Finance
By: Shree1news, 08 DEC 2021‘Make in India’ is an initiative which was launched on 25th September, 2014 to facilitate investment, foster innovation, build best in class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique ‘Vocal for Local’ initiatives that promoted India’s manufacturing domain to the world. The ‘Make in India’ initiative is not a State/ district/ city / area specific initiative, rather it is being implemented all over the country.
‘Make in India’ initiative has significant achievements and presently focuses on 27 sectors under Make in India 2.0. Department for Promotion of Industry and Internal Trade (DPIIT) is coordinating action plans for 15 manufacturing sectors, while Department of Commerce is coordinating 12 service sector plans.
The Government of India is making continuous efforts under Investment Facilitation, including financial assistance to Invest India, for implementation of Make in India action plans to identify potential investors. Support is being provided to Indian Missions abroad and State Governments for organizing events, summits, road-shows and other promotional activities to attract investment in the country under the Make in India banner.
Investment Outreach activities are being carried out for enhancing International co-operation for promoting Foreign Direct Investment (FDI) and to improve Ease of Doing Business (EoDB) in the country. Steps taken to improve Ease of Doing Business include simplification and rationalization of existing processes. As a result of the measures taken to improve the country’s investment climate, India jumped to 63rd place in World Bank’s Ease of Doing Business ranking as per World Bank’s Doing Business Report (DBR) 2020 from a rank of 142 in 2014.
DPIIT, in consultation with the State Governments, has also started a comprehensive reform exercise in States and UTs in December 2014. Under Business Reforms Action Plan (BRAP), all States/UTs in the country are ranked on the basis of reforms implemented by them on designated parameters. This exercise has helped in improving business environment across States.
Measures taken by the Government on FDI Policy reforms have resulted in increased FDI inflows in the country year after year. India registered its highest ever annual FDI inflow of US$ 81.97 billion (provisional figures) in the financial year 2020-21 despite the COVID related disruptions. These trends in India’s FDI are an endorsement of its status as a preferred investment destination amongst global investors. In the last seven financial years (2014-21), India has received FDI inflow worth US$ 440.27 billion which is nearly 58 percent of the FDI reported in the last 21 years (US$ 763.83 billion).
Government has taken various other steps in addition to ongoing schemes to boost domestic and foreign investments in India. These include improving the Ease of Doing Business, Reduction in Compliance Burden, the National Infrastructure Pipeline, Reduction in Corporate Tax, Easing liquidity problems of NBFCs and Banks, Policy measures to boost domestic manufacturing through Public Procurement Orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives (PLI) of various Ministries, India Industrial Land Bank, Industrial Park Rating System etc. With the announcement of PLI Schemes, significant creation of production, employment, and economic growth is expected over the next 5 years and more.
Besides the above, activities under the initiative are also undertaken through schemes/ programmes, by several Central Government Ministries/ Departments and various State Governments from time to time. The details of these measures are not centrally maintained by Department for Promotion of Industry and Internal Trade (DPIIT).
This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri SomParkash, in a written reply in the Lok Sabha today.
Source:PIB
