India’s transformation from an economy weakened by a decade of mismanagement under the United Progressive Alliance (UPA) government to a rare, sought-after bright spot in today’s tumultuous world is a result of various effective policies, including the flagship Make in India initiative. It was launched by Prime Minister (PM) Narendra Modi 10 years ago to reinvigorate job creation and stimulate economic growth.

The Make in India mission has delivered results that make the country a favoured investment destination. As PM Modi said, it is a roaring success that has made India the focus of global attention and curiosity. It has empowered businesses, especially MSMEs, to produce high-quality goods and transformed several sectors from being importers of sub-standard products to exporters of high-quality goods.

An example of this transformation is toy manufacturing, which has seen a 239% jump in exports while imports have halved. This has helped local manufacturers and sellers, and of course, the children, who were earlier exposed to hazardous, low-quality toys that were imported.

India’s journey has been exciting, and the future looks even more promising. The wide array of policies initiated by the Modi government to encourage investments and provide high-quality goods and services is now bearing fruit.

This exciting journey began from a precarious position. The scam-scarred UPA government had inherited a robust economy with strong macroeconomic fundamentals, but it left behind a mess that made citizens anxious and businesses pessimistic. The economy was in a state of disarray, plagued by high inflation, slow growth, an unstable rupee, vulnerable banking system and a neglected manufacturing sector. On top of that, the UPA government faced a series of corruption scandals involving mind-boggling sums of money.

However, after a decade of PM Modi’s visionary leadership, India has maintained manufacturing momentum despite formidable challenges like two wars and the devastating global pandemic. As the PM rightly said, “Make in India initiative illustrates the collective resolve of 140 crore Indians to make our nation a powerhouse of manufacturing and innovation. It’s noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened.”

In contrast to the UPA era, which was plagued by scandals, the Modi government has overseen a surge of innovation, with the Startup India initiative leading to the creation of about 15 lakh jobs. These startups are not just creating jobs; they are also providing solutions to reduce food wastage, provide better health care, empower women, help farmers, and improve sanitation. The government is also supporting manufacturing through initiatives like the development of 11 industrial corridors and 20 smart cities, attracting investments of ₹1.7 lakh crore and generating direct and indirect employment for thousands.

Additionally, the Production Linked Incentive (PLI) schemes are transforming the country’s manufacturing sector. These schemes focus on critical sectors such as electronics, pharmaceuticals, automobiles, and textiles to create ecosystems for sustained growth and ensure global competitiveness. These schemes have attracted ₹1.32 lakh crore in investments to significantly boost manufacturing output. More than 8.5 lakh jobs have been created directly and indirectly through this initiative.

India is now recognised as a key partner in high-tech and emerging technologies. Global companies are eager to invest in India, benefiting from the country’s manpower, management expertise, and improved infrastructure, which allows for efficient operations and competitive pricing in the global market.

Modernising infrastructure has been a key priority, with substantial investments leading to the development of modern highways, expressways, and world-class railway stations. India’s infrastructure spending has increased substantially. This year’s Union Budget allocated a record ₹11,11,111 crore capital expenditure that will have a multiplier effect on the economy and manufacturing.

Investor confidence in India is growing, with foreign CEOs and industry bodies regularly visiting, eager to participate in India’s growth story. For them, India offers the advantage of four Ds: Decisive leadership, demand from a 140 crore population, demographic dividend of a young workforce, and a vibrant democracy.

To support MSMEs, the government has taken numerous steps to improve the ease of doing business, including eliminating 42,000 compliance requirements and removing criminal penalties for minor offences. India has significantly improved its rank in the World Bank’s Ease of Doing Business report, rising from 142nd in 2014 to 63rd in 2019.

The Modi government remains committed to improving the ease of doing business, regularly consulting stakeholders to introduce new, innovative reforms. PM Modi is determined to promote investment, support businesses, and secure a bright future for India’s youth. The Make in India initiative is a major step toward achieving these goals.

