Make in India: A Decade of Progress and Challenges

The "Make in India" initiative has been instrumental in transforming India into a global manufacturing hub. Launched in 2014, the initiative focuses on enhancing the country's industrial capabilities and promoting innovation to drive sustainable growth. By creating world-class infrastructure and implementing policies that foster a conducive environment for manufacturing, the program aims to position India as a key player in the global economy.
  
September 25, 2024, was a significant milestone as it marked the 10th anniversary of the Make in India initiative, a transformative program that has been pivotal in moving the nation towards the goal of Atmanirbhar Bharat (self-reliant India). Over the past decade, the initiative has played a crucial role in reshaping India's industrial and economic landscape.
 
Since the launch of Make in India in 2014, the country's GDP grew by over 70%, rising from $2.1 trillion in 2014 to $3.6 trillion in 2024. This remarkable growth reflects the increasing contribution of the manufacturing sector to the economy and the success of policies aimed at boosting industrial output and innovation.

The Key Highlights are:

 # Increase in the average FDI inflows from $40 Billion/yr to $70 Billion/yr over the past 7 years.

 #  Production Linked Incentives (PLI) across 14 sectors that provided $26 Billion of support through manufacturing incentives.

 #  Doubling the infrastructure and industrial capital expenditure to achieve a cumulative capex of $850+ Billion over Fiscal Year 15-23. Sectors with PLI contributed approximately 12-13% of industrial capex in FY24.
 
# Significant number of new manufacturing jobs were created that reduced youth unemployment rates down to 10%.

 # Steady rise in patent filings from India that has grown to 70% from 45,000 to over 77,000 patents per year enhancing innovation and technology.
 
# Growth of exports from India has risen by 90% from $416 Billion to $777 Bn.

Over the past decade, India has witnessed the rise of a truly encouraging phenomenon — its emergence as a growing hub for compute, artificial intelligence, and data centers. As the world increasingly shifts towards a data-driven future, India is making substantial strides to position itself as a global leader in these critical sectors.
 
10 Years Of Make-In-India has empowered India with the momentum for accelerated growth. Over the next decade, the goal is to leverage this foundation and achieve even more ambitious targets. With this, India is setting the stage for the next phase of its transformation. The target is to reach over $100 billion in annual Foreign Direct Investment (FDI) inflows, resulting in a cumulative $1 trillion in FDI by 2034.