A decade after its launch, the ‘Make in India’ initiative has reached significant milestones in 2024.
With Rs.1.46 lakh crore in investments, the initiative generated Rs.12.50 lakh crore in production, Rs.4 lakh crore in exports, and created 9.5 lakh jobs by August.
Since 2014, India attracted $667.41 billion in FDI, representing nearly 67% of total FDI over 24 years.
Sectors like electronics, pharmaceuticals, and food processing saw substantial growth, with exports crossing Rs.4 lakh crore.
The Production Linked Incentive (PLI) scheme further bolstered India’s leadership in various industries, including pharmaceuticals, telecom, defence, and textiles.
Make in India 2.0 continued to strengthen the manufacturing sector across 27 categories.
In the electronics sector, domestic mobile production rose from 5.8 crore units in 2014 to 33 crore units in 2023-24, while iPhone production alone reached $10 billion in the first seven months of FY25, contributing $7 billion in exports.
In the pharma industry, India solidified its position as the third-largest global player by volume, with 50% of production directed towards exports.
The PLI scheme attracted over Rs.67,690 crore in investments in this sector, far exceeding targets.
The telecom industry saw India becoming a key exporter of 4G and 5G telecom equipment, achieving 60% import substitution through PLI schemes, with an increase of 150% FDI in the telecom sector between 2014 and 2021.
The defence sector also hit record highs, with Rs.1.27 lakh crore in production in 2023-24 and exports to over 90 countries.
India’s defence exports surged from Rs.686 crore in 2013-14 to ₹21,083 crore in 2023-24, showcasing the nation’s self-reliance.
The recent inauguration of India’s first private military aircraft facility in Vadodara is a major milestone for the sector.
In infrastructure, the PM GatiShakti initiative evaluated over 434 projects under three economic corridors, identifying 156 critical infrastructure gaps.
The strong foundation laid by PM GatiShakti is expected to drive infrastructure investments, predicted to grow at a 15.3% compound annual growth rate (CAGR) over the next five years, reaching $1.45 trillion.
India’s textile sector witnessed a major boost, with the PLI scheme expected to generate Rs.2,00,000 crore in turnover and create nearly 2.5 lakh jobs.
India continues to be a global leader in textile production, ranking third globally after China and Germany.
The Make in India initiative’s 10-year journey underscores its pivotal role in transforming India into a global manufacturing hub, propelling growth in key sectors, driving exports, and boosting employment.
(With an input from IANS)
