Write an article on ‘Make in India’ in about 100 words.
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Answer:
Make in India’ and ‘Made In India’ have become a topic of debate in recent times with a lot of confusion surrounding the difference between the two. Most of us think of them as the same concept but precisely, they are two different economic programs. Discussing these in detail will help us in getting a fair idea of both initiatives launched by the government.
Make in India
Make in India is an initiative launched by Prime Minister Narendra Modi in 2014 to deal with the issue of stagnating Indian economy and boosting the economic growth of the country, when his NDA government took over the reigns of the Indian Parliament.
It aimed at making India an attractive destination for the foreign investors from all over the world and building a credible business atmosphere with ease of doing business by removing various trade barriers in foreign policies. The foreign investors were encouraged to utilize India’s untapped manufacturing potential through Foreign Direct Investment (FDI) and make the country a credible manufacturing ground worldwide.
The advantages underlying this propaganda led many companies from all over the world to make huge investments under this initiative, making India a hub for the manufacturing companies.
Benefits
Make in India initiative helps in creating jobs for ever-increasing population of India.
Conversion of India into a manufacturing hub of various commercial products.
Development of the areas and the neighboring locations where the industries would be set up.
The program will boost the GDP of the Indian economy as foreign investments will lead to humongous flow of income.
The FDI under this initiative would strengthen the rupee against the domination of the American dollar.
As countries from all over the world will bring along latest technology, India will have an opportunity to make use of it as it lacks in various test mechanization.
Setting up of industries under this initiative will help in the development of rural areas.