The Make in India initiative by the government targets to generate 100 million jobs. Additionally, it also targets to take the GDP growth of India’s manufacturing sector to 25% by 2022 from the current rate of 16%.
Launched in 2014, this initiative looks to promote both home-grown businesses as well as create employment for the youth of India. It is estimated that around 17 million individuals join the workforce of this country, with their number going up every year.
The government launched numerous drives and aids through this initiative to influence and develop the manufacturing sector of this country. This included both small and business enterprises.
Crucially, schemes to provide a business loan in India to small enterprises has greatly affected the economy also. The resultant boom in job sector can also be traced to different aspects of Make in India. This initiative has numerous aspects to it along with ease in financing via business loans.
The importance of Make in India can be noted in the following targets, which have been shortlisted by the government. Small and Medium Enterprises (SME full form), as well as its employees, can benefit immensely from this initiative focusing on the following sectors.
- Utilizing the workforce: One of the primary objectives of this initiative was to utilise the workforce that is available in India. While there are numerous individuals looking for jobs, persistent issues of lack of employment as well as training have always plagued industries. The Government of India especially intends to focus on the different economically backward sections of this country. This includes both the urban poor and the rural backward.
The government targeted to open at least 1,000 training camps across the nation over the following couple of years. Additionally, the government also decided to provide highly skilled training to individuals within the age bracket of 15 and 35 years. Proper training of personnel aids to improve warehouse efficiency as well.
- Vital enterprises: The government has identified vital sectors which are to be specifically focused on growth. These sectors include crucial industries like telecommunications, power, pharmaceuticals, tourism, automobile, etc. These key sectors have an immense opportunity in growth and numerous SMEs are either involved or have the potential to be involved in these sectors. Convenient MSME loan schemes in India allow entrepreneurs to launch their enterprises easily.
- Standardisation: Standardisation of the training process is a crucial objective of this initiative. This objective tries to bring the skill level of workers across the country at par. Consequently, this can lead to much-enhanced production levels. With the standardisation of training, it will be easier for employees to move from one organisation to another as well.
- Easier regulatory clearance: Part of the government initiative of Make in India is that of Invest in India. Under this objective, the government attempted to bring more of manufacturing companies to the country. It aimed to build successful manufacturing businesses, thereby giving this sector a major boost. A direct result of this objective was the setting up of numerous ancillary industrial setups, which primarily consist of SMEs.
The quick availability of business loans in India has also offered these SMEs the capital required to launch their venture. Entrepreneurs looking to set up their business venture do not just have numerous government aids, but also many easy loan options from NBFCs like Bajaj Finserv.
Along with setting up ventures, Make in India also aids in expanding enterprises. Consequently, different business loans in India are also available to help small firms achieve growth. It is important for entrepreneurs to compare different loan products as well as understand the types of business loans so as to apply for the correct product.
