The government's industry department is in the process of formulating a five-year roadmap for each of the priority sectors to be covered under Make in India 2.0, a senior government official told ET.
"We want Make in India to be more futuristic and prepare us for the global economic opportunities that will arise a few years from now," the official said, speaking on the condition of anonymity. The government will utilise existing mechanisms to collate information and devise strategies under the new round, instead of forming all-new committees, the official added.
Launched by Prime Minister Narendra Modi in September 2014, the Make in India initiative has so far focused on 25 sectors, including automobile, textiles, construction and aviation, with an aim to boost local manufacturing and create jobs.
Round two is being launched at a time when the manufacturing industry seem to have lost some steam, in part due to a tepid global economy that has affected export demand.
In fiscal 2017-18, India's manufacturing sector is expected to expand 4.6%, according to the Central Statistical Office, compared with 7.9% last year.
"Overall performance of the manufacturing sector is an interplay of several factors such as domestic demand, demand for exports, level of investment and prevailing prices," commerce and industry minister Suresh Prabhu told Parliament in the recently concluded winter session.
The Department of Industrial Policy & Promotion (DIPP) now wants to sharpen Make in India's focus to a few areas with longterm potential to move India upwards in the global supply chain. The government will identify the need for policies and regulations at the central state and local level, such as fiscal concessions and incentives and singlewindow approval mechanisms for each sector.
The exercise would also involve identifying availability of raw material, land, skilled manpower and market linkages as some of the pre-requisites to achieve the vision for each sector.
Attracting large anchor investors, providing physical connectivity through road, railways, airports and ports would also be part of the vision document.
