7 Key Facts to Know About 'Make In India'

BENAGLURU: Make In India Project (MIIP), a brain child of PM Narendra Modi is anticipated to change the future phase of the Indian economy. The project is subject to attract foreign investment and to encourage the local entrepreneurs, in that way that it is marked to develop a brand value throughout the world. But not many of us know about some of the interesting facts behind it and here goes the list, as reported by the Swarajya.

Easy Doing Business:

Currently India ranks 130 among 189 courtiers for ‘easy business doing.’  Hence to see the substantial rise in the rankings, the Union Government has reduced the possible hassles for trouble-free setting up of business in the country. As a result, reforms have been made to the related policies and thus the mandatory credentials for export and import have been reduced to three, which was ten earlier.

Coordination:

MIIP has recommended for an effective coordination between the state officials and bureaucrats from the central, in order to setup a hitch free structure that will ease the process of establishing business in the country. Further, the Ease of Regulatory Requirement (ERR) has been established to assess the business friendly environment in the state and encourage the “competitive federalism.”

Industrial infrastructure:

Business friendly industrial infrastructure plays a major role in forming industrial corridors, apprehending this significant point, under the initiative the government has setup National Industrial Corridor Development Authority (NICDA) to supervise comprehensively on the development of the industrial corridors and industrial clusters.

Indian Intellectual Property Rights (IPR):

Attracting foreign business has not only been the prime agenda behind the project, on the other hand it is cheering the innovation as well. As a consequence the government established an Indian Intellectual Property Rights (IPR). Under which collaboration between foreign and domestic companies, promote partnerships between public and private companies and ensure that business confidentiality and trade secrets are adequately protected.

Foreign Direct Investment:

MIIP is strongly impacting on the FDI, as a consequence the inflow on manufacturing sector rose substantially by 23 percent in the fiscal year 2014-15. Whereas, it has fallen by 16 percent internationally, this signifies the success ratio of MIIP. Particularly, sectors like electronics, automobiles and telecom are leading in receiving the investments. Additionally, Out of 25 sectors, Defense and News Media are not listed in the 100 percent FDI program.  

Investor Facilitation Cells:

In order to provide all the comprehensive information to the investors, ‘Investor Facilitation Cells’ was setup at the Federation of Indian Chambers of Commerce and Industry. The respective cell serves providing all information across all sectors, follow up information approvals from all departments agencies of government on behalf of the investor and the investing community and fixing appointments of the investors with different departments and agencies of the Government. 

Impact:

It’s been a year for initiating the IIPM and the relative development has awestruck the nation. Comparatively, Spice Group announced the investment of rupees 500 crore in Uttar Pradesh, Samsung declared that it would set up a MSME-Samsung Technical Schools in the country and telecom hardware manufacturing plant in Chennai.

Further, Huawei opened a new research and development (R&D) campus in Bengaluru by investing U.S. $170 million, similarly, Xiaomi also setup a production plant in the country and manufactured Xiaomi ‘Redmi 2 Prime.’

The biggest news come when the Boeing stepped up and announced that it would assemble either Apache or Chinook defense helicopter in India.

Also Read: China's First Big Passenger Plane Rolls Off Production Line
Rohtang Tunnel Excavation, An Engineering Marvel, Set To Pick Up Speed