Published On: June 24th, 2020
Turning India as a global manufacturing hub, Indian Prime Minister Narendra Modi initiated the “Make in India” scheme. Launched in September 2014, this encourages domestic and multinational brands to produce resources inside the nation. This is possible with its coverage of 25 economical sectors under the Make in India scheme.
And Since it was started, there have been many businesses Government has funded to make this initiative a successful brand for India’s growth.
But What Is the Idea Behind Venturing Such an Initiative?
● Present Indian Gross Domestic Product (GDP) is 16%. By 2025, the mission aims to reach 25% in the manufacturing sector[efn_note]MAKE IN INDIA: THE VISION, NEW PROCESSES, SECTORS, INFRASTRUCTURE, AND MINDSET[/efn_note]
● Protection of intellectual property, and enhancing innovation with skill development are the key objectives.
● In addition, the project also aims to partner closely with industries/companies, by offering the needed resources.
Today’s Make in India successful businesses was once fruitless. But at present, the founders are leaders in their respective industries. All credits to the PM’s initiative!
Below Are the Top 5 Businesses Government Has Funded Via ‘Make in India’ Initiative:
1. Planning for Expansion with Less Than 3% Market Share: Renault
- The automotive industry is the key to “Make In India’s” Vision.
- To develop new models for the Indian rural networks, Renault, the 8-years-old French automotive brand is now funded by Make In India. Furthermore, the company is planning to expand its sales network, possessing a share value of below 3%.
And how is ‘Make In India’ and Renault[efn_note] Renault to make India export hub for EMs, source parts from domestic suppliers [/efn_note] aiming for the future?
- Kwid card exporting uses 400 Indian suppliers for its manufacturing (already the company has over 75000 customers for the model).
- Sourcing about 95% of their products from local Indian suppliers.
- Improving the existing macroeconomics.
Producing vehicles at a cost-effective price and double the Indian share market value by 5% within 2025.
The words of CEO and MD of Renault India, Sumit Sawhney:“To celebrate the first anniversary of the ‘Made in India’ KWID, Renault embarked on a historic drive from Delhi to Paris. It travelled through 13 countries covering 18,996 km and passing through extreme climatic conditions.”
Presently, the Indian Government + Automotive industry are towards the ‘Automotive Mission Plan (AMP) 2026’. Furthermore, it is expected to rise the current Indian value 3.5 to 4 times and hike exports to 35 to 40%!
2. Reloading “Make in India” Version 2.0 – Grey Orange Robotics
The initiative was focussed on specific areas of development. From the 2017-18 Economic Survey, it came to the limelight that Robotics needs good attention. Therefore, PM’s initiative funded leaders from Robotics, Blockchain, and AI industries. The 2011-Gurgaon’s ‘Grey Orange Robotics’ is notable among them.
It generated an impetus for a multi-billion-dollar value, helping revolutionize the robotic future. Consequently, Grey Orange Robotics delivers robots to consumer services and warehouses.
Besides funding and capital investment, Make In India also released the untapped areas in Indian robotics by 5 unique means:
- Giving resources to segments including genomics, electrical storage, and chemical feedstock.
- Within[efn_note] GreyOrange: The rise of the robots 2.0 [/efn_note] the next 7 years, the global market and automation logistics are expected to increase by $125 billion.
- DIPP drafts strategies for the next 5-years across sectors.
- $10 million-$20 million projects on deployment across countries including Chile, the US, Japan, etc.
- The government initiates mechanisms for data collation and devising strategies based on futuristic goals.
3. Signing the MOU in Line with the PM’s Call: Bharat Forge Limited
The Chairman and MD of Bharat Forge Ltd., Baba Kalyani, accepted the call to action from the PM’s call. The team is now planning to forge a partnership with Israel, with a technology-based ‘Joint Venture’, funded by the PM’s call.
In addition, the funds raised from the initiative augments state-of-the-art engineering systems, life-cycle extension, with excellent development in the relative domains of the Indian defence sector.
