'Make In India' Initiative Records Significant Decadal Growth

ENA Sectors 2024-09-25 17:33:21 New Delhi, Sep 25 (KNN) As India commemorates the tenth anniversary of its 'Make in India' initiative, government data reveals substantial progress in the nation's manufacturing and startup sectors. Launched by Prime Minister Narendra Modi on September 25, 2014, the program aimed to position India as a global manufacturing hub and stimulate domestic innovation. Over the past decade, India has witnessed the emergence of a new startup approximately every hour, resulting in the creation of an estimated 1.5 million jobs. The number of startups registered under the Startup India programme has surged from just over 350 in 2014 to 148,000 today, with 45 per cent originating from Tier II and Tier III cities. The government reports that more than 10 million patents have been granted since 2014, indicating a significant increase in innovation and intellectual property development. In the Micro, Small, and Medium Enterprises (MSME) sector, over 49.1 million businesses are now registered on the Udyam portal, including 18.5 million women-owned enterprises. These registered units have generated 211.7 million jobs and contributed 30.1 per cent to India's GDP in the 2022-23 fiscal year. Prime Minister Modi, reflecting on the initiative's impact, stated on social media platform X, Make in India illustrates the collective resolve of 1.4 billion Indians to make our nation a powerhouse of manufacturing and innovation. It's noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened. Shobha Karandlaje, Minister of State for the MSME Ministry, credited the initiative with catalysing a manufacturing revolution, igniting innovation and helping promote local manufacturing and business, especially for the MSMEs. The initiative has also seen policy changes, including a revision of MSME definitions in 2020. The new criteria expanded the scope of enterprises classified as MSMEs, now including those with turnover up to 25 billion rupees and investment up to 5 billion rupees. As 'Make in India' enters its second decade, the government continues to emphasise its role in driving economic growth and fostering innovation across the country. (KNN Bureau) 39403 https://knnindia.co.in/news/newsdetails/sectors/make-in-india-initiative-records-significant-decadal-growth 2024-09-25 17:33:21 knnindia.co.in 'Make In India' Initiative Records Significant Decadal Growth