India’s tax-policy framework underwent substantial restructuring following the launch of Make in India in 2014, including GST implementation, corporate-tax reductions, and customs-policy changes. This study examines these developments alongside manufacturing performance, foreign direct investment, employment, and trade, using secondary data covering 2010–2025, subject to indicator availability.
The findings present a mixed picture. GST collections increased, selected business-environment indicators improved, and manufacturing recorded growth in several years. However, manufacturing’s share of GDP declined, FDI fluctuated, and merchandise imports increased more than exports, widening the trade deficit. Six exploratory bivariate regressions found no statistically significant relationships between annual manufacturing growth and the selected tax-revenue, FDI, or export indicators at the 5% level.
These results neither establish the absence of an economic relationship nor permit causal attribution to taxation or Make in India. They highlight the importance of evaluating tax policy alongside infrastructure, logistics, skills, technology, and global economic conditions. The study emphasizes predictable taxation, carefully designed tariffs, and incentives assessed against measurable investment, employment, productivity, and domestic-value-addition outcomes.