The “Make in India” initiative, launched in 2014, envisioned transforming India into a global manufacturing hub with an increase in the share of manufacturing in GDP to 25% and creation of 100 million jobs. It has largely failed, with manufacturing’s GDP contribution declining to 14%, job losses of over 46%, and stagnant industrial growth. Comparative analysis shows countries such as Vietnam and Bangladesh outdo India in manufacturing growth through better policies, infrastructure, and skill development. Key challenges are inconsistent policies, poor infrastructure, and weak domestic demand. Without focused reforms, “Make in India” will be an Indian economic transformation missed opportunity.