Top 10 Benefits of Make in India for Micro-Businesses
India climbed 14 rungs in the World Bank’s Ease of Doing Business 2020 survey to stand at 63, among 190 countries, making it one of the world’s top 10 most improved countries for the third consecutive time.
Honorable Prime Minister Mr. Narendra Modi launched the Make in India campaign on September 25, 2014, with the ultimate aim of transforming India into a global design and manufacturing hub. It is forming the backbone of the economy. A set of 25 sectors has been identified by the government to India for adequate promotion and support. The major association was taken with the entrepreneurs and corporations who contribute extensively to the nation. Under the Make in India initiative, the government aims to increase the share of the manufacturing sector to the country’s GDP to 25 percent by 2025.
List of benefits to the Micro Business:
1. Self Dependency:
With grace to the development in the nation, and improved rate of production will result in the self-dependency of the citizens on the products and would rather increase the demand. The homegrown brands would take over their identity in the domestic market.
2. Reduction in imports:
Greater production of goods with better quality will soon replace the foreign products and hence would out-turn in the reduction in imports. The brand value of Indian merchandise will increase dramatically.
3. Cost-effective manufacturing:
An increase in the number of units and services will tend to develop cost-effective manufacturing for small and micro-businesses. By investing in efficient manufacturing machines and tools, one can reduce the overall manufacturing costs.
4. Skill development:
Skills development always leads to a competitive advantage. Investing in skills development is beneficial to the organization as much as it is to the employees. Growth is very important personally and in an organization. Employees need to stay learning to grow. The initiative aims for the overall development of the working class in the micro business.
5. Improvement in purchasing power:
Purchasing power measures the value of goods that can be bought with a specific amount of currency. Purchasing power is a relative measure that is most relevant when analyzed for changes over time. Shooting rise can be witnessed in the purchasing power of the micro-businesses.
6. Up-gradation of technology:
India is an underdeveloped country obviously lack various latest mechanization, which, is a big hurdle in the path to the development of the nation. To sustain rigid competition in the global market, micro-businesses are allowed to upgrade their technology.
7. Improved infrastructure:
The advantage of improved infrastructure will boost the productivity of the business and ultimately reduce the cost. Improved infrastructures can improve people's quality of life and expand opportunities in the environment.
8. Availability of fresh and young minds:
One of the best advantages of the initiative would access to a huge amount of fresh and young minds in the industry. In common terms, more employment generation would take place and better heights of success can be witnessed by the industry.
9. Encouragement to innovation:
Encouragement to innovation gives companies an edge in penetrating markets faster and provides a better connection to developing markets, which can lead to bigger opportunities. With improved recognition and brand value, more ideas are appreciated and worked on.
10. Opportunity to enter larger markets globally:
Various sectors such as exportation, architecture, textiles, telecommunications, etc. are likely to flourish inevitably, strengthening the Indian economy which is already the seventh-largest in the world. Small businesses can enter the global market by selling directly to customers in export territories, marketing products through a local distributor, participating in a joint venture with a local business partner, or selling through a website.
Desi is the new Swag!
The key ingredient of the Make in India initiative is the labor force. It is opening investment doors and multiple enterprises are adopting its mantra. Momentum is visible across various regions of the country and all the industries are sustainably performing with better growth in years.