The 'Make in India' initiative, launched by Prime Minister Narendra Modi on September 25, 2014, aims to attract global businesses to invest and manufacture in India to enhance job creation and economic growth. It addresses India's trade deficits and reliance on imports by promoting manufacturing, improving the ease of doing business, and fostering innovation and infrastructure development. The campaign faces challenges including bureaucratic hurdles, infrastructure deficits, and competition from similar initiatives like China's 'Made in China' campaign.