Year Ender: 10 years of ‘Make in India’ initiative hit new peaks in 2024

New Delhi, Dec 31 (IANS) A decade after its launch, ‘Make in India’ has broken several records and in 2024, the mission further cemented its success as one of the most impactful economic initiatives in the country.

With Rs 1.46 lakh crore investments by August 2024, the initiative has generated Rs 12.50 lakh crore in production, Rs 4 lakh crore in exports, and 9.5 lakh jobs.

Between April 2014 and March 2024, India attracted $667.41 billion in FDI, representing nearly 67 per cent of the total FDI received over the last 24 years.

Exports have also seen a substantial uptick, surpassing Rs 4 lakh crore, driven by key sectors such as electronics, pharmaceuticals, and food processing.

In 2014, Prime Minister Narendra Modi launched the ‘Make in India’ initiative with a bold vision to transform the country into a global manufacturing hub.

The programme was aimed at revitalising the manufacturing sector, enhancing job creation, and boosting the country’s economy by fostering local production.

Now, the ‘Make In India 2.0’ is developing a robust manufacturing sector across 27 categories with renewed vigour and energy.

Back in 2014-15, domestic mobile phone production stood at 5.8 crore units, which was increased to 33 crore units in 2023-24, with imports dropping significantly. Exports reached five crore units, and FDI increased by 254 per cent, highlighting the scheme’s role in boosting manufacturing and investment.

In just the first seven months of FY25, iPhone production in India reached an impressive $10 billion, with $7 billion in exports, a new record. Over the past four years, the Apple ecosystem has also generated 1,75,000 new direct jobs, with over 72 per cent of these roles filled by women, as per the government data.

The PLI scheme in the pharma sector has strengthened India’s position in the global pharmaceuticals market, making it the third-largest player by volume. As a result, 50 per cent of the production is now directed towards exports, underscoring India’s growing influence in the global pharma industry.

Over 115 companies applied, with 85 approved for incentives, expected to attract $8 billion (Rs 67,690 crore) in investments, far exceeding the target.

As per the latest data, India achieved 60 per cent import substitution in telecom products under the PLI scheme, with global tech companies setting up manufacturing units, making India a key exporter of 4G and 5G telecom equipment.

Efforts like the announcement of design-led manufacturing of 5G products in the Union Budget 2022-23 and the increase of FDI in the telecom sector by around 150 per cent between 2014 and 2021 paved the way for sustainable growth and technological leadership in the upcoming years. The drone sector has also seen rapid growth, with turnover increasing seven-fold due to the PLI scheme.

In the field of infrastructure, the PM GatiShakti initiative has marked a milestone with over 208 big-ticket infrastructure projects worth more than $180 billion of various ministries being assessed.

It has played a pivotal role in identifying and rectifying 156 critical infrastructure gaps, particularly in last-mile connectivity for key sectors like coal, steel, fertilizer, and food distribution. Additionally, 434 projects under three economic corridors of the Ministry of Railways have been evaluated.

The strong foundation of PM Gati Shakti is fuelling remarkable growth in infrastructure investments. Morgan Stanley predicts that over the next five years, these investments will grow at a 15.3 per cent compound annual growth rate (CAGR), with total spending anticipated to hit $1.45 trillion.

The platform's success has attracted global attention, with countries like Nepal, Bangladesh, Sri Lanka, Madagascar, Senegal, and Gambia showing interest in adopting elements of the initiative.

The defence sector, one of the key focus areas of the Make in India initiative, also saw record-breaking progress. India's defence production has reached a record high of Rs 1.27 lakh crore in 2023-24, with exports to over 90 countries. India has experienced an extraordinary rise in its defence exports over the last decade, with figures multiplying more than 30 times.

The recent inauguration of India’s first private military aircraft facility in Vadodara is a testament to Make in India. Located at the Tata Advanced Systems Limited (TASL) campus, the facility will be responsible for manufacturing the Airbus C295 aircraft, marking a significant milestone for India's aerospace industry, the manufacturing ecosystem and defence capabilities.

Now, 65 per cent of defence equipment is produced within India, showcasing the nation's growing self-reliance. This shift is supported by 16 Defence Public Sector Units (DPSUs), more than 430 licensed companies, and around 16,000 Micro, Small, and Medium Enterprises (MSMEs). Notably, 21 per cent of this production comes from the private sector, a key driver of India's defence strength.

India’s defence exports have also seen unprecedented growth, surging from Rs 686 crore in FY 2013-14 to Rs 21,083 crore in FY 2023-24 -- an increase of over 30 times in just a decade.

The PLI scheme in the textile sector, with a total projected investment of over Rs 28,000 crore, projected turnover of over Rs 2,00,000 crore and proposed employment generation of nearly 2.5 lakhs is intended to promote the production of MMF Apparel and Fabrics and Technical Textiles products in the country to enable the textile industry to achieve size and scale.

According to trade data, India’s apparel exports registered 35 per cent year-on-year growth in October and textile exports grew 11.56 per cent. At present, India is the world's second-largest producer of textiles and garments, accounting for 4.6 per cent of global trade and ranked as the third-largest textile exporter in the world after China and Germany.

In the Railways sector, as of December 2, 2024, 136 Vande Bharat trains with Chair Car Coaches are already operating across the Indian Railways network. The introduction of 136 Vande Bharat trains, a hallmark of Make in India, showcases the nation’s capability to deliver world-class, indigenously manufactured rail technology.

The Kavach system, designed to enhance train safety, has already been deployed on 1,548 route kilometres (RKm) on the South Central Railway and North Central Railway. At present, about 97 per cent of the total Broad gauge (BG) network of the Indian Railways has been electrified.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.