On the 10th anniversary of the Make in India initiative, Minister of Commerce and Industry Mr. Piyush Goyal highlighted remarkable achievements that underscore the program's transformative impact on India's manufacturing sector. In a social media post, he shared data revealing a significant reduction in mobile imports, which have plummeted by around 85% since the initiative's launch. Mobile imports, which stood at US$ 5.82 billion (approximately ₹48,609 crore) in the fiscal year 2014-15, have now decreased to US$ 917.3 million (around ₹7,665 crore) in 2023-24.

This drastic reduction in imports is a clear testament to the effectiveness of the Make in India initiative, which aims to foster domestic manufacturing and reduce dependency on foreign goods. Mr. Goyal also celebrated a substantial 200% increase in manufacturing jobs between 2022 and 2024, noting that 99% of mobile phones sold in India are now manufactured domestically. This shift not only strengthens India's manufacturing capabilities but also contributes significantly to job creation in the sector.

A Transformative Force

The Make in India initiative, launched in 2014, has been characterized by key reforms aimed at reshaping India's industrial landscape and driving economic growth. Mr. Goyal emphasized the introduction of the Production-Linked Incentive (PLI) scheme, which targets crucial sectors to enhance manufacturing capabilities and attract investments. This scheme has played a vital role in incentivizing manufacturers to increase production domestically, thereby contributing to the reduction of imports.

In addition to the PLI scheme, the government has made significant strides in improving the ease of doing business in India. These reforms have attracted substantial Foreign Direct Investment (FDI), fostering a business-friendly environment that encourages both domestic and international companies to invest in the Indian market. The startup ecosystem has also seen notable improvements, with initiatives aimed at creating employment opportunities and supporting innovation across various sectors.

Vision for the Future

Mr. Goyal articulated a vision for India's economic future, positioning the Make in India initiative as a foundation for the country's journey towards becoming a Viksit Bharat (Developed India) by 2047. This ambitious goal aligns with Prime Minister Mr. Narendra Modi's vision of establishing Brand India as a global symbol of innovation and quality. The minister's remarks underscore the government's commitment to further enhancing India's manufacturing capabilities, thereby setting the stage for future industrial and economic growth.

Conclusion

As the Make in India initiative celebrates its 10th anniversary, the statistics shared by Mr. Piyush Goyal highlight a significant transformation in India's manufacturing landscape. With a sharp reduction in mobile imports and a substantial increase in domestic production, the initiative has proven to be a driving force for economic development. By fostering a supportive environment for businesses and creating jobs, Make in India is not just reshaping the present but also laying the groundwork for a prosperous future.

As India continues on its path of economic growth and development, the focus on enhancing manufacturing capabilities and promoting local production will remain crucial. The success of the Make in India initiative serves as an encouraging reminder of what can be achieved through collaborative efforts and strategic reforms.

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