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The 'Make in India' programme aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation. The 'Make in India' initiative does not target manufacturing sector alone, but also aims at promoting entrepreneurship in the country. The initiative is further aimed at creating a conducive environment for investment, modern and efficient infrastructure, opening up new sectors for foreign investment and forging a partnership between government and industry through positive mindset.
- India has already marked its presence as one of the fastest growing economies of the world.
- The country is expected to rank amongst the world's top three growth economies and amongst the top three manufacturing destinations by 2020.
- Favorable demographic dividends for the next 2-3 decades. Sustained availability of quality workforce.
- The cost of manpower is relatively low as compared to other countries.
- Responsible business houses operating with credibility and professionalism.
- Strong consumerismin the domestic market.
- Strong technical and engineering capabilities backed by top-notch scientific and technical institutes.
- Well-regulated and stable financial markets open to foreign investors
The following 25 sectors have been identified under the 'Make in India' initiative :
- Auto Components
- Defence Manufacturing
- Electrical Machinery
- Electronic System Design and Manufacturing
- Food Processing
- IT and BPM
- Media and Entertainment
- Oil and Gas
- Roads and Highways
- Renewable Energy
- Thermal Power
- Tourism and Hospitality
- Five industrial corridor projects have been identified, planned and launched by the Government of India in the Union Budget of 2014-2015, to provide an impetus to industrialisation and planned urbanisation. In each of these corridors, manufacturing will be a key economic driver and these projects are seen as critical in raising the share of manufacturing in India's Gross Domestic Product from the current levels of 15% to 25% by 2022.
- Along these corridors, the development of 100 Smart Cities has also been envisaged in the Union Budget of 2014-2015. These cities are being developed to integrate the new workforce that will power manufacturing along the industrial corridors and to decongest India's urban housing scenario.
- A National Industrial Corridor Development Authority (NICDA) is being established to converge and integrate the development of all industrial corridors.
FIVE INDUSTRIAL CORRIDORS:
- Delhi-Mumbai Industrial Corridor (DMIC)
- Bengaluru- Mumbai Economic Corridor (BMEC)
- Chennai-Bengaluru Industrial Corridor (CBIC)
- Visakhapatnam-Chennai Industrial Corridor (VCIC)
- Amritsar-Kolkata Industrial Corridor (AKIC).
- New Initiatives: The Make in India program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure.
- Foreign Direct Investments: India has already marked its presence as one of the fastest growing economies of the world. It has been ranked among the top 3 attractive destinations for inbound investments. Since 1991, the regulatory environment in terms of foreign investment has been consistently eased to make it investor-friendly.
- Intellectual Property: The Indian government has taken several initiatives to create a conducive environment for the protection of intellectual property rights of innovators and creators by bringing about changes at legislative and policy level. In addition, specific focus has been placed on improved service delivery by upgrading infrastructure, building capacity and using state-of-the-art technology in the functioning of intellectual property offices in the country. This measure has resulted in sweeping changes in IP administration within the country.
- National Manufacturing: The need to raise the global competitiveness of the Indian manufacturing sector is imperative for the country's long term-growth. The National Manufacturing Policy is by far the most comprehensive and significant policy initiative taken by the Government. The policy is the first of its kind for the manufacturing sector as it addresses areas of regulation, infrastructure, skill development, technology, availability of finance, exit mechanism and other pertinent factors related to the growth of the sector.
EASE OF DOING BUSINESS
1. Central Government Initiatives
- Unified online portal (Shram Suvidha)
- Online portals for Employees State Insurance Corporation (ESIC) and Employees Provident Fund Organization (EPFO)
- Simplified forms
- Eliminate requirement of minimum paid-up capital and common seal
- Integrate processes for obtaining PAN, TAN, ESIC and EPFO registration with incorporation of company
- Single-window clearance for import and export
2. State Government Initiatives
- Online consent system for Pollution Control Board (Gujarat)
- Unified process with single ID for VAT and Professional Tax registration (Maharashtra)
- Creation of Invest Punjab, as a one-stop clearance system for investment projects (Punjab)
- Online application portal for residential and industrial building permits (Delhi)
- Green industries exempted from inspection by Pollution Control Committee (Puducherry)
- Online portal for the grant of construction permits (Mumbai)