What is the ‘Make in India’ initiative?
Hon’ble Prime Minister of India Shri Narendra Modi launched the ‘Make in India’ initiative on 25 September 2014.
After the launch of the ‘Make in India’ initiative, companies who outsourced products earlier, now started manufacturing in-house. This initiative aims to support the growth of local businesses and manufacturers to boost the economy of India and to impact the world with Made in India goods.
Furthermore, this initiative carved a way for the industrialists and manufacturers from different parts of the globe to set up their manufacturing plants in India and produce goods or services to foster growth in India’s GDP and surge job opportunities.
‘Make in India’ initiative aims to provide various types of fiscal incentives to national and international businesses or individuals. This initiative has brought positive results in the growth of the economy of India.
Additionally, other schemes were brought in to strengthen this initiative. Many companies established research and development centers to improve their products. With the help of this initiative, both companies and customers or clients are availing benefits.
Let us discuss some benefits that a customer or client can have with the ‘Make in India’ initiative.
Those companies that are setting up research and development centers at their premises, will become easier for them to provide customized solutions to the customers or clients based on their needs or requirements. Every customer or client has a unique problem that needs a unique solution. Therefore, tailor-made solutions can be offered based on research and development centers.
Flexibility in After-Sales Service
A customer or client can enjoy post-purchase benefits of the product, which is flexibility in after-sales service. There are rare situations where customers or clients have replaced products due to defects in a lot delivered. If a company has an in-house manufacturing unit on the campus, then it becomes easier for a customer or client to get a replacement or repair of the defective purchased product. Rapid product repair or replacement adds trust for the brand.
Every customer wants to buy value-for-money products. They are in a hunt for cost effective, high-quality products. Those companies that have in-house manufacturing units can develop in-house products at a low cost without compromising on quality. Thus saving cost for outsourced products. ‘Make in India’ initiative walks on the same path. When a company has a low manufacturing cost of a product, then the customers or clients benefit from a low price of the product.
Increase in Demand
Since the launch of the ‘Make in India’ initiative, it gained smooth momentum, and many businesses and start-ups started applying the objective of the initiative in their operations. The Government of India started motivating and encouraging individuals and businesses to follow and execute the Make in India ideology, which comes with a lot of benefits and a set of incentives that include, easy loan access without collateral. The Government did its best to encourage businesses and start-ups to take the initiative seriously by providing benefits and incentives.
One of the main reasons for the surge of the ‘Make in India’ initiative is due to inevitable COVID-19 pandemic. All the points mentioned above, along with the facts that the labor laws in India, and inexpensive workforce and conditions, are the prime reasons why there is a surge in the ‘Make in India’ initiative. With a surge in the Make in India initiative, the Government of India aims to make India the fastest-growing developing nation in the world.
‘Make in India’ initiative is a bold initiative by the Government of India to make India self-reliant and self-sufficient. The initiative has placed India on the list of exemplary economical growth. We are proud to say that Voice Snap Services Pvt. Ltd. has app solutions for schools, colleges, and offices to make work easier, accurate, effective, and efficient. Please visit www.voicesnap.com for detailed information.