Make in India turns 8; Annual FDI at $83.6 billion

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By Our Special Correspondent

New Delhi, September 24: Make in India, the flagship initiative of the Central government, will complete eight years on Sunday.

The initiative is aimed at facilitating investment, foster innovation, enhance skill development, and build best-in-class manufacturing infrastructure,

It was launched in 2014 after Narendra Modi became Prime Minister, who sought to project India as destination for global manufacturing and investment.

“Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well. To attract foreign investments, the government has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route,” the government said on Saturday.

The FDI inflows in India stood at $ 45.15 billion in 2014-2015.The FDI in 2021-22 was the highest ever at $83.6 billion.

“This FDI has come from 101 countries, and invested across 31 UTs and States and 57 sectors in the country. On the back of economic reforms and ease of doing business in recent years, India is on track to attract $ 100 billion in the current FY,” the Ministry of Commerce said in a media statement.

Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors was launched in 2020-21 to give a boost to Make in India initiative. “The PLI Scheme incentivises domestic production in strategic growth sectors where India has comparative advantage. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential,” added the Ministry.

The PLI scheme is aimed at generating gains for production and employment, with benefits extending to the MSME eco-system.

“Recognising the importance of semiconductors in the world economy, the government has launched a $10 billion incentive scheme to build a semiconductor, display, design ecosystem in India,” added the Ministry.

The government counted reform measures which included amendments to laws, liberalization of guidelines and regulations, reducing compliance burden, lowering cost and enhance the ease of doing business in India.

“Burdensome compliances to rules and regulations have been reduced through simplification, rationalisation, decriminalisation, and digitisation, making it easier to do business in India,” stressed the Ministry.

The government further stated that the National Single Window System (NSWS) has been soft-launched in September 2021 to improve the ease-of-doing-business by providing a single digital platform to investors for approvals and clearances.