The much ambitious “Make in India” program launched by our honorable Prime Minister Shri Narendra Modi is posed to make the country the third-largest economy in the world by the year 2030. According to our PM, India has the unique 3 ‘D’s’ for businesses striving towards growth – Democracy, Demography and Demand. Being on the threshold of big industrial reforms, India exhibits amazing growth opportunities to global manufacturing firms.
The “Make in India” program endeavors to make India the manufacturing hub of the world, posing challenging to China’s dominance in the sector. India’s tech-savvy and educational workforce, skilled labor, strong legal and IPR command, and a resilient commitment to regulated liberalization opens up a bright future for companies.
India’s manufacturing domain has progressed through various chapters – from the early industrialization and the license raj to liberalization and the existing phase of universal competitiveness. In present time, Indian manufacturing companies in various sectors are focusing on global markets and are becoming challenging global contenders.
- The country is supposed to be among the world’s top three growth economies and amongst the top three manufacturing hubs by 2020
- Advantageous demographic dividends for the next 2-3 decades
- Continued availability of skilled workforce
- Robust consumerism in the local market
- Resilient technical and engineering competencies supported by renowned scientific and technical institutes
- The manpower cost is relatively low as compared to other regions
- Industrial Parks: There is an industrial part in every Indian state that can be used for setting up of industries
- National Investment & Manufacturing Zones: NIMZ is a mixture of production facilities, public utilities, logistics, residential areas and administrative services. It features a processing space, where manufacturing facilities, along with related logistics and other services and required infrastructure will be set, and a non-processing area, to take along residential, commercial and other social and institutional infrastructure
- Special Economic Zones: India has also prepared SEZs that are dedicatedly described territories treated as foreign territory for the objective of industrial, service and trade procedures, with rebates in customs duties and a more liberal system in regard to other levies, foreign investment
- Sector specific clusters: such as electronic manufacturing clusters, mega food parks etc: The government of India has been encouraging the development of sector specific industrial parks.
- Country specific zones: The country also has few specialized zones for industrial units such as example Neemrana Japanese Zone etc.
- Industrial corridors: The Government of India is developing the Delhi-Mumbai Industrial Corridor (DMIC) as a global manufacturing and investment destination utilizing the 1,483 km-long, high-capacity western Dedicated Railway Freight Corridor (DFC) as the backbone. The objective is to increase the share of manufacturing in the GDP of the country and to create smart sustainable cities where manufacturing will be the key economic driver.
- Other four corridors: planned include Bengaluru Mumbai Economic Corridor (BMEC); Amritsar – Kolkata Industrial Development Corridor (AKIC); Chennai Bengaluru Industrial Corridor (CBIC), East Coast Economic Corridor (ECEC) with Chennai Vizag Industrial Corridor as the first phase of the project (CVIC).