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The Indian government has set up an inter-ministerial committee to design the primary plan for a new national manufacturing mission, India’s Economic Times reported on May 12. The mission was first announced on Feb. 1 during the Budget, as part of an effort to further promote the government’s ‘Make in India’ initiative, established in 2014.
The new inter-ministerial committee, led by Niti Aayog CEO B V R Subrahmanyam, will hold a series of meetings with stakeholders. An official told India’s Business Standard, “Stakeholders’ consultations are on, including with states and domestic industry.”
The mission will cover small, medium, and large industries and focus on five key areas: making it cheaper to do business, establishing a future-ready workforce, strengthening the Micro, Small & Medium Enterprises (MSME) sector, providing better technology, and ensuring high-quality products.
To date, manufacturing makes up about 16-17% of India’s GDP. The government hopes to bolster that via the mission, which will also provide policy support and a governance and monitoring system for central ministries and state governments.
According to an industry expert, the mission will "enhance competitiveness, increase efficiency, foster innovation, integrate domestic manufacturing into global value chains, and make India a globally competitive manufacturing hub."
Designed to stimulate domestic manufacturing and investment, the ‘Make in India’ program targets key sectors, including electronics, textiles, pharmaceuticals, and automobiles.
To date, ‘Make in India’ has helped establish the country’s reputation as a rising manufacturing and investment destination.
