India has lately marked the 10th anniversary of its Make in India initiative and it is the perfect time to reflect the performance of the bold vision. Prime Minister Narendra Modi launched the initiative on September 25, 2014. It is learned around 1.5 million jobs have been created and startups have mushroomed at an astonishing pace. It is claimed one startup has been launched in almost every hour.
PM Modi recently hailed the initiative as a collective resolve of 1.4 billion Indians to transform the nation into a leader in manufacturing and technology.
One of the most impressive outcomes is the booming startup ecosystem. The figure was just about 350 startups in 2014. India now boasts nearly 148,000 registered startups under the Startup India program. About 45% of the startups come from Tier II and III cities.
The impact of the initiative on MSMEs is also commendable. Today, there are more than 49 million registered MSMEs on the Udyam portal and 211 million jobs have been created. The revised MSME thresholds introduced in 2020 were a game changer.
The results are striking when specific sectors are considered. Khadi sales have hit ₹1.55 lakh crore in 2023-24 and the PLI scheme has attracted ₹1.28 lakh crore in investments. All these generated more than 850,000 jobs.
The Make in India initiative passed through some challenges too over the years. The pandemic, supply chain disruptions and global economic shifts are just the few to mention here. It is worth saying that the initiative has provided a strong foundation.
The 10-year mark of Make in India is a celebration of the past decade as well as a call to action for the next decade. It is to note here that the foundation has been laid and the momentum is strong enough for further growth.
