What is “Make in India Initiative 2.0”?

What is the News?

The Minister of Commerce and Industry has informed Lok Sabha about the Make in India Initiative 2.0.

Make in India Initiative:

• Launched Year: It was launched in 2014 by the Government of India.
• Aim: To make India a global hub for the manufacturing, research and innovation. Also, the integrations of India in the global supply chain.
• Objectives:
  • To increase the manufacturing sector’s growth rate to 12-14% per annum in order to increase the sector’s share in the economy;
  • To create 100 million additional manufacturing jobs in the economy by 2022; and
  • To ensure that the manufacturing sector’s contribution to GDP is increased to 25% by 2022 (revised to 2025) from the current 16%.

Make in India 2.0:

• It presently focuses on 27 sectors with a special focus on ten champion sectors including; 1. capital goods, 2. auto, 3. defence, 4. pharma, 5. renewable energy, 6. biotechnology, 7. chemicals, 8. leather, 9. textiles, 10. food processing.
• These sectors have the potential to become global champions and drive double-digit growth in manufacturing.
• In manufacturing, the action plans are coordinated by the Department for Promotion of Industry and Internal Trade (DPIIT). In services,  action plans are coordinated by the Department of Commerce.

Achievements so far:

• Foreign Direct Investment(FDI): India has registered its highest-ever annual FDI Inflow of US $74.39 billion during the last financial year 2019-20 as compared to US $ 45.15 billion in 2014-2015.
  • Further, in the last six years (2014-20), India has received FDI inflow which is 53% of the FDI reported in the last 20 years.
• Ease of Doing Business Ranking: India has jumped to 63rd place in World Bank’s Ease of Doing Business ranking. This is due to reforms in the areas of Starting a Business, Paying Taxes, Trading Across Borders, and Resolving Insolvency.

Source: PIB