make in india- promoting entrepreneurship & innovation' - concept

Make in India

Part 1

'Make in India- Promoting entrepreneurship & Innovation'

INTRODUCTION

‘Make in India’: The Concept

Make in India Campaign was launched by the honorable Prime Minister in September 2014 with an intention to lower barriers to doing business and promote foreign investment. The campaign looked to transform Asia’s third-largest economy into a manufacturing powerhouse by emphasizing key sectors – totaling 25 sectors including both manufacturing and services domain.

‘Make in India’: The Concept

The vision of ‘Make in India program is to – a) Facilitate investment b) Foster innovation, c) Enhance skill development,d) Protect Intellectual Property, e) Build best in class manufacturing infrastructure f) Provide employment g) Making ‘Doing Business’ easy for India

‘Make in India’: Relevance

India has natural advantages of a big labor pool and domestic market. It is critical for it to become a manufacturing powerhouse in order to gainfully employ its demographic dividend. India has the opportunity to take some share of global manufacturing away from China. Especially at a time when China’s competitive advantage in terms of cost is fast eroding, being only marginally better than other developed countries.


However for India to be able to do that, the prevalent process inefficiencies need to be solved through—improved infrastructure, ease of doing business, rationalized tax policies, labour law reforms, enhanced skills, ease of land acquisition, implement Goods and Services Tax (GST) and fast track approvals. The requirements sums up the program deliverable of ‘Make in India’.


Moreover, in India, the post-liberalization and globalization era has brought with it a growing middle class – roughly estimated to be 250 million – and rising disposable incomes. This presents a huge potential, which if tapped can be a veritable gold mine. Entrepreneurs can make the best of this by catering to various demands of this segment.


‘Make in India’ will act as a first reference point for guiding foreign investors on all aspects of regulatory and policy issues, as also assist them in obtaining regulatory clearances. The Centre has already allowed 100% Foreign Direct Investment (FDI) under the automatic route in construction, operation and maintenance in rail infrastructure projects and increased FDI in defence from 26 to 49 per cent.

The investor facilitation cell will provide assistance to the foreign investors from the time of their arrival in the country to the time of their departure, with focus on green and advanced manufacturing and helping these companies to become an important part of the global value chain. Key imperatives that have been undertaken to make business process efficient include --


a) Process of applying for Industrial License & Industrial Entrepreneur Memorandum made online on 24×7 basis through e-Biz portal. b) Validity of Industrial license extended to three years. c) States asked to introduce self-certification and third party certification under Boilers Act. d) Major components of Defence products’ list excluded from industrial licensing.


e) Dual use items having military as well as civilian applications deregulated. f) Services of all Central Govt. Departments & Ministries will be integrated with the E-Biz – a single window IT platform for services. g) Process of obtaining environmental clearances made online. h) Advisories sent to all Departments/ State Governments to simplify and rationalize regulatory environment. i) All returns should be filed on-line through a unified form. j) Check-list of required compliances should be placed on Ministry’s/Department’s web portal.

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