On June 6, Indian Prime Minister Narendra Modi was seen getting off the plane for a visit to Bangladesh. Prime Minister Modi, who recently completed one year in office, has been promoting 'Make In India' campaign./ Source from AP/ Newsis

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By Ha Man-joo, India correspondent, AsiaToday - Bharat Forge Chairman and Managing Director Babasaheb Kalyani said that 'Make In India' initiative is showing results on the ground and the manufacturing sector will show significant improvement around October-November, according to the reports on August 3.

Bharat Forge is an India multinational company and the world's second-largest maker of forged vehicle components.

Chairman Kalyani's statement is garnering attention as it came after Modi's economic policy got mixed reviews.

Kalyani disagreed on the criticism that 'Make In India' is not showing results while speaking to reporters after attending the fourth graduation ceremony of India Institute of Technology in Gandhinagar, Gujarat, on August 1. He said, "It is definitely showing effect on the ground level. If that was not the case, then how could Indian economy show growth of 7 to 7.5 percent? If that was the case, then the economy would have gone down by 4 to 5 percent. It's our problem that we immediately expect to see change on the next day."

"For the success of 'Make In India', three things, namely policy, technology, and investment are needed. Policy sector is ready because government is making efforts to create a good environment for doing business. But technology sector won't come overnight," said Kalyani.

"Institutions like IIT Gandhinagar are focusing on technology education, and Modi government is putting efforts to promote new investment, so both technology and investment sectors will succeed as well," he added.

At the graduation ceremony, Kalyani said, "The manufacturing sector contributes around 15 to 16 percent (USD 320 billion) of India's GDP at around USD 2 trillion. Modi government is pushing forward his 'Make In India' campaign aimed to boost manufacturing sector in the GDP up to 25 percent in the next 10 to 15 years, which will come around USD 1.2 trillion. That is the growth that you can expect in the manufacturing sector. In the next 5 to 6 years, India's GDP will reach up to USD 5 to 6 trillion, which will make India third-largest economy after US and China."