Government of India’s flagship programme ’Make In India’ completes 8 years
Tags: National Economy/Finance Government Schemes
The flagship program of the Government of India, 'Make in India’ completed 8 years on 25 September 2022. The programme was launched by the Prime Minister Narendra Modi in 2014 to transform the country into a leading global manufacturing and investment destination.
The initiative is an effort of the government to attract foreign investors to invest in India.
Giving the accomplishment of the Make in India Initiative the Union Commerce Ministry highlighted the following accomplishment of the programme.
- Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative. The PLI Scheme incentivises domestic production in strategic growth sectors where India has comparative advantage.
- Recognising the importance of semiconductors in the world economy, the Government of India has launched a USD 10 billion incentive scheme to build a semiconductor, display, design ecosystem in India.
- The Ministry highlighted that India's export of toys increased to Rs 2601.5 crore in 2021-22 as compared to Rs 1612 crore in 2018-2019, an increase of 61%.
- The Foreign Direct Investment has increased from US $ 45.15 billion in 2014-2015 to record $83.6 billion in 2021-22.
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