We are familiar with the term ‘Made in India’ because it is printed on every product manufactured in India. Then why is this ‘Make in India’ slogan being heard every now and then in our country. Let’s try to find the answer. We live in the age of globalization. Every country is integrated to this web of globalization.
Traditionally, India had been averse to any foreign tie-up in the sphere of business. The reason was that, in the past, whenever we gave the right to business to the foreign traders, they became the rulers. In return, we got suppression, oppression and exploitation. The British rule is one such example. So right from the beginning, after Independence, we wanted to be self-reliant having minimum interaction with the rest of the world. For the purpose of self-sufficiency, the public sector Units (PSUs) in India were set up. But over the period of time, these PSUs failed to live up to their expectations and became sick one after another. Eventually by the end of 1990, India reached the brink of bankruptcy. We had to even mortgage our gold to get the foreign currency from IMF. So in 1991 India was compelled to start the economic reforms and opened its economy for foreign participation. Thus, started a new era of liberalization.
As a part of ‘Make In India’ campaign, India is being projected as the hub of manufacturing facilities. If someone wants to come and does manufacturing here, he is most welcome. This slogan is a promise that there is no license raj prevailing in India. The clearances will be given in a time bound manner. Smart cities will be set up to provide the infrastructure to the IT sector. Certain dedicated cells have been established in ministries to facilitate investment opportunities. Indian companies are being encouraged to make those things that we have been importing for long. In short, India beckons all the global investors with the commitment of providing the most favourable business environment. Let’s hope that these forces respond to our call and help us transform our country into and a global manufacturing hub.