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(GIST OF KURUKSHETRA) Boosting Innovation Transforming Manufacturing

(September-2023)

Boosting Innovation Transforming Manufacturing

‘Make in India’ initiative introduced by the Government of India in 2014 is a visionary programme that seeks to transform India into a prominent manufacturing hub. This ambitious endeavour is multifaceted, with the primary objectives being the promotion of domestic manufacturing, the attraction of foreign investments, the encouragement of innovation, and the generation of opportunities.

Make in India: Innovators Dream Come True!

The programme has been a dream come true for innovators for several compelling reasons. It places a high value on innovation as a driving force behind economic growth and competitiveness. The programme strives to foster an environment that nurtures innovation and offers unwavering support to entrepreneurs across diverse sectors. Moreover, with India being one of the world's largest and rapidly expanding consumer markets, innovators can tap into this vast opportunity and reach millions of potential customers.
For innovators seeking to establish manufacturing facilities or research and development centres in India, the government's provisions of financial incentives, tax benefits, and subsidies have proven to be a significant advantage. The generous support further enhances their prospects in the country.
A key feature of the initiative is its encouragement of technology transfer and collaboration between Indian companies and global firms. This opens doors for innovators to access cutting-edge technologies and expand their capabilities, driving growth and progress in the process. As a result of the efforts of the programme, Indian products and innovation have gained heightened
recognition on the global stage, positioning India as a stronger contender in the international market.

Manufacturing

The manufacturing sector is becoming a vital cornerstone in the country's economic expansion owing to the impressive performance of critical industries such as automotive, engineering, chemicals, pharmaceuticals, and consumer durables. Prior to the pandemic, the Indian manufacturing industry contributed around 16-17% to India's GDP, and it is anticipated to be one of the most rapidly growing sectors in the future.
The manufacturing sector holds substantial importance in the Indian economy, contributing 17% of the nation's GDP and providing employment to over 27.3 million workers. Recognising its significance, the Indian government has been actively introducing various programmes and policies aimed at boosting manufacturing growth. Their objective is to achieve a target of 25% of the economy’s output from the manufacturing sector by 2025.
The introduction of Goods and Services Tax (GST) has further enhanced India's attractiveness, creating a unified market with a GDP of $ 2.5 trillion and a massive population of 1.32 billion people, which is a major attraction for investors.
According to the Indian cellular and electronics association (ICEA), the country can expand its cumulative manufacturing capabilities for laptops and tablets to an impressive $ 100 billion by 2025, primarily through strategic policy interventions. These factors combined make India a compelling and promising hub for investment in the manufacturing sector.
In 2022, the Indian tech industry experiences a remarkable surge, leading to an impressive total revenue of $ 227 billion. The nation proudly boasts a staggering 108 unicorns, signifying the strength and growth of its startup ecosystem as a testament to its commitment to fostering entrepreneurship.
Additionally, the Indian startup ecosystem reached new heights, witnessing a record-breaking 240 mergers and acquisition deals before September, amounting to a staggering $ 148 billion. This impressive performance underscores the vibrant and dynamic nature of a country’s entrepreneurial landscape, making India a prominent player in the global startup and tech arena.

Sectors Pushing Make in India Programme Automotive Sector

The automotive sector has been a pivotal force in driving the success of the Government's ‘Make in India’ initiative. Renowned global car manufacturers, such as Renault, Suzuki, Honda, and Volkswagen have already established their manufacturing bases in the country, with more big names like Tesla planning to do so in the near future.

Renewable Energy

India has indeed recognised the transformative potential of renewable energy, with a particular focus on solar energy. The rise of the renewable energy industry in India has been nothing short of remarkable. The country has made significant strides in embracing renewable energy sources as a key component of its energy mix, aiming to reduce carbon emissions, combat climate change, and enhance energy security.
Solar energy, in particular, has played a central role in this transformation. India's vast geographical expanse and favourable climatic conditions make it an ideal location for solar power generation. The government has introduced various policies, incentives, and subsidies to promote solar energy adoption and attract investments in the sector.

Electronics Hardware Manufacturing

Electronics hardware manufacturing is vital to India's flagship initiatives, ‘Make in India’ and ‘Digital India’. These programmes aim to strengthen domestic manufacturing capabilities and propel India into a digitally empowered society and knowledge economy.
As a critical pillar of these initiatives, the electronics hardware manufacturing sector contributes significantly to India's economic growth and technological advancement. The country aims to achieve greater self-sufficiency, generate employment opportunities, and attract foreign investments by encouraging local production.

Food Processing

Food processing is a burgeoning sector in India, emerging as a critical component in the nation's progress by bridging the realms of agriculture and industry. This sector embodies the synergy of two vital pillars of development. Operating within the framework of the Make in India initiative, the Ministry of Food Processing is actively engaged in supporting 135 integrated cold chain projects alongside the successful operationalisation of 7 Mega Food Parks.

AI & Robotics

AI and Robotics are paramount sunrise sectors on a global scale. This technological duo is orchestrating a revolution across diverse industries, gaining substantial traction over the past few years. The Government of India has displayed a determined commitment to advancing this sector through a multitude of strategic initiatives.

Launch of ONDC

The Open Network for Digital Commerce (ONDC) is aligned with the Make in India initiative, synergizing efforts to boost domestic manufacturing. ONDC serves as a catalyst for enhancing India's self-reliance within the digital commerce sector.
ONDC's role within the framework of Make in India is pivotal, aiming to establish a collaborative and all-encompassing digital commerce ecosystem. By advocating for local innovation and production, ONDC empowers Indian enterprises and entrepreneurs, ultimately contributing to overall economic
advancement.

Conclusion

Initiatives like ‘Make in India’ underscore India's resolute dedication to nurturing economic progress, fostering innovation, and achieving self-reliance. By strategically encouraging domestic manufacturing, attracting investments, and facilitating business expansion, India positions itself for heightened global prominence across diverse sectors.
The amalgamation of technology, innovation, and localised production propels India towards a future characterised by increased capabilities, economic well-being, and self-sufficiency. These initiatives pave the way for India to emerge as a significant global player, spearheading innovation, job generation, and sustainable advancement.