business π Make in India: 12 years, mixed results
Twelve years after launching the Make in India campaign on September 25, 2014, key metrics show limited impact on growth and employment. While incentive schemes saw some success, other growth environment indicators are underperforming across the period. Non-petroleum goods exports grew 53% to $388.3 billion in 2025-26, but global share remained flat. Private sector capital formation and FDI growth into manufacturing have shown declining or slow trends. Total manufacturing employment grew slightly from 5.1 crore in 2016-17 to 5.3 crore in 2025-26.