INTERNATIONAL JOURNAL OF RESEARCH CULTURE SOCIETY ISSN: 2456-6683 Volume - 2, Issue - 3, Mar – 2018

UGC Approved Monthly, Peer-Reviewed, Refereed, Indexed Journal Impact Factor: 3.449 Publication Date: 31/03/2018

MAKE IN INDIA: IMPACT ON INDIAN ECONOMY

Bharata Bhusan Sahoo
Lecturer, Department of Commerce
Karilopatna College, Kendrapara, Odisha, India
Email- [email protected]

Abstract: To transform India into a global manufacturing hub, Make in India Campaign was launched which is
an international marketing strategy, conceptualized by the Prime Minister of India, Narendra Modi on 25
September 2014 to attract investments from businesses around the world and make India the manufacturing
Hub. For promoting this campaign the web portal, logo and brochures are used for detailing 25 priority sectors
of the economy. The objective behind this initiative is to focus on job creation, skill development and innovation
and to align India’s manufacturing sector into the Global Value Chain by encouraging Public Private
Partnership (PPP), Joint Ventures (JV), Foreign Direct Investment (FDI) inflow, and advancing Ease in Doing
Business (EDB). This scheme focuses on acceleration of economic growth to the new heights and to pull back
the economy from clutches of recession. Currently India’s GDP is heavily tilted in favour of service sector. In
this research paper `Make in India’ an attempt has been made to understand the advantages and disadvantages
of Make in India and the effect of foreign direct investment in Indian manufacturing. The study also attempts to
review the opportunities and challenges faced by Make in India and to understand the impact of it on the Indian
Economy.

Keywords: Manufacturing, economy, GDP, FDI, strategy, Pros, Cons.

1. INTRODUCTION:
India is a country rich in natural resources. Labour is aplenty and skilled labour is easily available given the
high rates of unemployment among the educated class of the country. With Asia developing as the outsourcing hub of
the world, India is soon becoming the preferred manufacturing destination of most investors across the globe. Make in
India is the Indian government's effort to Harness this demand and boost the Indian economy. India ranks low on the
“ease of doing business index". Labour laws in the country are still not conducive to the Make in India campaign. This
is one of the universally noted disadvantages of manufacturing and investing in India. The new government initiating
a new ways for free flows of capital. Make in India is an initiative of the Government of India, to encourage
companies to manufacture their products in India. The government's flagship campaign intended to boost the domestic
manufacturing industry and attract foreign investors to invest into the Indian economy with an intention of reviving
manufacturing businesses and emphasizing key sectors in India amidst growing concerns that most entrepreneurs are
moving out of the country due to its low rank in ease of doing business ratings. The Indian manufacturing sector is the
classic example of an industry that has great potential. The objective of the scheme is to ensure the manufacturing
sector which contributes around 16% of country’s GDP is increased to 25% in next 5 years. Make in India scheme
Eliminates Unnecessary laws and regulations. Three sectors which contribute to GDP of any country are agriculture,
manufacturing and services. According to the current contributions of these sectors to Indian economy manufacturing
occupies 16% which is lowest. There are lots of opportunities to be tapped as far as Indian manufacturing sector is
concerned. Many business man and entrepreneurs view make in India initiative for betterment of our economy. Major
objective of this scheme focuses on 25 sectors. The sectors are Automobiles, textiles and Garments, Biotechnology,
Wellness, Defence, Manufacturing, Ports, Food Processing, Mining, Media and Entertainment, IT and BPM,
Pharmaceuticals, Renewable Energy, Roads and Highways, Railways, Thermal Power, Oil and Gas, Space, Leather,
Construction, Aviation, automobile components, chemicals and Electronic System.

2. OBJECTIVES OF THE STUDY:

 To understand the concept of Make in India.
 To understand the impact of Make in India on the Indian Economy.
 To study the effect of foreign direct investment in Indian manufacturing.
 To study the recent policy measures and incentives taken by government.
 To understand the pros and cons of Make in India.

