A decade of Make in India

The ‘Make in India’ initiative, launched on September 25, 2014, by Prime Minister of India, Shri Narendra Modi, marks its 10-year anniversary. This strategic measure has been instrumental in defining India's ambitious nation-building efforts, aiming to establish the country as the global centre for innovation, design, and manufacturing across 27 sectors. The initiative’s objectives included improving the local supply chain, developing key downstream operations, and incentivising investments in high-tech production/advanced manufacturing. This was done in two distinct phases:

‘Steering Committee for Advanced Local Value-add & Exports’ (SCALE) under Ministry of Commerce, Government of India was formed to identify critical issues / bottlenecks for each sector, which if addressed, could trigger immediate recovery, and bring in long-term benefits and accelerate manufacturing in India.

India's primary vision in the manufacturing space focuses on building competitiveness through policy reforms. Several initiatives were undertaken to achieve four key initiatives:

This phase is focused on concrete actions and implementations of policies including:

• Reduction of corporate tax from 22% to 15% (2019-2024) for new manufacturing units, making India competitive in the Southeast Asian market
• Expanding the initiative covering 27 sectors, driving achievements, and reinforcing India's global manufacturing prowess
• These measures, along with various other initiatives, have propelled India towards becoming a formidable force in the global trade and commerce landscape

The manufacturing sector in India has been growing exponentially with a keen focus on built spaces. As per our latest report, the demand for leasing of manufacturing spaces in India has grown 4.5 times in 3 years, going from 3.2 mn sq ft in 2020 to 13.8 mn sq ft in 2023 (16 mn sq ft projected for 2024). Here’s a quick glance at India’s macro-economic numbers:

^{Source: World Bank, Invest India, IBEF, PIB, DGCIS}

Advantage India: manufacturing sectoral growth story

^{Source: World Bank, Invest India, IBEF, PIB, DGCIS}

India’s aspirations at 100 years of independence i.e. by 2047 is to become a truly self-reliant developed nation or ‘Viksit Bharat’.

Over the last decade, ‘Make in India’ has driven substantial growth across various sectors. As India proceeds towards its goals of becoming the world's second-largest economy, growing the manufacturing GDP 15-fold, and increasing exports 12-fold, ‘Make in India’ has laid a strong foundation stone for these aspirations. With continued policy support and strategic focus on key sectors, India is well on its way to realising its vision of becoming a global manufacturing powerhouse.