10 Years of Make in India: 1.48 Lakh Startups MSME Surge and Job Creation Milestones

ENA Sectors 2024-09-26 15:10:30 New Delhi, Sep 26 (KNN) India has launched an average of one startup every hour for the past decade, generating around 15 lakh jobs, according to government data marking the 10th anniversary of the Make in India initiative. Launched on September 25, 2014, by Prime Minister Narendra Modi, the program aimed to revitalise India's manufacturing sector and position the country as a global manufacturing powerhouse. Celebrating the milestone, Prime Minister Modi took to X, formerly Twitter, to commend the nations achievements. Make in India illustrates the collective resolve of 140 crore Indians to make our nation a powerhouse of manufacturing and innovation. Its noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened, he said. Since its inception, the initiative has been a catalyst for Indias startup ecosystem. In 2014, the country had just over 350 startups. A decade later, this number has surged to 1.48 lakh startups registered under the Startup India program. Notably, 45 per cent of these startups originate from Tier II and Tier III cities, signaling an entrepreneurial boom beyond metropolitan centers. Furthermore, over 1 crore patents have been granted since 2014, underscoring Indias growing innovation landscape. Key sectors, including Micro, Small, and Medium Enterprises (MSMEs), have also thrived. The Udyam portal reports over 4.91 crore registered MSMEs, including 1.85 crore women-owned enterprises. These units have generated over 21.17 crore jobs and contributed 30.1 per cent to Indias GDP in 2022-23. Shobha Karandlaje, Minister of State for MSMEs, credited Make in India for igniting a manufacturing revolution and fostering local business growth. In addition, the government highlighted achievements in investment and job creation through the Production Linked Incentive (PLI) scheme, which has attracted Rs 1.28 lakh crore in investments, created 8.5 lakh jobs, and boosted exports by Rs 4 lakh crore. Other notable successes include a 239 per cent increase in toy exports since 2020 and a record Rs 1.55 lakh crore in khadi sales for 2023-24. As India reflects on a decade of transformative growth, the Make in India initiative continues to lay the foundation for a new era of economic prosperity and innovation. (KNN Bureau) 39412 https://knnindia.co.in/news/newsdetails/sectors/10-years-of-make-in-india-148-lakh-startups-msme-surge-and-job-creation-milestones 2024-09-26 15:10:30 knnindia.co.in 10 Years of Make in India: 1.48 Lakh Startups MSME Surge and Job Creation Milestones