Indian PM Narendra Modi launched ‘Make in India’ initiative with an aim of converting the country into a manufacturing hub. The initiative will attract the domestic and international manufacturers for producing in India which will not only support the Indian manufacturing industry but will also lead to the generation of thousands of jobs in the sector. ‘Make-in-India’ involves lenient or easy going legal investment procedure which makes it easy for the investors to invest in Indian manufacturing industry. Some of the main features of the Make in India initiative are:
- Invest India, a unit of commerce ministry will act as the first reference point and will guide the investors regarding the regulatory issues and also help in getting faster regulatory clearance.
- Manufacturers or investors can apply for required licenses online, round the clock. Also the validity of these licenses is being extended to 3 years.
- www.makeinindia.com, a new portal has been created where the manufacturers or investors can get answers for any of their queries from a dedicated cell. The back end team of the cell will answer the queries within 72 hours.
- The government will make the regulatory processes to make them simple and easy to go-through for the investors.
- The main objective of Make in India is to convert the services-driven growth model to manufacturing-driven growth model.
Make-in-India initiative is supposed to make remarkable changes in the Indian economy and will be one of the major boost to the manufacturing sector and will promote FDI(foreign direct Investments). Do you think that Make-in-India will be actually effective and will serve desirable results? Drop a comment to express your views regarding the Make-in-India initiative taken by the Indian government.