Since its inception in 2014, the 'Make in India' initiative has aimed to transform the nation into a global manufacturing hub. Twelve years later, the program presents a mixed record of success and ongoing challenges. Supporters point to significant gains in industrial production and a notable increase in export volumes as evidence that the policy has successfully attracted investment and improved infrastructure for specific sectors.

Despite these gains, the initiative has faced criticism for failing to reach its primary targets. The contribution of the manufacturing sector to India's GDP has remained largely stagnant, falling short of the ambitious growth goals set at the program's launch. Furthermore, the expected surge in mass employment has not materialized at the scale initially projected. Industry representatives, particularly those representing Micro, Small, and Medium Enterprises (MSMEs), argue that the current framework lacks sufficient access to affordable credit. These businesses contend that without easier financing options, the domestic manufacturing ecosystem cannot scale effectively to compete on a global stage. While the government continues to promote the initiative as a cornerstone of economic policy, analysts suggest that future success will depend on addressing these structural financial barriers and shifting focus from high-level investment figures to tangible employment metrics.