Prime Minister Narendra Modi’s programme to make India a major global manufacturing hub is likely to start showing results when the $68-billion of investments committed on the ground start coming on stream over the next couple of years.
Critics complain that the glass is half empty. The Prime Minister’s Make in India initiative has not led to any increase in the share of manufacturing in the country’s GDP and has not generated the huge number of jobs it was expected to.
But that, pardon the pun, is only half the picture. Experts point out that the manufacturing sector begins to contribute to the economy only with a lag of three-four years and point to the pipeline of about $68 billion of foreign investment, much of it in the manufacturing sector, to argue that a better way of describing the glass would be as half full.