MAKE IN INDIA 2.0

Make in India initiative has made significant achievements and presently focuses on 27 sectors under Make in India 2.0.

Context

Make in India initiative has made significant achievements and presently focuses on 27 sectors under Make in India 2.0.

Make in India initiative

• It was launched on September 25, 2014.
• The initiative is 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.

Objectives

• Facilitating investment
• Fostering innovation
• Building best in class manufacturing infrastructure
• Making it easy to do business
• Enhancing skill development

Need for Make in India 2.0

• Lack of research and development, lack of conducive environment for business, underscored skills development and up-gradation program, creating are some of the major challenges faced by Make in India first phase.
• In the current phase government has identified 10 sectors which have the potential to become global champions and drive double- digit growth in manufacturing.The sectors have been identified for renewed focus under the Make in India version 2.0.

Recent Government steps to boost domestic investments

• National Infrastructure Pipeline for example Vocal of local and MSME boost
• Reduction in Corporate Tax
• Easing liquidity problems of NBFCs and Banks
• Trade policy measures to boost domestic manufacturing
• Government of India has also promoted domestic manufacturing of goods through public procurement orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives of various Ministries.
• Steps were taken to improve Ease of Doing Business.
• Simplification and rationalisation of existing processes