Why You Should “Make In India”
Since a year and half, with the Make In India project, honorable Prime Minister Narendra Modi has been keen on transforming India into an international industrial hub while manufacturing job opportunities galore, especially for the disadvantaged community. As a fresh approach on the process, new initiatives have been implemented which majorly facilitate foreign direct investment (FDI), secure intellectual property, stimulate innovation and raise industry-best manufacturing infrastructure.
Top 5 new processes adopted by Make In India
New delicensing and deregulation measures: Focus is on developing business speed and transparency and reducing complexity
24×7 application process: Industrial License & Industrial Entrepreneur Memorandum via eBiz online portal
3 years of validity extension: Good for industrialists to use their industrial license longer
Boilers Act: Self-certification and third party certification to be introduced
Defense products: Industrial licensing not required for major components
Dual-use items: Deregulation of military and civilian applications
Make In India Mumbai week: 60 nations, 1000 firms
Started February 13 through February 18 (2016), the mega event was inaugurated by Prime Minister Modi in the commercial success megalopolis of Mumbai.
Theme: Innovation, Design and Sustainability.
Showcase: The new manufacturing revolution of India and the people, policies and partnerships behind it.
National Participants: Senior Union Cabinet Ministers, Chief Ministers, Senior Union Government and State Government officials besides senior industry leaders.
Global Participants: Heads of State and Ministers led Government and Business delegations.
What did the week focus on?
- India’s manufacturing processes and innovative products
- Leveraging design, innovation and technology
- 24-hour Hackathon event to overcome urban design issues
- Asia Business Forum exploring investment opportunities, economic challenges and more
- State Sessions, Cultural and Fashion Shows, Design Conferences and Networking Dinners
Walking on industrial corridors
The five live projects that are presently creating a buzz around the national industrial revolution (and also abroad) have come up as the major industrial corridors of India.
Delhi-Mumbai Industrial Corridor (DMIC): 49% Government of India equity, 26% Japan Bank for International Cooperation (JBIC) equity and the remaining secured by the government’s financial institutions.
Bengaluru-Mumbai Economic Corridor (BMEC): Department of Industrial Policy & promotion (DIPP) and DMIC Development Corporation (DMICDC) have implemented perspective planning by identifying 4 Maharashtra industrial nodes and 6 Karnataka industrial nodes.
Chennai-Bengaluru Industrial Corridor (CBIC): Ponneri (Tamil Nadu), Tumkur (Karnataka) and Krishnapatnam (Andhra Pradesh) are 3 nodes identified under CBIC and currently undergoing the Preliminary Environment Impact Assessment Study.
Vizag-Chennai Industrial Corridor (VCIC): The VCIC Development Program (VCIC-DP) has been approved a mammoth loan of USD 500 Million with USD 125 Million program loan from Asian Development Bank (ADB) by the Department of Economic Affairs.
Amritsar-Kolkata Industrial Corridor (AKIC): The Perspective Plan for AKIC has been prepared by consultant LEA Associates South Asia Pvt. Ltd. and discussed with the stakeholders.
Top 5 sectors Make In India is spanning over
Automobile: 23.36 Million annual vehicle production lists India the world’s 7th largest automobile producer.
Automobile Components: India overtakes America with 14.56 Million Tonne production to attain 3rd position among the world’s largest steel producers.
Food Processing: India is an affluent base for agriculture resource and sits at the top of the table according to 2013 updates for major fruit, milk and meat production.
Defense Manufacturing: India plans to invest INR 250 Billion as the Defense Budget by the next 7-8 years. The second most populated country witnesses the 3rd largest armed forces on the earth.
IT and BPM: India is the go-to IT land for foreign firms to test their services. It has saved around USD 200 Billion for clients in last 5 years and is expected to become a USD 300 Billion industry by 2020.
The ease of doing business articulated by Make In India has allured foreign investors for direct investment. Not to forget the Micro, Small and Medium Enterprises (MSMEs) sector of India is on the driver’s seat, promising growth and epitomizing vitality.