3. REVIEW OF LITERATURE:
Several articles are written by various writers on “Make in India” form their view.

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INTERNATIONAL JOURNAL OF RESEARCH CULTURE SOCIETY ISSN: 2456-6683 Volume - 2, Issue - 3, Mar – 2018
UGC Approved Monthly, Peer-Reviewed, Refereed, Indexed Journal Impact Factor: 3.449 Publication Date: 31/03/2018

K. Kalaivani (2015) the article entitled “A Study on the Impact of Make in India on HRM Practices – An
overview”. The study helps to understand the impact of make in India on the HRM practices followed in our country.
The study also covers the synergy between the HRM practices and the job opportunities. The study found that, a
significant positive and meaningful relationship between HRM practices and the make in India. The study also found
that, HRM practices become the means whereby designing new culture requires that HRM professionals and ahead of
the cultural change curve with innovative and exciting HRM practices.
Dr. K. V. Ramana (2015) the article entitled “Make in India Illusion or Possible Reality Project?” The paper
covers issues of the make in India, sectors covered, worldwide and positive responses and some critics. The study also
covers the challenges that the project and movement will face. The study found that, this campaign attracts foreign
investments and boost the manufacturing sector of India has been timed to perfection.
Boopath (2013) revealed that the Press Council of India has commented on synergic alliance‟ or equity
participation by way of Foreign Direct Investment. The council opined that Foreign Direct Investment should be
allowed to break or halt the growing monopoly of a few media giants in India who offer uneven playground and
unhealthy competition to small and medium papers.
Jampala, (2013) Jampala, Lakshmi and Srinivasa (2013) discussed Foreign Direct Investment Inflows into
India in the Post-reforms period. They concluded that “as far as the economic interpretation of the model is concerned;
the size of domestic market is positively related to Foreign Direct Investment. The greater the market, the more
customers and more opportunities to invest.”
Chausa & Tamazian (2008) Juan Pineiro et. al (2008) in the Paper namely “Does Growth and Quality of
Capital markets Drive Foreign capital? - The case of cross-. Border M and As” examined the association between the
quantum of FDI in a firm and the quality of capital market growth of that firm. The period of study was from 1987 to
2006. After a comparative study of “both the stock market variables and the financial and regulatory reforms
variables, they observed that the coefficients was higher than other variables. They concluded that higher reforms in
capital markets may result into higher increase in firm level Foreign Direct Investment”. Moreover, the results are
found to be enormously forceful when they “replaced stock market variables with squared values of the same,
reconfirming the fact that bigger is the escalation, better is the inflow of firm level Foreign Direct Investment”.
Dunning (2004) [1, 10] in his study “Institutional Reform, FDI and European Transition Economics” studied
the significance of institutional infrastructure and development as a determinant of FDI inflows into the European
Transition Economies. The study examines the critical role of the institutional environment (comprising both
institutions and the strategies and policies of organizations relating to these institutions) in reducing the transaction
costs of both domestic and cross border business activity. By setting up an analytical framework the study identifies
the determinants of FDI, and how these had changed over recent years.
Sunday et al. (2004) [8, 11], in their work “Explaining FDI Inflows to India, China and the Caribbean: An
Extended Neighbourhood Approach” find out that FDI flows are generally believed to be influenced by economic
indicators like market size, export intensity, institutions, etc., irrespective of the source and destination countries.
Klaus (2003) in his paper “Foreign Direct investment in Emerging Economies” focuses on the impact of FDI
on host economies and on policy and managerial implications arising from this (potential) impact. The study finds out
that as emerging economies integrate into the global economies international trade and investment will continue to
accelerate. MNEs will continue to act as pivotal interface between domestic and international markets and their
relative importance may even increase further.
Boon (2001) [13] in his study, “Foreign Direct Investment and Economic Growth” investigates the casual
relationship between FDI and economic growth. The findings of this thesis are that bidirectional causality exist,
between FDI and economic growth in Malaysia i.e. while growth in GDP attracts FDI, FDI also contributes to an
increase in output. FDI has played a key role in the diversification of the Malaysian economy, as a result of which the
economy is no longer precariously dependent on a few primarily commodities, with the manufacturing sector as the
main engine of growth.
Alam (2000) [3] in his comparative study of FDI and economic growth for Indian and Bangladesh economy
stressed that though the impact of FDI on growth is more in case of Indian economy yet it is not satisfactory.
Sharma (2000) [4] used a multiple regression technique to evaluate the role of FDI on the export
performance in the Indian economy. The study concluded that FDI does not have a statistically significant role in the
export promotion in Indian Economy.
The study by Dua and Rashid (1998) [2] for the Indian economy does not support the unidirectional causality
from FDI to Index of Industrial Production (IIP), wherein is taken as the proxy for GDP. In fact, this study used the
monthly data for IIP and GDP, which may include seasonal component in its variation and hence it is required to de-
seasonalise the data.

