What is the News?
The Minister of Commerce and Industry has informed Lok Sabha about the Make in India Initiative 2.0.
Make in India Initiative:
- Launched Year: It was launched in 2014 by the Government of India.
- Aim: To make India a global hub for the manufacturing, research and innovation. Also, the integrations of India in the global supply chain.
- To increase the manufacturing sector’s growth rate to 12-14% per annum in order to increase the sector’s share in the economy;
- To create 100 million additional manufacturing jobs in the economy by 2022; and
- To ensure that the manufacturing sector’s contribution to GDP is increased to 25% by 2022 (revised to 2025) from the current 16%.
Make in India 2.0:
- It presently focuses on 27 sectors with a special focus on ten champion sectors including; 1. capital goods, 2. auto, 3. defence, 4. pharma, 5. renewable energy, 6. biotechnology, 7. chemicals, 8. leather, 9. textiles, 10. food processing.
- These sectors have the potential to become global champions and drive double-digit growth in manufacturing.
- In manufacturing, the action plans are coordinated by the Department for Promotion of Industry and Internal Trade (DPIIT). In services, action plans are coordinated by the Department of Commerce.
Achievements so far:
- Foreign Direct Investment(FDI): India has registered its highest-ever annual FDI Inflow of US $74.39 billion during the last financial year 2019-20 as compared to US $ 45.15 billion in 2014-2015.
- Further, in the last six years (2014-20), India has received FDI inflow which is 53% of the FDI reported in the last 20 years.
- Ease of Doing Business Ranking: India has jumped to 63rd place in World Bank’s Ease of Doing Business ranking. This is due to reforms in the areas of Starting a Business, Paying Taxes, Trading Across Borders, and Resolving Insolvency.