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PM Modi
In September 2014, Prime Minister Narendra Modi launched the ambitious ‘Make in India’ initiative, aiming to redefine India’s manufacturing landscape. This initiative is designed to bolster domestic production, attract foreign investment, and create employment opportunities across various sectors. Since its inception, ‘Make in India’ has garnered substantial foreign direct investment (FDI) and has enticed numerous global corporations to establish manufacturing bases in India.
Since its launch, the ‘Make in India’ initiative has successfully attracted considerable foreign investments across various sectors, including electronics, defense, renewable energy, and semiconductors. The Indian government aspires to achieve annual FDI inflows of $100 billion, underscoring its commitment to enhancing the manufacturing sector’s role in the economy.
India’s aerospace sector is undergoing a significant transformation, highlighted by the establishment of the final assembly line for the Airbus C295 transport aircraft in Vadodara. This project marks a historic achievement as it represents the first military aircraft produced entirely in India. The collaboration between Airbus Spain and Tata Advanced Systems demonstrates the Indian government’s commitment to fostering indigenous manufacturing under the ‘Make in India’ initiative. Prime Minister Modi’s vision of transforming India into a global aerospace manufacturing hub is evident in this endeavor.
The success of the ‘Make in India’ initiative extends beyond a single sector. Various industries have embraced the ethos of self-reliance, or Atmanirbhar Bharat, as global companies increasingly recognize India’s vast potential and myriad opportunities for investment.
India has quickly ascended to become the second-largest mobile exporter in the world, reflecting remarkable growth in its mobile manufacturing sector under the ‘Make in India’ initiative. In the fiscal year 2024 (FY24), India’s mobile phone exports surged by 40.5%, reaching approximately $15.6 billion.
A significant milestone in this sector was marked by Apple’s decision to assemble the entire iPhone 16 series in India. For the first time, Apple is producing its premium iPhone 16 Pro and Pro Max models outside of China, a strategic shift executed at Foxconn’s facility in Sriperumbudur, Tamil Nadu. Thousands of workers are currently being trained to manage the assembly process. Apple has reportedly assembled $14 billion worth of iPhones in India, which constitutes around 14% of its global output. Furthermore, the company is exploring the production of additional products such as AirPods and iPads in India, further solidifying its manufacturing base within the country.
Samsung has also made significant strides, inaugurating the world’s largest mobile manufacturing facility in Noida. This facility will increase Samsung’s production capacity from 68 million to 120 million units per year, enabling the company to incorporate local features into its devices based on research and development conducted in India. Samsung has also launched its ‘Make for the World’ initiative alongside the new factory, aiming to export mobile handsets manufactured in India to international markets, including those in the SAARC region.
India is poised for a semiconductor revolution, driven by considerable investments and strategic partnerships that align with the ‘Make in India’ initiative. The recent influx of semiconductor investments is crucial as the country seeks to reduce its dependence on imported chips and develop a self-sufficient semiconductor ecosystem.
The Tata Group, in collaboration with Taiwan-based Powerchip Semiconductor Manufacturing Corporation (PSMC), is establishing India’s first semiconductor fabrication unit (fab) in Dholera, with an investment of approximately $11 billion. This facility will have a capacity of 50,000 wafers per month, primarily targeting the production of 28nm technology chips used in automotive and consumer electronics.
Meanwhile, U.S.-based semiconductor giant Micron is constructing a $2.75 billion semiconductor plant in Sanand, Gujarat. This facility is expected to create around 5,000 direct and 15,000 indirect jobs and is part of India’s broader strategy to become a significant player in the global semiconductor supply chain. The Sanand facility will focus on assembling and testing critical memory technologies, including DRAM (Dynamic Random Access Memory) and NAND (Non-Volatile Flash Memory). The Indian government is providing various incentives for this initiative, covering about 50% of the total project cost.