4. RESEARCH METHODOLOGY:
The study involves the data collected from the secondary sources. The secondary data has been collected from
journals, Research paper, Newspapers, Literature review, various Bulletins of Reserve Bank of India, Websites. An
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INTERNATIONAL JOURNAL OF RESEARCH CULTURE SOCIETY ISSN: 2456-6683 Volume - 2, Issue - 3, Mar – 2018
UGC Approved Monthly, Peer-Reviewed, Refereed, Indexed Journal Impact Factor: 3.449 Publication Date: 31/03/2018

Exploratory research was chosen in order to develop a profound understanding of the research topic and obtain in
depth data about the research objectives.

5. LIMITATIONS OF THE STUDY:

The study is based on published data and information. No primary data is being collected. Every care has been
taken to entice qualitative and correct data; still secondary data have collected for the purposes other than problem at
hand. Secondary data may be lacking in accuracy, or they may not be completely current or dependable. Time
constraint remained the major limitation in the study.

6. MAKE IN INDIA:
Make in India, a type of Swadeshi movement covering 25 sectors of economy, was launched by
the Government of India in 25 September 2014 to encourage companies to manufacture their products in India. As per
the current policy, 100% FDI is permitted in all the 25 sectors, except for space (74%), defence (49%) and news
media (26%). Japan and India announced a US$12 billion "Japan-India Make-in-India Special Finance Facility" fund.
After the launch, India received ₹16.40 lakh crore (US$250 billion) worth of investment commitments and
investment inquiries worth ₹1.5 lakh crore (US$23 billion) between September 2014 to February 2016.[5][6][7] As a
result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing
the USA and China, with US$60.1 billion FDI.[8] Several states launched their own Make in India initiatives, such
as Vibrant Gujarat, "Make in Haryana" and "Make in Maharashtra".[9] India received US $60 billion FDI in FY 2016-
17.[10]
Combined with other initiatives by the end of 2017, India rose 42 places on Ease of doing business index, 32
places World Economic Forum’s Global Competitiveness Index, and 19 notches in the Logistics Performance
Index.[10]
This initiative converges, synergises and enables other important Government of India schemes, such
as Bharatmala, Sagarmala, Dedicated Freight Corridors, Industrial corridors, UDAN-RCS, BharatNet and Digital
India.
6.1. “MAKE IN INDIA” IMPACT ON INDIAN ECONOMY:
Creates a policy framework to ease foreign investment, ease of business and management of intellectual
property. This helps industries to establish their manufacturing bases in India. In turn, this helps create employment in
India. Industries tend to develop a support ecosystem around them, thus empowering small businesses. Exports from
such industries help in contributing to our foreign exchange reserve. Most importantly, such an initiative helps bring
critical knowledge about manufacturing and production into the Indian population.
This initiative, by Mr Modi is literally inviting the rich and semi-rich countries to step in India and invest their
money for the future of India. It’s like inviting the countries to set up their companies in India and manufacture in the
territory of our country. Now, this initiative has a great impact on the economy of our country. Obviously, if the big
companies will setup their branches here, it will directly affect the GDP of India. The supreme objectives of Make in
India are as follow: The main focus of Make in India Campaign is mainly on 25 sectors. Almost every sector is
capital-intensive and demands a lot of skill. So, with the more and more investment in these sectors, the main focus
will be on increasing employment and the use of advanced technology. These sectors are

Automobiles Automobile Components Aviation

Biotechnology Chemicals Construction
Defence Manufacturing Electronic Systems Electrical Machinery
Food Processing IT and BPM Leather
Media and Entertainment Mining Oil and Gas
Pharmaceuticals Ports and Shipping Railways
Renewable Energy Roads and highways Space and Astronomy
Thermal Power Textiles and Garments Tourism and Hospitality
Wellness - -

