Make in India at 10: A vision for global manufacturing leadership

On this momentous occasion of 10 years of the Make in India, it’s time to reflect on the transformational journey India has undertaken towards the mission of making itself a global manufacturing hub. Since the launch of Make in India on September 25, 2014, the government has been consistently working towards a facilitative policy regime for businesses in manufacturing. Globally also, the mission has resonated well.

India’s manufacturing landscape has been reshaped, foreign investments have surged, and the ease of doing business has significantly improved. The success of Make in India has been driven by several landmark reforms, starting with an investor friendly FDI policy. In the past 10 years (2014-2024), FDI inflow increased by a significant 119 per cent, totalling $667 billion, compared to $304 billion in the previous decade. Crucially, over 90 per cent of this investment has come through the automatic route, demonstrating the ease of doing business and other reforms carried out in India. Additionally, the implementation of the Goods and Services Tax (GST) in 2017, one of the most comprehensive tax reforms in India’s history, has streamlined the tax regime and created a unified national market.

Sustainability has become a critical pillar of India’s manufacturing roadmap. In 2022, the Indian Government launched the National Green Hydrogen Mission, aiming to position India as a global leader in the production, usage, and export of green hydrogen. Similarly, government has focused on electric mobility over the years thereby leading to sustain increase in penetration levels of EVs. With projections estimating 3 to 3.5 crore electric vehicles on India’s roads by 2030, the government has set an ambitious target to establish over 1.5 million charging stations across the country.

The Government’s focus on export promotion by progressive integration with the globe through FTAs signed in the last few years, has opened doors for Indian goods to penetrate international markets with relative ease. Reforms such as the Jan Vishwas (Amendment of Provisions) Act, which decriminalized over 180 provisions across 42 legislations, and the National Single Window System (NSWS), which serves as a one-stop platform for investors, have certainly created a better environment for doing business.

PLI schemes in fourteen sectors have successfully attracted substantial investments in electronics, pharmaceuticals, automotive and others and are helping India to become a manufacturing destination and a preferred sourcing partner for major economies.

Recently, in a major shift, India surpassed Japan to become the third-largest power in the Asia Power Index, reflecting its increasing geopolitical stature.  Besides other parameters, the index is an indicator of increased focus on Make in India in defence sector and India’s growing capabilities and significant transformation in this strategic sector. Defence exports have reached a record $2.63 billion in 2023-24. This is a remarkable growth by 31 times over the last decade compared to 2013-14. The progress of national competency in defence programs especially in areas like land systems along with its larger ecosystem has been a significant step towards achieving Atmanirbharta in Defence. Today, Indian private companies are delivering world class indigenised products including armoured vehicles, with great quality, robust safety and world class capability which are required by the armed forces for their operational and tactical needs. In the decades to come this initiative will continue to strengthen further and help actualise PM’s vision of “Make in India, Make for the world”.

As we reflect on this decade of remarkable progress, we are reminded that the journey is far from over. Manufacturing in India has to grow sixteen times to achieve a share of 25 per cent in our GDP by 2047. India stands on the cusp of a new era of manufacturing excellence and continuous policy support will help India rise as a manufacturing powerhouse.

The writer is Ficci president. Views are personal