Pradhan Mantri Make In India Yojna
Pradhan Mantri Make In India Yojna, The Indian government has launched Pradhan Mantri Make in India Yojna in order to promote in-house manufacturing in our country. This is an initiative by the Indian government to persuade more foreign investment in the domestic market. This policy was launched by 25th September 2014 by our honorable Prime Minister Narendra Singh Modi. The main objective of The Pradhan Mantri Make in India Yojna, is to replenish the economic degradation of India. Our economy touched the very low level in 2013 and this scheme can be a good initiative to recover it.
This policy can be very helpful in making our country one of the global forces in the international market. Pradhan Mantri Make in India Yojna is to create a manufacturing hub in India. This is not a simple scheme but it is covering big companies to set up their plans in our country India itself. This scheme is not for paper only but it is for the growth of Indian youth. This scheme can be beneficial for the young generation as it may bring lots of job opportunities for them. The vision of this scheme is to increase manufacturing sector growth to 12 to 14 percent/annum. The main aim of this scheme is to rank amongst the top 3 growth economies of the world. Both Central and State government of India has various social welfare schemes some example of the schemes are the pension scheme by the Bihar government which is operated on the Social Security pension management information system.
Basic Working Strategy:
2014 was the prime time to bring dropped Indian economy to back on track. This policy was designed to recover the damage of Indian economy. The main objective of this policy is to project our nation India as a very potential market in international market and trade. This Yojna inspires foreign investors to invest and offer confidence to domestic citizens and the business community. This policy can be the best way to reach the international market. This policy is to offer EODB to foreign investors and companies in order to attract more FDI. Earlier only 26% of FDI was sanctioned to defence sector but now it has reached up to 49% as per the new rule. The FDI is allowed up to 100% in Railway Sectors.
Total 25 sectors were focused that needed to be promoted exclusively. These sectors were picked after much research and analysis. These are some sectors that had good scope for enhancing foreign investment. These sectors were picked wisely in order to improve product quality and manufacturing. These are some sectors that will be promoted under this policy given below:
- Automobile Components
- Electrical Machinery
- Defence Manufacturing
- Electronic Systems
- Food Processing
- Media and Entertainment
- IT and Business Process Management
- Oil and Gas
- Ports and Shipping
- Roads and Highways
- Renewable Energy
- Textile and Garments
- Space and Astronomy
- Thermal Power
- Tourism and Hospitality
Policy and Rules:
Our central government is leaving no stone unturned in order to bring investment and development to our nation. This new scheme is to encourage MNCs, regional, national, start-ups to manufacture their products in India. The main aim of PMMII is to give our economy global recognition. This scheme is to make our country more developed. This scheme is all about to make India a better country by generating employment rate.
Investors can register for this scheme and add up to the economic growth of the country. It is very easy to register online. One can make investment query by clicking on www.makeinindia.gov.in Applicant can fill the form with important details such as the sector of interest, country, contact number, email-id, name and query details. For offline query and registration process, you may contact to Invest India. This is a government agency located in Delhi. You need not pay any registration fee for participating in it. You just need to have required skills and credentials.
Reason to Invest:
An automobile can be a good sector for investors as India is the fourth largest automobile market by volume and contributes to 7% of total GDP. The biotechnology industry is also the good option for investors. India has the long history of biological and medical research. India is the 6th largest producer of chemicals so the chemical industry can be the best industry for investors to invest. India is the 3rd largest producer of agro chemicals. Investors can also have lots of reasons to invest in the construction industry. This is an every growing sector and has a lot of potential in near future. Investors can also invest in defence manufacturing, food processing sector, renewable energy sector and much more in order to get the high return on investment.
It will improve economic growth and decrease the level of poverty in India. It grows youth’s talent and provides them a platform to work and reach out to the global market. This is a supportive policy for in-house products. It would assist job market for millions of Indian people. This scheme has started to build our nation as top economical power at international level. This scheme is to support to India’s in-house products. This scheme will surely reduce the unemployment problem in India.
The government has to face lots of challenges and problems to build trust in the middle of various manufacturing sectors while implementing this scheme. Another main problem in implementing this scheme is Indian Poor Infrastructure. India lacks skilled labour force so it may be a major problem. Manufacturing sectors demand highly trained and skilled workers. It may be very difficult for the Indian government to move the youth towards the nation itself as Indian youth prefer to go overseas for job and employment. Youth feel there are more chances of future growth in foreign countries.
Our central government has to be determined in order to overcome these hurdles. This scheme is to make India a perfect destination for investors. This scheme can be very beneficial for our economy and employment growth.