The government is presently considering a 'made in India' scheme given that India is in a sweet spot when friend shoring, trusted supply chain and resilience of supply chains become more than a buzzword which is present and future to establish a strong global brand identity, something has already been witnessed globally in developed nations like of 'made in Japan' or 'made in Switzerland. '
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The good news is a high-powered committee is taking up this initiative to evaluate the proposal, especially it comes at a time when the semblance is manufacturing sector is charged up and on the potential playbook of focusing on job-creating sectors like textiles where India has strengths and been underperformer and, this underlying pitch for 'Quality consciousness' will only be a shot in the arm.
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Background:
PROGRAM
The Make in India initiative was launched by Prime Minister in September 2014 as part of a wider set of nation-building initiatives. Devised to transform India into a global design and manufacturing hub, Make in India was a timely response to a critical situation. By 2013, the much-hyped emerging markets bubble had burst, and India’s growth rate had fallen to its lowest level in a decade. The promise of the BRICS Nations (Brazil, Russia, India, China, and South Africa) had faded, and India was tagged as one of the so-called ‘Fragile Five’. Global investors debated whether the world’s largest democracy was a risk or an opportunity. India’s 1.2 billion citizens questioned whether India was too big to succeed or too big to fail. India was on the brink of severe economic failure, desperately in need of a big push.
Devil is in the details
The government at present has India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce an existing credible platform designed and focused to promote the 'made in India' label reaching global markets and promoting "Indian products and services" positioning India as a trusted global supplier destination by dissemination of knowledge utilizing series of activities, measures, and initiatives.
Close on the heals comes the address of H'ble FM Nirmala Sitharaman @ the 3rd edition of Kautiliya Economic Conclave which comes with an unrivaled reputation she stated emphatically," India to see steepest rise in living standard of a common man in coming decades".
We will make sure India becomes the preferred destination for investment, trade, technology, and tourism: Piyush Goyal made these remarks recently.
C. Rangarajan, the 19th governor of the Reserve Bank of India (RBI), recently said," Time has come when there is a need for more private entries to enter the space".
The 'Make in India' campaign facilitates investment, fosters innovation, enhances skill development, protects intellectual property & builds best-in-class.