More sectors open to FDI
Foreign Direct Invest (FDI) has increased to US$60.97 billion in 2017-18 from US$45.15 billion in 2014-15, Minister of State for Commerce and Industry, C. R. Chaudhary, updated parliament in a written reply on 17 Dec 2018.
To boost the investment environment and to bring in foreign investments in the country, the Government has brought in FDI related reforms and liberalized various sectors of the economy, he said.
“Government plays an active role in investment promotion through dissemination of information on the investment climate and opportunities in India, and by advising prospective investors about investment policies,” he elaborated.
He also disclosed that new sectors for foreign investment will be opened as part of the progressing “Make in India” initiative.
The initiative aims to create a conducive environment for investment, development of modern and efficient infrastructure, as well as forging a partnership between Government and industry through a positive mind set.
The Make in India initiative action plans has increased to 27 sectors from the initial 25 sectors.
The Department of Industrial Policy & Promotion coordinates action plans for 15 manufacturing sectors while Department of Commerce coordinates 12 service sectors, he said giving details.
Investment promotion activities, after launch of Make in India initiative in 2014, are being undertaken by several Central Government Ministries, Departments and various State Governments from time to time.
Chaudhary listed out some of the major achievements under Make in India:
Six industrial corridors are being developed across various regions of the country. Industrial cities will also come up along these corridors.
India has become a net exporter of electricity – 7203 MU exported to Nepal, Bangladesh and Myanmar during 2017-18.
One of the world’s largest 648-MW solar power plant in Tamil Nadu was commissioned on 21 September 2016.
Two path breaking prototype locomotives of WAGC3 & WAG11 class of 10,000 and 12,000 hp respectively were developed indigenously by converting existing diesel locomotive to upgraded electric locomotive.
Asia’s largest MedTech Zone (AMTZ) has been set up in Andhra Pradesh.
88 cold chain projects were commissioned during June 2014 to August 2018, thereby, creating additional food processing capacity of 3.9 lakh tones.
Three textile mega clusters in Bareilly, Lucknow and Kutch are being set up, thereby benefitting 14505 artisans.
Major ports in India have added capacity of 92.19 MTPA during FY 2017-18. Total turnaround time at these ports has reduced by 33% from 96 hrs in FY 2014-15 to 64.32 hrs in FY 2017-18.
-/fiinews.com
