What “Make in India” would make in India
The Make India Week just concluded last Thursday in Mumbai, inaugurated at the hands of Prime Minister Mr. Narendra Modi with a challenging as well as curious note.
Ahead of the launch of Startup India — Stand up India initiative, this initiative was kicked off on 13th February with the clarion call made by Shri Modiji by saying, “Let’s Make in India, soon the world will come to us.”, ostensibly India seems to become a lucrative business hub not just for Indians but for NRIs and other countries too.
Here are 10 things to know about this pet initiative:
- This visionary movement is intended to make India a global manufacturing hub, since only 17% of our GDP from manufacturing forms can help us achieve our target of 25% besides creating additional jobs.
- This initiative is going to throttle employment scenario in the country with several investments in different sectors. Not just that, Make in India Week already nets Rs 15.2 Lakh Crore in Investment Commitments and according to a government official, it has reached Rs.8 trillion — 82% more than what India has attracted through FDI since Modi came to office in May 2014.
- A rendezvous of the local, national and international delegates, analysts, investors and business enthusiasts. This week’s haul has created a great opportunity to woo global investors.
- Till 2022, the government is planning to raise 100 million new employment opportunities. Therefore, with better job opportunities, there will be enhancement in lifestyle facilities and fiscal growth in the country. This will result in deceasing the brain drain scenario in the coming years from the country.
- Smart Cities will boost the startup initiatives with Modi’s Make in India pet project. According to Rituparna Chakraborty, co-founder of TeamLease Services, “Skill development has gained enormous traction with Make in India. The plan to create 100 smart cities is also expected to fuel job growth,” The initiative hopes to increase tax revenue in the coming years as well.
- Prime Minister Modi has identified 25 sectors that will be potential investment and employment attractions targetted in the fragmented marketplace of the country.
- India having enormous capacity of force generation as the nation is popularly known as young nation and it has the world’s largest youth population according to UN report. Thus, it will not only sensitize the growth in skill development but will also result in increasing livelihood opportunities.
- From providing tax exemption to startups, setting up a corpus fund, 80 % reduction in registration of patent fee, self-certification compliance, and no government inspection for initial three years all these in order to support startups and start business with ease. These suitable circumstances as discussed in Startup India campaign has remarkably boasted the effectiveness of Make in India initiative.
- GOI established ‘Invest India’ as the national investment promotion and facilitator agency in December 2009. A not-for-profit company, Invest India has a unique structure for aiding seamless work across various ministries / departments and corporate heads, it addresses a range of investor queries, concerns, and facilitates their goal of taking an investment decision. This will go in line with the spurt in investment in home ground business ventures launched this year and coming years.
- And last but not the least, the launch of Freedom 251, a Make in India smartphone at the price of merely INR 251. Yes you heard it right! Ringing bells, a smartphone company has brought this idea of smartphone with a price tag of Rs 251. With India being world’s second largest mobile market and has a total of one billion mobile phone subscribers, it is again a good news for Indians and a disruptive strategy to create competition in a market already dominated by low-cost handsets. Launch of this world’s cheapest smartphone is believed to aid SMEs and business growth in the villages. Click on link here and here to get more details about Freedom 251.
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