However, like every coin has two sides, we cannot ignore the negative impact and the probabilities of failure
of this campaign. There are some constraints and limitations to this campaign as well. The main thing is that the focus
is on the manufacturing sector, and the population of India is majorly middle-class or lower middle-class. So, the
products manufactured by the foreign companies will be entirely for the upper section of the society. Hence, it is
possible that the goals and aspirations of Make in India may not find much success. Make in India initiative is an
honest attempt to revive the fortunes of Industry / Manufacturing sector. Revival of Industry sector is key to revival of
Indian economy. Digital India will help to maintain contribution of Service sector but manufacturing / industry sector
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has to grow at much faster pace to out-pace service sector. It is not an easy task. Government should target to increase
contribution of Industry / manufacturing from existing 16% to 35% in next 5 years. Make in India will help to achieve
this goal but it comes with its own set of challenges. Manufacturing is capital and resources intensive sector which
will require conducive environment for business. Labour issues will be major hurdle which the govt is trying to handle
through labour reforms. Besides this, a major push is required to upgrade infrastructure of country. Govt has also set
up 10,000 Crore start up fund to encourage entrepreneurship. Basically objective is to create ecosystem of small
industries in periphery of manufacturing hub similar to Maruti model. Government will provide all the approvals
under Make in India initiate in a time bound manner through single online portal. However, as that quote goes „Never
judge a book by its cover.‟ so, today, we are not going to judge the Make in India initiative by its policies and
schemes, but future results.

6.2. FOREIGN INVESTMENT IN INDIAN MANUFACTURING:

Table 1: Annual FDI Inflows to India in Manufacturing (US $ Billion)

Year Annual FDI Inflows (US $ Billion)
2010-11 4.79
2011-12 9.34
2012-13 6.53
2013-14 6.38
2014-15 9.61
2015-16 8.44
2016-17 11.97

Source: Reserve Bank of India Annual Report

Annual FDI Inflows to India in Manufacturing (US $ Billion)
14

12 11,97

10
9,34 9,61
8,44
8

6,53 6,38 Series 1

6
4,79
4

0
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Table and figure reveals that, the most recent FDI data from the Reserve Bank of India, broken up by sector,
since Make in India specifically concerns manufacturing. After an encouraging jump to $ 9.6 billion in 2014-2015,
FDI in manufacturing actually fell to $ 8.4 billion in 2015-2016 and again it jumps to a record of $11.9 billion in
2016-17.
6.3 PROPORTION OF FDI GOING TO MANUFACTURING:

Table 2: FDI in Manufacturing as a percentage of Total Annual FDI to India

Year Percentage of Total Annual FDI in Manufacturing
2010-11 32
2011-12 40
2012-13 36
2013-14 40
2014-15 39

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INTERNATIONAL JOURNAL OF RESEARCH CULTURE SOCIETY ISSN: 2456-6683 Volume - 2, Issue - 3, Mar – 2018
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2015-16 23
2016-17 32

Source: Reserve Bank of India Annual Report

% of Total Annual FDI in Manufacturing

45
40 40 39
40
36
35 32 32
30

25 23

20 Series 1

15

10

0
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Table and figure reveals that, the percentage of FDI flowing to manufacturing sector, which has been in the
range of 35-40% for the past 7 years, dropped to 39% in 2014-15 and again dropped to 23% in 2015-16 and then
increased to 32% in 2016-17. Rather than manufacturing, services drawing a greater share of the investment.