On September 25, the country observed 10 years of Prime Minister Narendra Modi’s game-changing ‘Make in India’ initiative that is transforming India’s industrial landscape by encouraging job-creating investments and giving many ordinary citizens the confidence to become wealth creators.

It’s been a remarkable 10-year journey, which gave renewed vigour to industrial sectors turning these into engines of growth, meeting domestic demand as well as contributing to exports. The exciting journey began at a difficult time, when domestic investors were despondent because of the policy paralysis and poor governance by the indecisive Congress government. The economy was down, confidence was shattered, headlines were dominated by a regular dose of corruption scandals, inflation was soaring, interest rates were high and the rupee had an uncertain outlook.

To end the feeling of doom and gloom, the Indian voter decisively voted for PM Modi. Our Prime Minister came with a vision for India. He wanted to ensure that India becomes a global superpower. He wanted India to provide jobs and opportunities to the youth, recognising that manufacturing was critical to the country’s success story. That is when the PM launched the ‘Make in India’ initiative.

Ten years has been a remarkable journey, but it would not have been possible but for the multidimensional and transformative changes done by the Modi government. Initiatives include GST, the Bankruptcy Code and a multitude of other reforms. To improve ease of doing business, as many as 42,000 compliance requirements were done away with and 3,700 provisions which provided for criminal penalties for minor offences were removed from various statutes to protect small businesses from harassment. India sharply improved its rank in World Bank’s Doing Business report – from 142 in 2014 to 63 in 2019.

The government’s Startup India initiative has encouraged many job seekers to become job creators. This has helped the number of recognised startups increase to 1,40,803 in June this year, bringing in investments and creating more than 15 lakh jobs. These startups are driving the innovation ecosystem in the country, working on solutions to pressing issues in areas such as sanitation, space navigation, reducing food wastage, improving access to healthcare and empowering women.

The development of 11 industrial corridors is another focus area.There are 20 industrial smart cities being developed under the programme, which would help make these corridors the backbone of India’s manufacturing growth. Four of these smart cities have already become magnets of investment with infrastructure and clearances available to set up manufacturing units. Potential investments of ₹1.7 lakh crore are already committed which will provide direct employment to 80,000 persons and indirect to many more.

The government’s PLI schemes focus on critical sectors such as electronics, pharmaceuticals, automobiles, textiles and medical devices to create the eco-systems for sustained growth and ensure their global competitiveness. The PLI schemes have resulted in ₹1.32 lakh crore in investment and a significant boost in manufacturing output of around ₹11 lakh crore. More than 8.5 lakh jobs have been created directly and indirectly through this initiative.

The PM’s initiatives on infrastructure have been another shot in the arm for manufacturing. Apart from generating demand for goods and services, infrastructure development is a major facilitator of industrial activity. Today, India has a huge, and growing, network of expressways and highways. New, world-class railway stations are being built, while new freight corridors are coming up.

India is increasingly being seen as a very attractive destination for investment. The country provides the 4D advantage – Decisive leadership of PM Modi; Demographic dividend of our youthful, talented, skilled Indians; Demand that 140 crore Indians generate in the economy; and Democracy that ensures the safety and security of investors, and the rule of law which will never allow discrimination against one or the other. The 4D is a very, very compelling case to attract manufacturers to India.

There is a flurry of activity in the investor community. A series of delegations is visiting India, hungry for opportunities to invest and participate in the Indian growth story. Foreign governments and global CEOs are eyeing opportunities in India. Many countries are keen to sign trade deals with India.

The world is now looking at India as a manufacturing destination. And the key reason is India’s own competitive advantage, and robust economic fundamentals. Today, inflation is under control, economic growth is strong and the Modi government is following strict fiscal discipline. This is all the more commendable in the current global situation marred by conflict and uncertainty.

The initiatives of PM Modi have helped India rise from the unenviable situation of being regarded as one of the “Fragile Five” in the world in 2014, to being one of the Top Five. In effect, PM Modi’s initiatives like Make in India have contributed to making the last 10 years a transformational decade – a quantum jump over the lost decade of Congress rule.