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IT Industry as a Promoter of Growth in "Make in India"

Author(s):

Ms. Rachita Kansal , ARYA KANYA MAHAVIDYALYA(AKMV), Shahabad Markanda.

Keywords:

Make In India, Growth, Information Technology, Economic Development, Job Creation, Skill Development, Manufacturing Hub

Abstract

"Make in India" Campaign was launched by Prime Minister Narendra Modi on 25 September 2014, with an aim to transform India into a global manufacturing hub. Information Technology (IT) is an important emerging sector of the Indian Economy and will play a vital role in Realizing India's Dream in Make in India Campaign. The primary objective behind this initiative is to focus on job creation, skill development and innovation and to align India’s manufacturing sector into the Global Value Chain by encouraging Public Private Partnership (PPP), Joint Ventures (JV), Foreign Direct Investment (FDI) inflow, and advancing Ease in Doing Business (EDB). This scheme focuses on acceleration of economic growth to the new heights and to pull back the economy from clutches of recession. This paper covers overview of the Make in India campaign, role of IT industry, Initiatives taken by companies, growth cycles, challenges and its impact on Indian Economy. The IT sector has served as a fertile ground for the growth of a new entrepreneurial class with innovative corporate practices. Now the industry has an enormous opportunity to collaborate with the government on its vision where technology will play a vital role in acquiring India’s dream to reverse the brain drain, raising India’s brand equity and attracting foreign direct investment (FDI) leading to other associated benefits. The Size of this sector has increased at a tremendous rate of 35% per year during the last 10 years. The internet industry in India is likely to double to reach US$ 250 billion by 2020, growing to 7.5 per cent of gross domestic product (GDP). Indian IT exports are expected to grow at 7-8 per cent in 2017-18, in addition to adding 130,000-150,000 new jobs during this period. Thus we can conclude that Make in India will bring a drastic change in the fields like automobiles, aviation, biotechnology, defense, media, thermal power, oil, gas and manufacturing sectors. The secondary data collected from journals, magazines articles, brochures, annual report etc.

Other Details

Paper ID: IJSRDV5I120003
Published in: Volume : 5, Issue : 12
Publication Date: 01/03/2018
Page(s): 31-34

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