6.4 RECENT POLICY MEASURES:

 49% FDI under automatic route permitted in Insurance and Pension sectors
 Foreign investment up to 49% in defence sector permitted under automatic route. The foreign investment in
access of 49% has been allowed on case to case basis with Government approval in cases resulting in access
to modern technology in the country or for other reasons to be recorded
 FDI limit of 100% (49% under automatic route, beyond 49% government route) for defence sector made
applicable to Manufacturing of Small Arms and Ammunitions covered under Arms Act 1959
 FDI up to 100% under automatic route permitted in Teleports, Direct to Home, Cable Networks, Mobile TV,
Headend-in- the Sky Broadcasting Service
 FDI up to 100% under automatic route permitted in Up-linking of Non-‘News & Current Affairs’ TV
Channels, Down-linking of TV Channels
 In case of single brand retail trading of ‘state-of-art’ and ‘cutting-edge technology’ products, sourcing norms
can be relaxed up to three years and sourcing regime can be relaxed for another 5 years subject to Government
approval
 Foreign equity cap of activities of Non-Scheduled Air Transport Service, Ground Handling Services increased
from 74% to 100% under the automatic route
 100% FDI under automatic route permitted in Brownfield Airport projects
 FDI limit for Scheduled Air Transport Service/ Domestic Scheduled Passenger Airline and regional Air
Transport Service raised to 100%, with FDI up to 49% permitted under automatic route and FDI beyond 49%
through Government approval
 Foreign airlines would continue to be allowed to invest in capital of Indian companies operating scheduled
and non-scheduled air transport services up to the limit of 49% of their paid up capital
 In order to provide clarity to the e-commerce sector, the Government has issued guidelines for foreign
investment in the sector. 100% FDI under automatic route permitted in the marketplace model of e-commerce
 100% FDI under Government route for retail trading, including through e-commerce, has been permitted in
respect of food products manufactured and/or produced in India
 100% FDI allowed in Asset Reconstruction Companies under the automatic route
 74% FDI under automatic route permitted in brown field pharmaceuticals. FDI beyond 74% will be allowed
through government approval route

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 FDI limit for Private Security Agencies raised to 74% (49% under automatic route, beyond 49% and up to
74% under government route)
 For establishment of branch office, liaison office or project office or any other place of business in India if the
principal business of the applicant is Defence, Telecom, Private Security or Information and Broadcasting,
approval of Reserve Bank of India would not be required in cases where FIPB approval or license/permission
by the concerned Ministry/Regulator has already been granted
 Requirement of ‘controlled conditions’ for FDI in Animal Husbandry (including breeding of dogs),
Pisciculture, Aquaculture and Apiculture has been waived off.

6.5 INCENTIVES:

The incentives taken by both Central and State government are discussed as below-
6.5.1. CENTRAL GOVERNMENT INCENTIVES:
 Investment allowance (additional depreciation) at the rate of 15 percent to manufacturing companies that
invest more than INR 1 billion in plant and machinery available till to 31.3.2015.
 Incentives available to unit’s set-up in Special Economic Zones (SEZ), National Investment & Manufacturing
Zones (NIMZ) etc. and Export Oriented Units (EOUs).
 Exports incentives like duty drawback, duty exemption/remission schemes, focus products & market schemes
etc.
 Areas based incentives like unit set-up in north east region, Jammu & Kashmir, Himachal Pradesh and
Uttarakhand.
 Sector specific incentives like Modified Special Incentive Package Scheme(M-SIPS) in electronics.

6.5.2 STATE GOVERNMENT INCENTIVES:

 Each state government has its own incentive policy, which offers various types of incentives based on the
amount of investments, project location, employment generation, etc. The incentives differ from state to state
and are generally laid down in each state’s industrial policy.
 The broad categories of state incentives include: stamp duty exemption for land acquisition, refund or
exemption of value added tax, exemption from payment of electricity duty etc.

6.6. PROS OF MAKE IN INDIA CAMPAIGN:

 As Prime Minister Modi emphasized on the development of labour intensive manufacturing sector. So, this
campaign will generate a lot of employment opportunities in Manufacturing, number expected to be around
100 million jobs by 2022.
 This campaign will help in achieving objectives of National Manufacturing policy i.e to increase the share of
manufacturing sector in GDP from current 15- 16% to 25% till 2022.
 Employment will increase people’s purchasing power which ultimately helps in poverty eradication and
expansion of consumer base for companies.
 The model of “look east and link west” policy wills strength the industrial linkages as well as bilateral ties
with many countries.
 Export- oriented growth model will improve India’s Balance of Payment and help in accumulating foreign
exchange reserves (which is very important given the volatility in the global economy with multiple rounds of
Quantitative Easing announced by major economies).
 Government has decided to formulate an auto response mechanism and issues pertaining to procedural
clearings will be resolved at different levels in a given time frame, which is a positive step in making
industrial friendly environment.
 Foreign investment will bring technical expertise and creative skills along with foreign capital. The
concomitant credit rating upgrade will further woo investors.
 FIIs play a dominant role (relative to FDI) in the Indian markets. However, FIIs are highly volatile in nature
and a sudden exodus of hot money from India can effect a nosedive in the bellwether indices. Make in India
will give an unprecedented boost to FDI flows, bringing India back to the global investment radar.

