Challenges to Make in India
- Ease of doing business-Government has taken various measures like, a dedicated Shram Suvidha Portal, An all-new Random Inspection Scheme, Universal Account Number, Apprentice Protsahan Yojana, and Revamped Rashtriya Swasthya Bima Yojana etc.The focus now should tilt towards proper implementation of these schemes to increase the competitiveness of ease of doing business.
- Increasing the investor confidence is one important area in which government of India should focus by bridging the gaps in infrastructure and their by making way for proper utilization of capital
- Adequate measures needed to address Red Tapism by complete overhauling of government management system ex-Ease of exiting from the business.
- The main goal of the Make in India program is to increase the share of manufacturing sector from present 16 to 25 percent by addressing issues associated with Investment, Innovation, Infrastructure, IPR, Skill labour. Without addressing these issues it is very difficult to achieve the goal of increasing the share of manufacturing to 25 percent by 2025
- Investor confidence is directly proportional to presence of world class infrastructure. It is very difficult to gain business confidence unless there is enough gaps in infrastructure .According to IMF estimates with better management of public wealth globally it is possible to accrue enough funds to develop world class infrastructure globally. So it is essential that a proper mechanism is put in place for better management of public wealth in India.
- The biggest challenge for Make in India is to create better opportunity for the roughly 16 million masses that enter labour markets every year.
- Our investments in R and D needs to scale new level as we are spending only 0.8 percent of our GDP. With greater emphasis on research it is possible to scale up investments domestically and also from outside.
- High cost of financial transactions is another issue that is hugely reported so it is time to have better reforms in financial sector to make transactions more easy and simple
- It is also a high time to have a proper bankruptcy code in place by expediting the recommendations made by bankruptcy law reform committee in to a fully fledged law.