Even after the 65 years of Independence, India comes under the category of developing countries. The prominent reason behind is its struggling economic growth and sort of unstable political government. But in past 1 decade Indian economy has performed better and presently counted as fast growing economy of the world.
In present Narendra Modi has come up with some brilliant idea to boost up the economic grounds, one among these was ‘Make in India’ plan. The successful implementation of plan will help India to outperform other growing economies of the world.
To be very simple, economy develops when cash flow increases, like any other personal economy. However, national economy is far more complicated and is made up of several smaller economies. The ‘Make in India’ provides possibilities of increasing cash Inflows.
Here are few points which can further accelerate ‘Make in India’ proposal and improve economy:
In house products are Cheaper:
The products manufactured in India are much cheaper in price, as it comes out with lower labor costs and easy availability of raw materials. It clearly means that, irrespective of selling price we can make out larger profit in comparison of world market.
Importer to Exporter:
India in spite of being agricultural based economy is an importer of commodities such as tea and spices. The larger imports have subsequently dropped cash Inflows from exports. So under ‘Make in India’ cultivation of ample stuff for export, will give steep raise in income of our economy.
Improving overall rank:
India stands on 137th rank among business countries representing it to be an ‘easy going business’ country. Make in India omits bottlenecks and soften the essential and elementary rigorous laws for more work flows. This will result in better transparency and easy financial relation with World Bank, which will improve overall ranking among business countries and ensure strong economy.
Being Self Dependent:
The ‘Make in India’ will put country on path of export driven, which will first feed homeland, hereby making itself a self dependent country. Overall minimizing imports, thus saving lot of local currency spent on paying number of import duties.
Better International relations:
Good international relation will allow bigger foreign investment from across the globe. Giving better living standards to the local labors and overcoming unemployment problem. A neutral foreign investment policy will ensure smooth flow of currency in economy.