launched in 2014 ake in India initiative wasand the main aim of this initiative is to make India a global manufacturing hub by encouraging both multinational as well as domestic companies to manufacture their products within the country.
Features of the Scheme
- The initiative is based on four pillars:
. New processes: It recognizes ease of doing business as the single most important factor to promote entrepreneurship. The aim is to de-license and de-regulate the industry during the entire life cycle of a business.
. New infrastructure: Government intends to develop industrial corridors and smart cities to provide infrastructure based on state-of-the-art technology with modern high-speed communication and integrated logistic arrangements.
. New sectors: The scheme has identified 25 sectors in manufacturing, infrastructure and service activities.
. New mindset: The scheme aims to bring a paradigm shift in how Government interacts with industry. The approach will be that of a facilitator and not regulator.
- Department for Promotion of Industry and Internal Trade (DPIIT) is entrusted with the task of formulation of Foreign Direct Investment (FDI) policy, monitoring of Ease of Doing Business reforms and investment promotion and facilitation activities.
- The 25 sectors include automobiles, automobile components, aviation, biotechnology, chemicals, construction, defence 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.
Outcomes of the Scheme
- India became a net exporter of electricity. A total of 7203 MU were exported to Nepal, Bangladesh, and Myanmar during 2017-18.
- One of the world’s largest 648-MW solar power plants in Tamil Nadu was commissioned on September 21, 2016.
- Two path-breaking prototype locomotives of WAGC3 & WAG11 class of 10,000 and 12,000 hp respectively were developed indigenously by converting existing diesel locomotives to upgraded electric locomotives.
- 88 cold chain projects were commissioned from June 2014 to August 2018, thereby, creating an additional food processing capacity of 3.9 lakh tonnes.
- Three textile mega clusters in Bareilly, Lucknow, and Kutch are in the development phase which can benefit 14,505 artisans.
- According to the data provided by India Cellular & Electronics Association (ICEA), the initiative saved Rs. 3 lakh crore of possible outflow in four years, by replacing the import of completely built units (CBUs) with domestically manufactured and assembled handsets.
- Major ports in India have added capacity of 92.19 MTPA during FY 2017-18. Total turnaround time at these ports has reduced by 33% from 96 hrs in FY 2014-15 to 64.32 hrs in FY 2017-18.