The Make in India Initiative which was launched on September 25, 2014 is a kind of initiative that focuses on the 25 sectors of the economy namely :
- Automobiles
- Automobile Components
- Aviation
- Biotechnology
- Chemicals
- Construction
- Defence manufacturing
- Electrical Machinery
- Electronic systems
- Food Processing
- Information Technology and Business Process Management
- Leather
- Media and Entertainment
- Mining
- Oil and Gas
- Pharmaceuticals
- Ports and Shipping
- Railways
- Renewable Energy
- Roads and Highways
- Space and astronomy
- Textiles and Garments
- Thermal Power
- Tourism and Hospitality
- Wellness
In response to this, several companies. including Samsung, Huawei, Foxconn (which assembles Apple products), Lenovo and many others - are investing in manufacturing their products inside India in order for them to do business there. India has the upper hand here because India is a big market to pass.
This initiative is a two edge sword. It will create jobs to the locals in the country that will indeed a big boost of the economy but also in turn will drive up cost of the products. They may end up paying for more for the same product that cost less for example in the neighboring countries like Myanmar or Srilanka. People will soon realize this reality and will begin to import goods that are cheaper elsewhere. or maybe it will work on them because of their geographical location.
This initiative will soon echo in other countries on how they see the business should be. This is an inward looking initiative - exactly opposite of what the globalization is all about. a complete turn around if things does not work your way.
