How Make in India can change the manufacturing process in the country
On September 25th, 2015, the Make in India campaign completed its one year, since the time it was launched. The campaign was announced in order to improve the ease of doing business and attract Foreign Direct Investment into the country. It was launched not only to make into the manufacturing hub but also create jobs in the country.
Under this initiative, the government announced several steps to improve the business environment in the country and attract foreign direct investment.
As the campaign completes one year, here we will talk about its objectives and what all it plans to cover.
New initiatives – The new initiative was launched in order to improve and speed up the process of doing business. Here are a few points
– Environment clearances can be sought online.
– All income tax returns can be filed online.
– Paper registers are being replaces by electronic registers by businessmen.
– Approval of the head of the department is necessary to undertake an experiment.
Foreign Direct Investment – The government has allowed 100% FDI in all sectors except Space (74%), Defence (49%), and News Media (26%). FDI restriction on tea plantations has been removed while FDI on the defence sector has been raised from the earlier 26% to 49% currently.
Intellectual Property Facts– The government has also decided to improve and protect the intellectual property rights if innovators and creators by upgrading infrastructures and also the use of state-of-the-art technology. The idea behind intellectual property rights (IPR) is to establish a dynamic intellectual property regime in the country. Given below are a few types of IPRs.
– Patent: A patent is granted to a new product in the country
– Design: It refers to the shape, configuration, pattern, the colour of the article.
– Trade Mark: A design, label, heading, sign, word, letter, number, emblem and picture which is a representation of the goods and services.
– Geographical Indicators: According to the website, it is the indication that identifies the region or the country where the goods are manufactured.
– Copyright: A right given to creators of literary, dramatic musical and artistic works.
The aim of national manufacturing is as follows-
– To increase manufacturing growth to 12-14% per annum over the medium term.
– To increase the share of manufacturing in the country’s Gross Domestic Product from 16% to 25% by 2022.
– To create 100 million additional jobs by 2022 in the manufacturing sector.
– To increase the domestic value addition and technological path in manufacturing.
– To ensure stability and growth, particularly with regard to the environment.
The campaign so far:
So far the government had received proposals worth Rs 1, 10 lakh crores from various companies that are interested in the manufacturing of electronics in India.
Companies such as Huawei have already set up their manufacturing units in India while iPhone and iPad manufacturer Foxconn is expected to open a manufacturing unit soon. Even Lenovo announced that it has started manufacturing Motorola Smartphones in a plant near Chennai.
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