A decade ago, India embarked on a transformative journey, envisioning an economic landscape driven by indigenous production and innovation. The launch of Make in India heralded a bold narrative, one that sought to redefine the nation's manufacturing prowess and foster self-reliance across sectors. As we commemorate the tenth anniversary of this visionary initiative, it's an opportune time to reflect on its evolution, the strides made, and the collective contributions of companies that have woven themselves into the fabric of this national ambition. This milestone represents not only the passage of time, but also the resilience and ingenuity of an entire ecosystem in India that has embraced the ethos of making.
Achievements and progress over the past 10 years
One of the pivotal achievements of Make in India has been its success in attracting foreign direct investment (FDI) into the country. The program's emphasis on ease of doing business and simplifying regulations has made it more attractive for international companies to set up manufacturing units in India. As a result, FDI inflows have increased significantly, boosting job creation, and stimulating economic growth. Emphasis on enhancing vocational training programs and aligning them with industry requirements has resulted in a skilled workforce capable of meeting evolving market demands. Foreign Direct Investment (FDI) has doubled since the launch, reaching $83 billion in 2022, indicating growing investor confidence in India's manufacturing potential.
Make in India has also played a pivotal role in promoting innovation and technology adoption across various sectors. One area where innovation has played a significant role is in the field of renewable energy. With a focus on clean and sustainable sources, ‘Make in India' has spurred the development of innovative solar panels and wind turbines, making India one of the world's leaders in renewable energy production. Many manufacturing businesses like ours have incorporated these practices to increase efficiency and practice sustainable manufacturing. Looking ahead, it is imperative that government policies remain progressive and responsive to changing market dynamics. By fostering an ecosystem conducive to innovation through research and development incentives, intellectual property protection measures, and collaboration between industry players academia innovators alike can facilitate breakthrough innovations.
Nevertheless, the program's impact can be seen across diverse sectors, and several leading companies have taken advantage of the opportunities created by Make in India to establish or expand their operations within the country. These include multinational corporations as well as home-grown enterprises that have scaled new heights through this initiative.
In the journey of Make in India's transformative initiative, several companies have emerged as pioneers, shaping the future of manufacturing in India. These trailblazers have not only contributed to the growth of their respective industries but have also showcased India's potential on a global stage.
Several companies have embraced the ethos of ‘Make in India', epitomising resilience and innovation. For more than 42 years now, Finolex Industries has been contributing towards the growth of our motherland, as we make in India for India. We stand at the forefront, exemplifying this ethos by recently inaugurating a new stateof-the-art manufacturing facility aimed at expanding our market presence in the plumbing segment. With a network of various manufacturing facilities strategically spread across the nation, Finolex has fortified its commitment to localised production, contributing significantly to the country's manufacturing landscape. Moreover, our emphasis on manufacturing our own PVC resin, promoting backward integration, reflects a staunch dedication to selfreliance and reduced dependency on imports. Such proactive measures not only strengthen our position but also exemplify the spirit of indigenous production, a pivotal aspect within the broader spectrum of ‘Make in India'.
The 10-year odyssey of ‘Make in India' mirrors India's resilience and ambition. Despite challenges, companies like Finolex Industries, epitomising indigenous production through expanded facilities and backward integration, symbolise the initiative's essence. Celebrating milestones prompts not just reflection but a forward-looking approach. Streamlined regulations, academic-industry collaborations, and innovation form the linchpins for sustained growth. This milestone marks not just progress but a call to fortify self-sufficiency and global competitiveness. Embracing collaboration and innovation, ‘Make in India' stands poised to shape a self-reliant future, where each stride in indigenous manufacturing resonates with a resolute commitment to India's prosperity.
