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HT takes you through the finer details of Modi’s ambitious campaign:
What is the Make in India initiative?
It is PM Modi’s signature initiative to urge companies — local and foreign — to invest in India.
What does the initiative contain?
It contains a raft of proposals designed to get foreign companies to set up shop and make the country a manufacturing powerhouse.
How was the initiative launched?
The ‘Make in India’ programme was first mooted by the PM in his Independence Day speech last month. On Thursday he will launch it during an event at Vigyan Bhawan in New Delhi at 10am that will be beamed live not just across the country but to gatherings of industrialists across the world.
What are the initiative’s focus sectors?
The programme lays emphasis on 25 sectors with focus on job creation and skill enhancement. These include: automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways, auto components, design manufacturing, renewable energy, mining, bio-technology, pharmaceuticals and electronics among others.
What about easing of foreign investment rules?
As part of the plan, foreign investment caps in construction will be eased to enable greater participation in the NDA government's 100 smart cities project and affordable housing. FDI caps in railways and defence production have already been eased to 100% and 49% respectively.
Why is there a need to focus on manufacturing sector?
The government's push for manufacturing comes at a time when many big companies are seeking an alternative to China as costs and risks there rise. The objective is also to ensure solid growth and employment creation. During 2005-12 India added only 15 million jobs, a quarter of the figure added in the previous six years.
