TRANSFORMATION ENGINE OF ECONOMIC GROWTH WITH MAKE-IN-INDIA CAMPAIGN

The Make in India campaign, the brain child of the Indian Government, has been launched to boost the Manufacturing and Industrial Sector of the country. The main aims of the campaign are to galvanize the industrial sector and increase the domestic as well as international investment coming into the country. The Indian economy, with a large potential to become a leader on the world stage needs a thrust to achieve a high growth rate in its production and manufacturing sector. The way to do this is by reducing the archaic red tape-ism and changing the legislation to help India come on par with other countries such as China and Japan, which have undergone rapid industrialization and have become world leaders in a very short while. This paper attempts to compare these economies with that of India, outlining how the Make in India movement proposes to change the prevalent conditions and also how successful this endeavor may be. The campaign will help shape the future of the country and help it to grow, develop, become self-sufficient, increase capital formation, as well as reduce unemployment and raise the standard of living of its vast population. To do this, a multitude of measures must be taken, and this paper will try to enumerate and throw light on some important and key factors for this change and development to take place.