Make In India is an initiative launched by our Government to encourage multi-national, as well as national companies to manufacture their products in India. The objective of this initiative is to transform India into a global design and manufacturing hub.
Our country has 16% of world population. So, in pure technical sense, one in six objects produced anywhere in the world should find its market in India. If we become self-reliant in our requirements, the precious foreign exchange will not go out of our country. For achieving this, we need to focus on areas like quality, reliability, variety, affordability, which are vital for any product to survive the cut-throat competition posed by mighty giants from abroad. We should achieve international standards in all these aspects. In today’s world, survival holds the key to success.
Even for our day-to-day needs as well as common requirements, we depend on foreign items. Many items like life-saving medicines, machineries, defence equipments and critical equipments are imported. If we set up manufacturing facilities in India, the cost of acquisition comes down drastically. Even foreign suppliers can set up their production units to cater to Indian requirements, thereby providing employment opportunities to our people.
To make the initiative a successful one, the related issues needs to be addressed at multiple layers – Governmental regulations, infrastructure, skill development, technology, availability of finance, etc., apart from Market for the products. We need to raise our competitiveness of the Indian manufacturing sector to global levels in order to sustain this initiative.
Listed below are few aspects where we must focus to make ‘Make In India’ initiative a successful one.
Technology: Use of cutting edge technologies for our manufacturing activities will help in improving our quality, efficiency and effective utilisation of machineries. In turn, these will yield more profits in long term. Any amount spent in Technology is definitely an investment and is going to give us better returns.
Infrastructure and Logistics: Infrastructure plays a major role in attracting investments. There should be dedicated ‘Make In India’ zones similar to existing Special Economic Zones (SEZ). Such zones should get uninterrupted power supply, adequate water, sufficient fuel facilities through bunkers/ pipe lines, good connectivity – rail/ road/ air/ ports, proper accommodation in surrounding area for people working in such zones, common waste disposal facilities, etc. As these zones would attract foreigners also, there should be accommodation as well as recreational facilities to take care of their boarding/ lodging requirements and part of their leisure. Currency exchange centres should be made available near these zones.
Creation of Markets - With newer products available in the market, new markets will emerge. Say for example, a decade ago, mobile phones were a luxury and owning a mobile phone was seen as a status symbol. It was expensive to maintain a good connection/ phone. However, today, mobile phones have become a necessity and call charges are nearly zero. New markets will emerge for the products and we should be in a position to tap them to get the benefit. New products should find their own markets through their superiority in terms of quality and innovativeness.
Tapping Manpower: India has about 25% population in the age group of 20 to 30 years and another 25% population in the age group of 30-60 years. This means that India has around 50% of country’s population, available for work/ participation in any such innovative initiatives, which is a huge plus point. Such a ready-to-work manpower is not available in other parts of the world. By giving proper training, skill development, guidance and opportunities to the people, we can spur their innovation and ignite their minds. Thus, they can be moulded to become good contributors to our economy.
Government Approvals: It is read from articles that to start an industry, one needs 45 different approvals from different authorities – state and central departments, local bodies, statutory authorities, etc. This cumbersome procedure should be simplified to make the process a simpler one. Government has to initiate single window clearance by identifying key areas and speedy approvals.
Availability of easy Finance: India being a developing country, economic conditions of general public are not that much sound. Though rich in ideas and interest, financially they are not. Easy availability of Finance on subsidised terms will definitely give a push to make the dream of ‘Make In India’ come true. Banks and Financial Institutions should take lead in this direction.
Labour Laws, Rules/ Regulations and Taxation issues: These aspects should be simplified to enable a foreign or local entrepreneur to start his/ her projects. The regulations can be made more investor friendly to give them a level playing field. In our country, we do not have uniform laws applicable across our country. Tax structures and labour laws vary from state to state. This should be addressed with a positive thinking.
Corruption-free system: Corruption has spread into our system like cancer and spoiling the interest and enthusiasm of investors. There must be stricter and ruthless enforcement of laws to punish the culprits.
With these measures, we can make ‘Make In India’, a great success. India will grow leaps and bounds and move from an agrarian economy to a manufacturing hub of the world.
We can ! We should ! We will !
“All our dreams can come true – if we have the courage to pursue them.” – Walt Disney.
Jai Hind.