Since the launch of Make in India on September 25, 2014, the government has been consistently working towards a facilitative policy regime for businesses in manufacturing. Globally also, the mission has resonated well.
India's manufacturing landscape has been reshaped, foreign investments have surged, and the ease of doing business has significantly improved. The success of Make in India has been driven by several landmark reforms, starting with an investor-friendly FDI policy. In the past 10 years (2014–2024), FDI inflow increased by a significant 119 per cent, totalling $667 billion, compared to $304 billion in the previous decade. Crucially, over 90 per cent of this investment has come through the automatic route, demonstrating the ease of doing business and other reforms carried out in India. Additionally, the implementation of the Goods and Services Tax (GST) in 2017, one of the most comprehensive tax reforms in India's history, has streamlined the tax regime and created a unified national market.
This story is from the October 01, 2024 edition of Business Standard.
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This story is from the October 01, 2024 edition of Business Standard.
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