What are the Four Pillars of Make in India?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The 4 pillars of the Make in India initiative are new thinking, new sectors, new infrastructure, and new processes. The government of India launched the Make in India initiative to encourage businesses to create, produce, and assemble goods in India and to encourage targeted investments in manufacturing. Therefore, the Make in India initiative aims to support the manufacturing industry and other sectors.
Pillars of Make in India
The Make in India initiative is built upon four pillars that have been identified as having the potential to boost entrepreneurship in India across a variety of industries, not just the manufacturing one. According to “Make in India,” “ease of doing business” is the single most crucial factor in fostering entrepreneurship. Let us read about the four pillars of the Make in India initiative in detail.
New Processes
- According to “Make in India” the most crucial element for encouraging entrepreneurship is “ease of doing business.”
- Numerous things have already been done to enhance the business climate.
- The goal is to eliminate licenses and deregulate the sector throughout a company’s life cycle.
New Infrastructure
- For the industry to grow, access to modern, functional infrastructure is a requirement.
- In order to provide cutting-edge infrastructure with modern high-speed connectivity and integrated logistics systems, the government plans to create smart cities and industrial corridors.
- Infrastructure modernization in industrial clusters will strengthen existing infrastructure.
New Sectors
- An interactive web platform and professionally made pamphlets disseminate thorough information about the 25 manufacturing, infrastructure, and service sectors that the initiative, Make in India, has identified.
- The construction, Railway transportation infrastructure, and defense manufacturing industries all saw significant increases in foreign direct investment.
New Thinking
- The industry is used to seeing the government as a regulator. Make in India wants to change that by bringing about a paradigm shift in how the government interacts with industry.
- The government will partner with the industry in economic development.
- It will be an intermediary approach, not a regulator approach.
Summary:
What are the Four Pillars of Make in India?
The Make in India initiative is supported by four pillars namely new thinking, new infrastructure, new sectors, and new processes. More than 25 sectors have been identified, and it promotes entrepreneurship and modern infrastructure, sparking new ideas about how to change the nation.
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