Make in India was launched to transform the economy and the initiative has been very successful in achieving that, the Electronics and Information Technology Minister, Ashwini Vaishnaw, said on Thursday.
Speaking to ANI, the Minister lauded the Prime Minister Narendra Modi-led government for launching the Make in India initiative and changing the economy across the sectors. Explaining the idea behind the initiative, he said, “When PM Modi launched Make in India, there was a deep thinking behind it. If things are manufactured in India, our people get jobs and our small and micro industries generate employment. If export to other countries increase, money comes to the country and a change comes to the income and economy of the country in a way. With this thinking, Make in India was launched. Its success is clear.”
Talking about the growth in the manufacturing sector, the Minister said that the sector has contributed massively to enhancing exports, where exports stood at $762 billion in the previous fiscal year. From this, merchandise exports contributed $453 billion, while exports from services remained at $309 billion.
“10-15 years back, it used to be services export mostly. Now, the manufacturing export has increased. There is diversification - there is about $11 billion worth of electrical machinery & equipment exports, about $11 billion worth of mobile phones export. This growth is rising. This year too, $50 billion of mobile phones' manufacturing has been done and the export is worth about $15 billion,” Vaishnaw said.
The Minister further stated that now, toys are also being exported, whereas earlier, toys were majorly imported into the country. As such, the country is moving away from being dependent on imports and enhancing exports in all sectors.