Make in India and Economic Development

Abstract

Make In India is an initiative that focuses on encouraging companies to manufacture in India. It was launched on 25th September 2014 by our Prime Minister Shri Narendra Modi, the major objective suggested by the Government is to facilitate skill development and job creation. The initiative has identified 25 sectors in which manufacturing will be promoted. The initiative also hopes to increase GDP growth and tax revenues. It also focuses on improving quality of products and ensuring minimum environmental effect. All these things ultimately drive towards something know as Economic Development - which focuses on sustained long-term growth and improvement I the health of the economy. The term economic development is used in different contexts, but the central idea remains the same- Sustained Positive Growth. This paper shall focus on deciphering the important details of the Make in India initiative. It will highlight on new aspects that the Government is bringing up to attract investment. There are new initiatives, new processes and whole new mindset that is being put in place, this paper shall analyze and present them in an easy and simple manner. The progress of the initiatives and their effect shall also be studied to highlight their contribution towards overall economic development.