As India marks the tenth anniversary of the ‘Make in India’ initiative, it is only fitting to reflect upon the monumental achievements that have defined the nation’s journey towards becoming a global manufacturing hub. Launched on September 25, 2014, under the leadership of Prime Minister Narendra Modi, this visionary program has catalysed India’s industrial renaissance, with the twin goals of fostering innovation and inviting investment while positioning the country as a leader in design, production, and infrastructure.
The ‘Make in India’ initiative was born at a time when the global economy sought new engines of growth. India, with its vast human resources, ever-growing technological capabilities, and entrepreneurial spirit, was ripe for such an economic transformation. This initiative provided a clarion call for both Indian and global investors to participate in the creation of a self-reliant India – a nation where “Vocal for Local” was not merely a slogan but a strategic roadmap for the future.
One of the most striking successes has been India’s ascent as the world’s second-largest mobile phone manufacturer. In a market dominated by international players, India’s emergence as a major production centre exemplifies the initiative’s focus on high-value industries and the integration of cutting-edge technology. This industrial shift has brought not only increased domestic capacity but also global recognition of India’s prowess in manufacturing.
A linchpin in this transformation has been the Production-Linked Incentive (PLI) scheme. As of March, 2024 this ambitious scheme has unlocked over ₹1.28 lakh crore in investments across key sectors such as electronics, pharmaceuticals, and automotive; resulting in the generation of around 8 lakh jobs. The PLI scheme’s ripple effect can be observed in industries where India is becoming a global leader, from semiconductors to EVs. This has enabled a shift in the global supply chain dynamics, with India emerging as a viable alternative for companies seeking diversification beyond traditional manufacturing giants.
Perhaps most emblematic of the success of ‘Make in India’ is the nation’s beaming startup ecosystem. The Department for Promotion of Industry and Internal Trade (DPIIT) recognises over 1.48 lakh startups pan-India. This entrepreneurial surge has created over 1.5 million direct jobs, showcasing how the initiative has had a tangible and transformative impact on employment generation and skill development across the country.
In defence production, India has achieved record-breaking growth, with defence manufacturing hitting an astounding ₹1.27 lakh crore in the 2023-24 fiscal year, with a 2024-25 target of ₹1.6 lakh crore. The government’s efforts to foster self-reliance in defence capabilities have placed India on a global stage as an emerging powerhouse in the military-industrial complex, while simultaneously reducing dependence on foreign suppliers.
India’s role as a global health provider, producing 60% of the world’s vaccines, further solidifies its position as a critical player in global supply chains. This accomplishment, combined with India’s rank as fourth-largest renewable energy installed capacity globally, signifies how the ‘Make in India’ initiative has transcended manufacturing to touch upon critical sectors like healthcare and sustainability.
As could be surmised, India’s EXIM landscape too has witnessed a transformation, courtesy the initiative. To get a brief overview, read NEF’s latest blog title, “India’s EXIM Evolution: From Spices-Software, And Everything in b/w”.
It is evident that the initiative has become a cornerstone of India’s economic strategy, forging new paths for the nation’s industrial and technological future. The program’s successes are not merely achievements of the present but also foundations upon which India’s future prosperity will be built.