"Make in India" campaign was launched on 25th September 2014, and ever since it has witnessed a great run and there is no looking back for the Prime Minister's campaign. Its major objective of creating empowerment among the youth and making India a global manufacturing hub has very well been achieved. In 2015, India overtook China and the USA to become the top destination for FDI by generating $55.6 billion. The campaign is expected to generate 100 million jobs by 2022 and has brought investments worth $90 billion. India has emerged to be the fastest growing economy with 7.6% growth rate in 2015-16.
Economic surveys across the world show that FDI increase is a success for "Make in India". Indian mega startups like Flipkart, Snapdeal, Ola, Paytm seem to draw great deal of investments from the global market, which would have been never possible without "Make in India". India's rank in the World Bank's Ease of Doing Business rankings has gone up from 134 in 2015 to 130 in 2016.
With fast growth and development across all the sectors, 'Make in India' has made its present felt across the globe. Let's take you through some of the major breakthroughs of the campaign:
- The government received INR 1.2 lakh crore in proposals from companies interested in manufacturing in India. Spice made an investment of $75.16 million to set a manufacturing hub in India. The unit will manufacture budget smartphones.
- Xiaomi launched its manufacturing unit in Vishakhapatnam in August 2015. The unit is Xiaomi's first manufacturing hub outside China.
- Chinese technology giant Huawei made an investment of $170 million to set up Research and Development center in Bangalore. The company employs more than 5000 engineers in the R&D center.
- Mercedes Benz inaugurates its 2nd facility in Pune. The unit has the capacity to produce 20,000 'Made in India' luxury vehicles. Mercedes put in an investment of $148 million.
- Taiwan's Foxconn, key supplier of Apple Inc., to invest $5 billion over 5 years in a semiconductor facility in Maharashtra.
- Amazon India opened its biggest warehouse in Pune, taking its total warehouse count to 21.
- Samsung, Bosch, Philips, LG, Flextronics have shown interest in creating their manufacturing units in the country. This will bring $18 billion of investments from the company.
- General Electric Transport and Alstron got contracts worth $5.6 billion to supply Indian railways with new locomotives.
- Hitachi, Japanese technology giant, announces its plans to roll out ATMs in India. India is the largest ATM market in Asia. The company is planning to invest $5 million in the sector.
- Wistron group, the company which manufactures devices for Blackberry, HTC, to begin manufacturing smartphones in Noida.
- Chipmaker Qualcomm plans to establish innovation lab in Bangalore to provide assistance to Qualcomm related companies in India.
- France based LH Aviation and OIS Advanced Technologies to set up manufacturing plant in India to manufacture drones.
- Lenovo announced manufacturing of Motorola phones in Chennai while Micromax to invest $44 million in three new manufacturing unit in the country.
We can go on and on with the never ending significant breakthroughs of the "Make in India" campaign on the Indian economy and employment sector. "Make in India" has changed the investment climate of the country. By improving the policies Indian is witnessing a great economic atmosphere and breaking some serious stereotypes around the world. From the land of snake charmers to the fastest growing economy, India has proved all its critics wrong. The "Make in India" lion is roaring and the world can hear its roar.
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