In an insightful commentary, Union Railway Minister Ashwini Vaishnaw delved into the intricacies of the Make in India initiative, terming it a meticulously planned strategy by Prime Minister Narendra Modi. He highlighted the initiative’s success, emphasizing the considerable boost in the manufacturing sector and subsequent growth in the country’s exports.
Vaishnaw provided a historical perspective, noting that more than half a percentage of India’s total exports in FY23 comprised merchandise exports, a substantial shift from the dominance of services exports a decade or so ago.
“In the last financial year, a total of $762 billion of exports was recorded. Out of this, $453 billion was merchandise exports, while services exports stood at $309 billion. This starkly contrasts with the scenario 10-15 years ago when services exports predominantly led the export landscape,” he stated in an interview with ANI.
The minister underscored the role of the manufacturing sector in employment generation, offering insights into the vision behind Make in India. He elucidated how manufacturing within the country not only provides jobs to its citizens but also stimulates small and micro industries, contributing to overall economic development.
“When PM Modi launched Make in India, there was a deep thinking behind it. If things are manufactured in India, our people get jobs, and our small and micro industries generate employment. If exports to other countries increase, money comes to the country, and a change comes to the income and economy of the country in a way. With this thinking, Make in India was launched. Its success is clear,” Vaishnaw explained.
He further detailed the positive trajectory witnessed across various sectors post the initiation of Make in India, pointing out significant growth in electrical machinery and equipment exports, mobile phones exports, and the noteworthy transition of India from a prime importer to an exporter of toys.
The minister’s comprehensive analysis showcased how Make in India has not only achieved its objectives but also catalyzed a transformative shift in India’s economic landscape.
