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China. But, since the ‘factory of the world’ had got infected, economies across the globe began to feel unwell. Store shelves were emptying out. Businesses were running low on inventory. So, companies with big manufacturing units in China began to rethink their Beijing-bets. Make in India is an initiative by the Government of India to make and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to create a conducive environment for investments, develop a modern and efficient infrastructure, and open up new sectors for foreign capital. The initiative targeted 25 economic sectors for job creation and skill enhancement, and aimed "to transform India into a global design and manufacturing export hub.
"Make in India" had three stated objectives:
to increase the manufacturing sector's growth rate to 12-14% per annum;
to create 100 million additional manufacturing jobs in the economy by 2022;
to ensure that the manufacturing sector's contribution to GDP is increased to 25% by 2022 (later revised to 2025).[5]
After the launch, India gave investment commitments worth ₹16.40 lakh crore (US$210 billion) and investment inquiries worth of ₹1.5 lakh crore (US$19 billion) between September 2014 to February 2016.[6][7][8] As a result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing the United States and China, with US$60.1 billion FDI. As per the current policy, 100% Foreign Direct Investment (FDI) is permitted in all 100 sectors, except for Space industry (74%), defence industry (49%) and Media of India (26%).Japan and India had also announced a US$12 billion 'Japan-India Make-in-India Special Finance Facility" fund to push investment.
#India #china #manufacturing #makeinindia #factory #chinesefactory #indiafactory
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