Atmanirbhar Bharat And The Manufacturing Industry in India

 Atmanirbhar Bharat Abhiyan is an initiative of the Indian government that aims at making the country and its citizens self-reliant. India is focused on becoming the hub of manufacturing and services while the nation stays connected to the global supply chain.

India has the capability, innovation, and skill-set to develop the manufacturing sector and create state-of-the-art manufacturing facilities. If the manufacturing industry is developed, it will help deliver top quality products in and around the country as well as the globe. The main highlights of the policy aim at improving the condition of the current manufacturing sector.

Various manufacturing sectors are being developed to provide products and goods. For instance, India hopes to stop imports of yarn and textiles. Top yarn manufacturers in India will be able to improve the production of yarn and dominate the global market. Industrial salt manufacturers in India are also aiming to reduce imports of industrial salt. Imports of incense sticks have been restricted to help the incense industry grow in India.

The manufacturing industry is expected to accelerate India’s growth. Due to the uncertainties presented by the global pandemic, India has various opportunities to become self-reliant. The main objective of the Atmanirbhar Bharat Abhiyan is to encourage domestic production and reduce India’s dependency on other countries.

Manufacturing MSMEs can avail loans guaranteed by the government to boost the economy, strengthen the supply chain, and lower the need to import products. As per NITI Aayog data, 75% of manufacturing jobs in India are available through SMEs.

Transformational reforms are also being made in coal, mining, and defense production to spur the local manufacturing industries. In a similar manner, the government can put up incentives for labour based industries to provide employment and deal with the migrant crisis.

In the wake of the pandemic, the government is encouraging the industry to increase production, create jobs, and manufacture quality products.

As a part of Atmanirbhar Bharat, the Production-Linked Incentive (PLI) scheme has been introduced to 10 key sectors. The key sectors include pharmaceutical drugs, textile products, food products, and technology products, etc.

It aims to enhance the manufacturing capabilities of India and increase export. The PLI scheme will make India globally competitive, ensure efficiencies, and India can become a part of the global supply chain.

For example, the Indian textile industry is one of the largest in the world, with an approx 5% share in the global exports of textiles and apparel. However, the manufacturing industry for man-made fiber is lower in India. The PLI scheme will help improve investments to boost domestic production.

The PLI scheme is expected to boost various industries including, automotive, electronics, and pharmaceuticals in India, by bringing in investments and incentives.

The Atmanirbhar Bharat Abhiyan promotes an efficient and resilient manufacturing sector. It also helps the growth in the production and export of goods and services.

Improving and developing a better manufacturing sector will enable India to become a part of the global supply chain and establish links with the MSMEs sector in the country. This development will be helpful in the economic boost and open various employment opportunities within the nation.