The Indian government envisions the semiconductor industry reaching a market size of approximately $63 billion by 2026, competing with established players such as Taiwan and South Korea. Under the Development of Semiconductors and Display Manufacturing Ecosystem initiative, the government is allocating up to ₹76,000 crore in funding to bolster the semiconductor industry.
The Indian government has set an ambitious target of achieving a market size of approximately $63 billion in the aerospace sector by 2026. Boeing has announced a $100 million investment in India, focusing on infrastructure development and pilot training programs to meet the growing demand for skilled pilots in the country. It is estimated that India will require around 31,000 new pilots over the next two decades.
Boeing plans to invest approximately ₹300 crore at its GECC in Chennai, creating over 1,100 new jobs. This facility will focus on engineering services and support for both Boeing and its global customers. Additionally, Boeing’s facility in Hyderabad plays a crucial role in India’s defense capabilities by producing aerostructures for the AH-64 Apache helicopters, manufactured in collaboration with Tata Boeing Aerospace Limited (TBAL).
Furthermore, Boeing has established its largest campus outside the United States in Bengaluru—the Boeing India Engineering and Technology Center (BIETC)—with a $200 million investment. This facility will concentrate on engineering and technology development for both commercial and defense sectors, aiming to collaborate with India’s dynamic startup ecosystem and local private sector companies.
The ‘Make in India’ initiative has also made significant strides in defense manufacturing. Notably, Saab AB from Sweden has become the first foreign company to receive approval for 100% Foreign Direct Investment (FDI) in India’s defense sector. Saab’s new entity, Saab FFV India, plans to manufacture the Carl-Gustaf M4 shoulder-fired rocket system with an investment of approximately ₹500 crore.
Tata Advanced Systems has strengthened India’s defense manufacturing capabilities in partnership with U.S.-based Lockheed Martin at their facility in Hyderabad. They produce the C-130J Super Hercules airlifter and manufacture parts for the S-76 helicopter, reinforcing India’s role in defense production.
Additionally, a joint venture between India’s Advanced Weapons and Equipment India Limited (AWEIL) and Russia’s Rosoboronexport (RoE) in Korwa, Uttar Pradesh, is producing the AK-203 assault rifle, designed to replace the outdated INSAS rifles in service. The first batch of these rifles was domestically produced in January 2024, marking a significant milestone in indigenous defense manufacturing.
France’s Safran is also making substantial investments in India by establishing its largest aircraft Maintenance, Repair, and Overhaul (MRO) facility, focusing on producing the 125kN engines for India’s Advanced Medium Combat Aircraft (AMCA) and Shakti engines for the Advanced Light Helicopter (ALH) Dhruv. Additionally, the KRAS Missile Facility, opened in Hyderabad, is India’s first private facility dedicated to missile sub-systems, marking a significant advancement in indigenous defense technology.
In line with its commitment to achieving 500 gigawatts of renewable energy capacity by 2030, India is making significant progress in various sectors, including solar, wind, and hydrogen energy. Recently, India surpassed 200 GW of installed non-fossil fuel capacity, positioning itself as a key player in the global renewable energy landscape.
Siemens is set to supply 1,200 electric locomotive engines to Indian Railways, aligning with the government’s push for modernizing rail infrastructure and promoting green technologies in transportation. The locomotives will be manufactured at the Dahod facility.
Notably, Amazon plans to invest an additional $15 billion in India by 2030, with a considerable portion allocated to renewable energy projects. Furthermore, French multinational TotalEnergies is investing heavily in solar energy projects across India, with plans to develop large-scale solar power plants, contributing to India’s goal of achieving 450 GW of renewable energy capacity by 2030.
Prime Minister Narendra Modi’s ‘Make in India’ initiative has proven to be a catalyst for transforming India’s manufacturing landscape and driving economic growth. By fostering an environment conducive to foreign investment and encouraging domestic production, the initiative has made significant strides across various sectors, including aerospace, mobile manufacturing, semiconductors, defense, and renewable energy. As India continues to evolve as a manufacturing hub, the potential for job creation and economic development remains promising, signaling a new era of self-reliance and innovation for the nation.
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