Which initiative was launched on 25 September 2014 to facilitate investment, foster innovation, build best in class infrastructure and make India a hub for manufacturing, design and innovation?

The correct answer is Make in India initiative.

Key Points

• The Make in India initiative was launched by the Government of India on 25 September 2014, under the leadership of Prime Minister Narendra Modi.
• It aims to transform India into a global manufacturing hub by encouraging domestic and foreign investment in manufacturing sectors.
• The initiative focuses on fostering innovation, enhancing skill development, and building world-class infrastructure.
• It targets 25 key sectors, including automobiles, biotechnology, construction, defense manufacturing, and pharmaceuticals, among others.
• The program emphasizes ease of doing business by streamlining regulatory frameworks, promoting transparency, and simplifying processes.

Additional Information

• FDI Reforms:
  • Under Make in India, India liberalized its Foreign Direct Investment (FDI) policies across various sectors, allowing up to 100% FDI in many industries.
  • Sectors like defense, railways, and insurance witnessed increased FDI inflows due to policy reforms.
• Ease of Doing Business Ranking:
  • India’s global position in the World Bank's Ease of Doing Business Index improved significantly due to initiatives under Make in India.
  • Key reforms include the introduction of GST, Insolvency and Bankruptcy Code, and digitization of governance processes.
• Major Outcomes:
  • Significant growth in sectors like electronics, automotive, and renewable energy.
  • India became one of the fastest-growing economies globally, attracting substantial foreign investments.
• Skill India Initiative:
  • To complement Make in India, the Skill India program focuses on enhancing workforce employability through training and skill development.
  • This ensures a skilled labor pool to meet the demands of the manufacturing and service sectors.