The resultant of this funding, Joseph Weiss, the President, and CEO of IAI supports the idea of Bharat Forge and Make In India. Now, operations are revamping in India and he promised to preserve the position of India, across nations.
Hence, The Kalyani Rafael Advanced Systems (KRAS) procured $100 million (Rs 684 crore) from Israel’s Rafael Advanced Defence Systems, generating missiles and armed forces for the Indian Army and Airforce.
The CEO also adds 3 more prospects:
- 25% of the GDP[efn_note] Bharat Forge’s Babasaheb Kalyani bullish on manufacturing says ‘Make in India’ showing results [/efn_note] will be through the Indian manufacturing sector.
- 4000 Bharat-Forge guns[efn_note] Baba Kalyani-led Bharat Forge guns for top spot in artillery [/efn_note] ordered for the upcoming 10 years, with each order worthy of 12-14 crore.
- Within the next 6 years, the present rate of GDP will touch USD 5 to 6 trillion.
All thanks to Make In India!
4. Fostering Resilience in Startups: Shopclues.com
Founded in July 2011 in Gurugram, Shopclues.com is an online market, under the CEO and Co-Founders Sanjay Sethi, Radhika Aggarwal, and Sandeep Aggarwal. This is a platform to avail electronics, fashion, lifestyle products, households, and more.
When Shopclues decided to shut-down its e-commerce (due to multiple internal and external issues), the team was still interested in supporting the local Indian culture. However, Make In India helped Shopclues get back-on-track through ‘IndiMarket’. This is another digital platform, centred in selling Indian products, with 500 onboard merchants and exotic merchandise from diverse states.
IndiMarket is a big shot, gifted from Make In India to Shopclues. With this support, the to-be-abandoned native marketplace enlightened the Rich Indian Heritage and beautiful handicrafts to people. Moreover, anything and everything is available today, giving value to money and honour to India!
Currently, Shopclues has grown to a level where they opened a new section for specific commodities labelled “Atma Nirbhar”. , the company thanks ‘Make In India’ by using the badge ‘Made in India’ on their products. The CEO expects says:
- About 15% of revenue[efn_note] ShopClues’ to promote ‘Make in India’ vision with IndiMarket [/efn_note] is because of IndiMarket.
- Besides that, the team now manages[efn_note] How Shopclues is trying to turn the corner? [/efn_note] around 1.8 to 2 lakh orders, on a daily basis.
This is one good resource from the PM’s initiative.
Finally, here is the last business under Top 5 businesses government has funded via ‘Make In India’ initiative…
5. Things Getting Spiced-Up for Digital India: Spice Group
With the leadership of B.K. Modi, Spice Group is 1 of their key services. Moreover, PM’s project ignited trust in this handset community. Additionally, the founder started advertising his ideas. Additionally, many investors and capital funders came forward to support both the initiative of Spice Group!
Furthermore, The MOU signed between the UP government and Spice Group made it a trendsetter for the PM’s campaign.
Recently, the Spice Group invested US$ 75.16 million, to manufacture units in Uttar Pradesh towards budget smartphones.
How Did Everything Happen at Last?
- The initiative generated INR 500 crores through the Akhilesh Yadav Dispensation.
- In addition to that, facilitation of ecosystem and infrastructure from the State Government.
- Moreover, various incentives provided for Research and Development (R&D).
- Targeting the tier II and III markets[efn_note] Spice Group Furthers the Government’s Make in India Campaign [/efn_note] for producing unique and cost-effective smartphones.
- US$ 75.16 million[efn_note] Make in India: The Story So Far [/efn_note] invested in manufacturing budget gadgets in UP.
- Tax benefits and capital/interest subsidies from the ESDM Policy.
In addition, other mobile companies like Lava, Vivo, and Micromax are coming with their innovations to support PM Modi’s Initiative.
Moreover, Make In India offers everything from financial support to taxation relief benefits, and even indirectly helps investors assist other businesses and startups by aspiring professionals and budding student entrepreneurs. To conclude, we are only left with welcoming the Digital Startup India and making sure that our products evolve well globally!