India is in a transition phase where good economic growth is evident. In terms of economic transformation, we are now trying to compete with the countries of the developed world like the USA which are at an advance stage of economic development. As far as our population growth is concerned, we are creating a city equivalent to Chicago every year. Ten thousand people are moving from rural areas to urban areas every month which is a big transformation.
With the Make in India campaign we are moving towards 3.6 trillion market by 2025. Make in India and Digital India are promoting inclusive growth. India is moving towards digitalization very fast as people are talking about using mobile money and making payments through paytm. In the banking sector, the big development is the initiation of the Jan Dhan Yojna by Prime Minister Narendra Modi. Under this Yojna, 10 million accounts have been opened in the rural sector.
Swachch Bharat is another important campaign initiated by the Prime Minister. Under the Swachch Bharat campaign, toilets are being constructed in rural India.
The employment sector got a big boost under Make in India. Over the past two years there has been an increase of 6.8% in employment generation. The manufacturing sector, which is the focus of Make in India, has also recorded a good growth of 17% in employment generation.
The service sector is a very important sector for Make in India. This sector’s contribution to India’s GDP is expected to grow from the present 25% to 50% by 2020. In the infrastructure
sector, India’s growth rate of 6.8% is way behind the growth rate of the developed countries, which is 16%. However, this sector is set to get a big boost with the proposed development
of 100 smart cities by 2025. Besides, 400 small towns will be developed and 110 million new houses will be constructed.
The present roads coverage of 100000 kilometers is targeted to be increased to 200000 kilometers by 2025. There is also a move to to develop 1000 industrial zones and free trade zones by 2020 and 250 new airports will become operational by 2025.
To provide finance for development, FDI limit has been raised to 100% in many sectors. Two years ago many sectors had no provision for FDI but today these sectors have been allowed to receive 50% FDI. Certain sectors can receive more than 100% FDI.
In the alcobev industry also, a lot is happening in the manufacturing segment. Some people have applied to set up new plants. Some are importing microbrewery plants from China and other countries. A good development is that the manufacture of microbreweries has also started in the country.
In nutshell, Make in India has created avenues for all round development of the country.