KOCHI: The spread of manufacturing sector in any country can greatly determine how self-sufficient the country is. China, for instance, with its wide spread of manufacturing is almost independent on consumer products segments from other countries. With “Make in India” movement, India sees to replicate the success story here.
As Make in India website reports, “The Global Innovation Index (GII) is a ranking of countries as per their success and capacity in innovation. It is published yearly by the World Intellectual Property Organization (WIPO). India has been ranked as the 57th most innovative nation in the world; up 3 places from 2017.”
So, with this column, we shall discuss how the “Make in India” scheme can be beneficial for your startup.
If you are looking to build, say an electronics brand, you will find new manufacturers coming up in India. While some have started with assembly line first, the idea remains to slowly move all manufacturing setup to India itself. What this means for you? Cheaper procurement if you procure your products with Indian manufacturers, and of course no worries of customs duties on you.
Indian craftsmen have got a big boost in production and sales through the “Make in India” initiative. A lot of startups promoting the Indian traditional art style have come up connecting craftsmen to consumers around India and the globe.
If you are a startup that develops IPs, say patents for processes or products or creates trademarks or copyrights, the IP registering process has become easier with the initiative.
Smart City Projects
A lot of startups this year have worked with their city’s smart city team to build products that can innovate for the city. In Jabalpur, for instance, I remember smart helmets, free commute bicycles etc were introduced by the government in partnership with various startups.
Many 'Skill India' projects have been setup to impart skills and develop local workforce for various entrepreneurial initiatives
In yesterday’s news, it was mentioned how the Ministry of Defence has notified the Defence Testing Infrastruce Scheme to address accessible state-of-art testing infrastructure. Under “Make in India” scheme, to reduce dependence on imports, a high priority has been given to the development of the manufacturing base of Defence and Aerospace sectors in the country.For any queries, write to me on email@example.com