— Annual FDI doubles to 83 billion US dollars
In order to realise Prime Minister Narendra Modi’s goal of a “Aatmanirbhar Bharat,” the Ministry of Commerce and Industry emphasised that the government is going to place its attention on important industries such as semiconductors.
It said recognising the importance of semiconductors in the world economy, the government had launched a ten billion US dollar incentive scheme to build a semiconductor, display, design ecosystem in India.
The Ministry highlighted that India’s export of toys registered tremendous growth as 636 percent in April-August this year over the same period in 2013. It said that the Public Procurement (Preference to Make in India) Order 2017 boosted the local industry by providing them preference in public procurement of Goods, Works and Services. It added that reduction in compliance burden brought down cost and enhanced ease of doing business in the country
The Ministry said that 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.
Notably, ‘Make in India’ programme was launched in 2014 under the leadership of Prime Minister Narendra Modi, which is transforming the country into a leading global manufacturing and investment destination.
The initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of ‘New India’. Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well.