Indian Prime Minister Narendra Modi launched his “ Make in India ” program on 25th September 2014,
PM Modi promising to reduce barriers to doing business and promote foreign investment (FDI) by Make in India program. He is hoping to grow India to transform Asia’s third-Biggest economy into a manufacturing powerhouse like China.
To increase investment, gear-up research & development (R&D),
To trusted product originality and grow skill-based jobs by establishing industrial sector; Narendra Modi started many national programme. Modi has traveled all over the world with his visionary idea of ‘Make in India’ and it has given positive feedback from foreign companies. Reformation of Major Labour Law is in the schedule will increase manufacturing industry and foreign investment in India.
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The campaign was developed by Wieden Kennedy. Under the initiative, brochures on the 25 sectors and a web portal were launched. Before the program was launched, foreign equity caps in various sectors had been relaxed. The apply for licenses was made available on web portal and the validity of licenses was increased to three years. Various other policy and procedures were also relaxed.
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In August 2014, the PM modi government allowed 49% foreign direct investment (FDI) in the defence sector and 100% in railways infrastructure. The defence sector previously allowed 26% FDI and FDI was not allowed in railways. This was in hope of bringing down the military imports of India. Earlier, one Indian company would have held the 51% stake, this was changed so that multiple companies could hold the 51%.
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Between September 2014 and November 2015, the government received ₹1.20 lakh crore (US$19 billion) worth of proposals from companies interested in manufacturing electronics in India.
24.8% of smartphones shipped in the country in the April–June quarter of 2015 were made in India, up from 19.9% the previous quarter.
Hear is the video PM Modi address at the Launch of Make in India Week, in Mumbai
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