the initiative has been its success in attracting foreign direct investment (FDI). According to research spanning from 1991 to 2018, FDI has had a threefold increase in its growth rate during the second decade, particularly in the service sector. The banking and insurance sectors topped the list of major FDI proposals, followed by the telecommunications sector. Although FDI’s direct correlation with employment generation in India is nuanced, the service sector has notably benefited from job creation. Moreover, recent statistics indicate that FDI has played a pivotal role in enhancing job opportunities in various sectors, thereby contributing to economic growth.

Moreover, recent GDP figures underline India’s economic trajectory. As per data from the Ministry of Statistics and Programme Implementation released on November 30, 2023, the real GDP, or GDP at constant (2011–12) prices in Q2 2023–24, is estimated to be Rs 41.74 lakh crore, reflecting a growth rate of 7.6 percent compared to 6.2 percent in Q2 2022–23. This growth signifies the resilience and momentum of the Indian economy, further propelled by initiatives like ‘Make in India.’