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Is Modi’s ‘Make in India’ initiative shrinking its pace?
While the central government of India is encouraging investments under Prime Minister Narendra Modi’s flagship programme ‘Make in India’, the recent survey discloses the stressful future ahead for the job sector in country.
Befalling figures in manufacturing sector fears likely layoffs in India despite all the efforts of the government. The global slowdown is one of the prime reasons of the lackluster in sales and demand of manufacturing products in India. Prime Minister The ‘Make in India’ initiative of Prime Minister Narendra Modi is shrinking its investment reach as Reserve Bank of India (RBI) show that manufacturing has contracted for the first time in seven years.
'Make in India or Mad in India'
If you’re thinking the void has been created aftermath of demonetization, then it would not be wrong to say that partially demonetization has caused its effects on economy, but the report of news service IANS suggests the decline in sales and demand was seen even before demonetization.
On the contrary, government claims the expansion efforts in steel industry with the report card of 2014-16 data.
Future ahead: Distressed or Flourishing?
News service IANS report says Economists say the government must step in to support the manufacturing sector, which constitutes 15-16 per cent of the gross domestic product (GDP) and supports 12 per cent of the workforce.
Though, there are many global companies, which have pledged to strengthen Prime Minister Narendra Modi’s ‘Make in India’ programme. From world’s tech giant, Apple to a huge range of smartphone maker companies like Sony and Oppo have jumped into the manufacturing bandwagon in India. As per the PTI reports, the electronics major Sony is also looking for manufacturing facility in North East region of India to come up with the super-premium category smartphones.
Ever since the launnch of ‘Make in India’, the electronic and telecom sector has given the biggest boost to the PM’s flagship programme in two years.
Also, the global auto companies like Jaguar LR and Mercedes recently launched its ‘made in India’ Jaguar XF at INR 47.5 lakh. Rohit Suri, the Managing Director and President, Jaguar Land Rover India Ltd (JLRIL), said “Since its introduction in 2009, Jaguar XF has gained immense popularity and success in the country. The introduction of the all-new Jaguar XF into our locally manufactured portfolio reiterates our commitment to the Indian market.”
Besides, in the recent 2017 Aero show in Bengaluru, many American aerospace and defence companies like Arconic, Raytheon, Telephonics, Honeywell and Textron Systems, have committed to foster India’s growth in manufacturing sector.