6.7 CONS OF MAKE IN INDIA CAMPAIGN:

 From a theoretical perspective, Make in India will tend violate the theory of comparative advantage. If it is not
economically feasible to manufacture a commodity in India, it is best to import the same from a country which
enjoys comparative advantage in its production. International trade, after all, is welfare augmenting.

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 Reiterating the point made by Dr. Raghuram Rajan, India unlike China, does not have the time advantage as it
undertakes a manufacturing spree. The essential question is – Is the world ready for a second China?
 Make in India will lead to an unsustainable focus on export promotion measures. One such measure is
artificially undervaluing the rupee. This will have devastating consequences for the import bill.
 A relative neglect of the world economic scenario may not augur well for Make in India. With the US and
Japan economies yet to recover from their economic crises and with the EU floundering, one needs to be wary
about the demand side of Make in India. The clairvoyance of the incumbent RBI governor to Make for India
should be put to good use.
 India has a myriad of infrastructural bottlenecks and to overcome these it needs to invest $ 1 trillion during
12th five year plan. Generating such a huge capital will be a daunting task.
 Another contentious issue is of environmental clearance, which has been surfaced in many projects especially
related to mining sector.
 Uncertainty in tax regime (highlighted by Vodafone case ) and delay in implementation of GST is also a
matter of concern for industries.
 Manufacturing sector demands highly skilled labour whereas India lacks highly skilled labour force.
 Complex processes have proved to be hurdles in getting procedural and regulatory clearness especially for
new entrepreneurs. This also reflects in World Bank’s “Ease of Doing Business” report which ranked India at
134 out of 189 countries in 2013. However, the step taken by NDA Government under the leadership of Prime
Minister Modi has helped India to improve this rank by few notches to current 130.

7. CONCLUSION:
India has already proved itself as one of the fastest growing economies of the world. It has been ranked among
the top 10 attractive destinations for investments from all over the world. It has now become a professional license for
investors to approach and endow in the escalation legend of India. Since 1991, the regulatory environment in terms of
foreign investment has been consistently eased to make it investor-friendly. The measures taken by the Government
are directed to open new sectors for foreign direct investment, increase the sectoral limit of existing sectors and
simplifying other conditions of the FDI policy. FDI policy reforms are meant to provide ease of doing business and
accelerate the pace of foreign investment in the country. Over all scenario of make in India and FDI was a positive
summon to prospective investors from all over the world. It represents a wide-ranging refurbish of processes and
policies. Earlier, Indian Government was working with a mindset of an issuing authority, but now with the launch of
Make in India, it has started working as a Business Partner.

REFERENCES:
1. K. Kalaivani (April 2015) “A Study on the Impact of Make in India on HRM Practices – An overview”.
Indian Journal of applied research, Volume 5 Issue 4.
2. Dr. K. V. Ramana (April-June, 2015.) “Make in India Illusion or Possible Reality Project?” International
Journal of Academic Research,
3. Dunning John H. (2004) Institutional Reform, FDI and European Transition Economies”, International
Business and Governments in the 21Cambridge University Press, 1-34.
4. Iyare Sunday O, Bhaumik Pradip K, Banik Arindam (2005) Explaining FDI Inflows to India, China and the
Caribbean: An Extended Neighbourhood Approach, Economic and Political Weekly, 2004, 3398-3407.
5. Klaus E Meyer. Foreign Direct investment in Emerging Economies,. www.emergingmarketsforum.org.
6. Khor Chia Boon. Foreign Direct Investment and Economic Growth, 2001.
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7. Alam MS. (2000) FDI and Economic Growth of India and Bangladesh: A comparative study, Indian Journal
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9. Pami Dua, Aneesa I, Rashid, (1998) Foreign Direct Investment and Economic Activity in India, Indian
Economic Review, Department of Economics, Delhi School of Economics; 33(2):153-168.
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11. (Jampala, 2013) Jampala, Rajesh C., Lakshmi, P.A. and Dokku, Srinivasa Rao (2013) “FOREIGN DIRECT
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