Open AccessMAKE IN INDIA – ROAD AHEAD GLOBAL AND DOMESTIC OUTLOOK OF MANUFACTURING SECTOR GROWTH DYNAMICS, OPPORTUNITIES AND CHALLENGES
Author(s) -
K. Madhava Rao
Publication year - 2020
Publication title -
epra international journal of economic and business review
Language(s) - English
Resource type - Journals
eISSN - 2349-0187
pISSN - 2347-9671
DOI - 10.36713/epra2641
Subject(s) - gross domestic product , government (linguistics) , business , investment (military) , commodity , economic growth , economics , economy , finance , political science , linguistics , philosophy , politics , law
India is set to emerge as the world’s fastest-growing major economy by 2015 ahead of China, as per the recent report by The World Bank. India’s Gross Domestic Product (GDP) is expected to grow at 7.5 per cent in 2015, as per the report. The improvement in India’s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, RBI's inflation focus supported by benign global commodity prices.The Indian economy has been witnessing positive sentiments during the past few months. The macroeconomic indicators have also displayed an encouraging trend in the recent times. However, the situation of the manufacturing sector in India is a cause of concern. At 16% value added to GDP, the sector does not seem representative of its potential which should have been 25%. However, the industrial growth scenario is improving and is estimated at 1.9% in the period April-October 2014-15.Make in India is a major new national programme of the Government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best in class manufacturing infrastructure in the country. The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector. It is being led by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India. The Make in India programme is very important for the economic growth of India as it aims at utilising the existing Indian talent base, creating additional employment opportunities and empowering secondary and tertiary sector.The present study is an attempt to understand the global and domestic outlook of manufacturing sector, growth dynamics, opportunities and challenges for manufacturing firms particularly in the states under the influence of DMIC.KEY WORDS: Emerge, Primary Objective, Industrial Policy, Economic Fundamentals, and Commodity Prices.