Make in India
Our honorable prime minister launched the initiative of make in India The initiative was formally introduced on September 25, 2014 by Mr. Modi at Vigyan Bhawan, New Delhi, in the presence of business giants from India., The focus of Make in India programme is on 25 sectors. These include: automobiles, automobile components, aviation, biotechnology, chemicals, construction, defense manufacturing electrical machinery, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality and wellness, in this initiative many startups sprung like mushrooms some clicked whereas 75% failed. Now when COVID 19 lockdown came into force in March 2020 many industries went into oblivion and currently the post covid economy which has put the world into Economic recession. Now as the lockdown is over in the backdrop of post Covid 19, while rebooting the Indian economy, we will need to integrate sustainability in our growth models. The difference between Made In India and make in India is that, Made in India applies to homegrown companies in India like Amul and make in India is a policy initiated by the government to minimize unemployment and restrict the goods coming in from china and rely more on Indian parts and machines. Experts say the aftershocks of the lockdown will continue to weigh on domestic industry which is expected to post a lower but certain contraction in coming months.
The Unprecedented decision to ban 59% of China’s largest app is a warning to the country’s tech giants who for years thrived behind a government imposed great firewall that kept out many of America’s best known internet names.
Although the unemployment remained high at 23.5% in May, India added around 2.1 crore jobs during the month, a 7.5% rise over April, of these 1.44 crore were small traders and wage laborers who were the worst affected by lockdown. Inflation is currently down and interest rates are also low, but could change since food inflation is going up.
Make in India is a good initiative as our dependency with imports will reduce and there would be more exports, but the mindset of the Indian Industry has to change to compete with global players in the market. We have to fine tune our manufacturing, Information Technology and Finance Sectors to bring in continuous improvement tools and stringent change management techniques and also take into account very dexterous risk management policies which need to be applied in each industry. The need of the hour is the application of Quality Management techniques like Six Sigma which focusses on the removal of defects and maintain a high quality many developed countries in the world are adopting six sigma but we find it people in the service and manufacturing industry in India still have not adopted six sigma in their organization as the mindset for change management and coming out of the comfort zone of one’s duties is not acceptable to them , the government should make six sigma implementation mandatory in each sector this will give us the power to fight with global competitors and make in India programme successful.
The Government has done a good job by tightening the norms for Chinese FDI by greater scrutiny of companies from china looking to invest directly in India and companies with existing Chinese investors may find it difficult to raise fresh funds and also hindering foreign entities with subsidiaries that are looking to raise funds and startups depending on Chinese holdings who will find it difficult to raise funds.
India’s debt to GDP ratio will likely jump to as high as 84% in fiscal year 21, the highest in nearly 2 decades. Many countries are also planning to shift their manufacturing hub from china to India Post COVID 19 which makes the initiative of Make In India Policy more Stroger. So from the above reconciliation and facts and figures we find that the initiative of Make In India will be powerful solution for India Post Covid 19.