Make in India Initiative 2.0 – UPSC Prelims

Make in India Initiative:
  • Launched Year: It was launched in 2014 by the Government of India.
  • Aim: To make India a global hub for the manufacturing, research and innovation. Also, the integrations of India in the global supply chain.
  • Objectives:
    • To increase the manufacturing sector’s growth rate to 12-14% per annum in order to increase the sector’s share in the economy;
    • To create 100 million additional manufacturing jobs in the economy by 2022; and
    • To ensure that the manufacturing sector’s contribution to GDP is increased to 25% by 2022 (revised to 2025) from the current 16%.
Make in India 2.0:
  • It presently focuses on 27 sectors with a special focus on ten champion sectors including;
    1. Capital goods,
    2. Auto,
    3. Defence,
    4. Pharma,
    5. Renewable energy,
    6. Biotechnology,
    7. Chemicals,
    8. Leather,
    9. Textiles,
    10. Food processing.
  • These sectors have the potential to become global champions and drive double-digit growth in manufacturing.
  • In manufacturing, the action plans are coordinated by the Department for Promotion of Industry and Internal Trade (DPIIT).
  • In services,  action plans are coordinated by the Department of Commerce.
Facts:
  • Foreign Direct Investment(FDI): 
    • India has registered its highest-ever annual FDI Inflow of US $74.39 billion during the last financial year 2019-20 as compared to US $ 45.15 billion in 2014-2015.
    • Further, in the last six years (2014-20), India has received FDI inflow which is 53% of the FDI reported in the last 20 years.
  • Ease of Doing Business Ranking: 
    • India has jumped to 63rd place in World Bank’s Ease of Doing Business ranking.
    • This is due to reforms in the areas of Starting a Business, Paying Taxes, Trading Across Borders, and Resolving Insolvency.