Union Home Minister Amit Shah has stated that the 'Make in India 2.0' initiative will strategically target emerging sectors poised to significantly shape the global economy over the next 25 years. Speaking at the Financial Express Best Banks Awards event in Mumbai, Shah emphasized the government's commitment to fostering economic growth and transparency, particularly within the banking sector.

The original 'Make in India' initiative, launched in 2014, aimed to encourage companies to manufacture and assemble products in India, thereby incentivizing investments in the manufacturing sector. While the initiative sought to increase the manufacturing sector's growth rate and contribution to GDP, it has faced challenges in achieving its initial targets.

Shah highlighted the Modi government's efforts to bring transparency to data concerning Non-Performing Assets (NPA) and the infusion of ₹3.10 lakh crore capital into the banking sector. He also noted the opening of 53 crore bank accounts in the last decade to provide access to banking for the poorest citizens.

The focus on emerging sectors in 'Make in India 2.0' aligns with the evolving global economic landscape. By prioritizing these sectors, the initiative aims to position India as a key player in the future global economy.

Furthermore, discussions surrounding Goods and Services Tax (GST) reforms have also been prominent. GST rates have been reduced on over 395 items, with daily-use essentials either exempted or taxed at a minimal 5 percent. Sectors like health, agriculture, and employment have also benefited from tax rationalization, boosting exports in some areas. These reforms are expected to stimulate investment, consumption, manufacturing, and exports while reducing prices.