Despite these challenges, the Make in India initiative has not been a total failure. On the positive side, the government’s introduction of PLI schemes, tax incentives, and import tariff adjustments shows a willingness to adapt and course-correct. However, the key question remains: will these policies deliver the intended results in the long run?
For Make in India to truly succeed, the focus needs to shift from attracting big-ticket investments to addressing fundamental structural issues within the manufacturing sector, such as excessive bureaucracy, complex labour laws, and inadequate infrastructure.
Additionally, policymakers should consider the cost-benefit ratio of the initiative’s various incentives. While PLI schemes have attracted some of the world’s largest manufacturers, they often favour larger firms over smaller players. This could stifle innovation and job creation in the small and medium enterprise (SME) sector, which is vital for sustainable economic growth. A more inclusive approach that empowers smaller firms and promotes both high-tech and labour-intensive industries could help balance the initiative’s benefits.
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