The “MAKE IN INDIA” scheme introduced by the Indian Prime Minister Mr. Narendra Modi in September 2014, was devised to transform India into global design and manufacturing hub.
It is a campaign to facilitate investments, foster innovation, enhance skill development, protect intellectual property and build the best in class manufacturing infrastructures within the country. Sectors which are covered in the scheme are Automobiles, Aviation, Biotechnology, Construction, Defence Manufacturing, Food Processing, Pharmaceuticals, Renewable Energy, Tourism and Hospitality, Wellness, etc. Quantitatively, the ‘Make in India’ campaign envisages the manufacturing sector to contribute to 25% by 2022 from the current 17%.
In addition, the Indian government has taken several initiatives to create conducive environment for the protection of Intellectual Property Rights of innovators and creators by bringing about changes at legislative and policy level. Specific focus has been placed on improved service delivery by upgrading infrastructure, building capacity and using state-of-the-art technology in the functioning of Intellectual Property offices in the country. Higher level of transparency and user friendliness is one of the main aims of the policy of Intellectual Property under the Make in India project. To improve the Patent system in the country, new, improved and strong steps have been taken by the Government of India. The Government aims at establishing a patent regime that is favourable to technological advances and is in line with its global commitments.
India has also acceded to the Madrid Protocol which allows applicants to file in other countries that are members of the Protocol through a simple form and by payment in one currency foreign applicants can also file indicating India as the designated country in forms. This also enables time-bound processing of Trade Marks applications.
The National Manufacturing Policy is another significant policy initiative taken by the Government under this scheme. The policy is the first of its kind for the manufacturing sector as it addresses areas of regulation, infrastructure, skill development, technology, availability of finance, exit mechanism and other pertinent factors related to the growth of the sector.
‘Make in India’ envisions reducing dependency on exports and enabling India to become a significant contributor to Global Value change. This gives a great opportunity to SMEs which form the backbone of any manufacturing industry. At present several Indian firms in the aerospace and defence space for example, have started partnering with multinationals leading to increased localization of products.
The ‘Make in India’ scheme has gone global and the world appreciates it. The time to Make in India is now, so friends lend your hand and explore the vast opportunities that are present in the Indian market.