Prime Minister, Narendra Modi launched the Make in India initiative on September 25, 2014, with the primary goal of making India a global manufacturing hub, by encouraging both multinational as well as domestic companies to manufacture their products within the country.
Itintroduced multiple new initiatives, promoting foreign direct investment, implementing intellectual property rights and developing the manufacturing sector as well.
According to Devendra Fadnavis, the Chief Minister of Maharashtra, “in just two years, around 22 lakh jobs have been created with investment commitments worth nearly Rs 5 lakh crore reaching the implementation stage’.
While announcing the State’s first ever global investment summit scheduled from February 18 to February 20, 2017, he also said,“There are a lot of people who criticize investors’ summits and claim investments do not fructify,” However, “The conversion rate (for investment proposals being implemented) is typically 32%-35%. But post the Make in India summit, total MoUs signed (for investment in Maharashtra) were 2,954, of which 1,523 has been fructified, or 51%,” he said.
He also added, “Of the Rs 8 lakhcrore investment proposals (in Make in India), Rs 4.91 lakhcrore or 61% investments have been made or are in the process”, stressing that 22 lakh or 74% of the 30 lakh jobs expected from these investments have already been created.
Promising to make Maharashtra India’s first trillion dollar economy, Mr. Fadnavis said: “If we grow at 10% per annum, then we can become a trillion dollar economy in approximately 7 to 10 years. The size of the state’s economy is presently $ 400 billion.”
Led by the Department of Industrial Policy and Promotion, the initiative also aims to raise the contribution of the manufacturing sector to 25% of the Gross Domestic Product (GDP) by the year 2025 from its current 16%.