Work in progress on strengthening manufacturing sector.
In a bid to increase the contribution of manufacturing sector to 25% of Gross Domestic Product by 2025, Commerce and Industry Minister Nirmala Sitharaman has highlighted investment opportunities available in India to Japanese investors.
Sitharaman, leading an Indian delegation, met Hiroshige Seko, Minister for Trade Economy and Industry (METI), business leaders of Japan and addressed a gathering of about 250 participants at the India Investment Seminar organized by Japan External Trade Organization (JETRO) in Tokyo on 14 April 2017.
Sitharaman in her keynote address acknowledged the experience and contribution of Japanese companies in India, and presented investment opportunities available in India with the goal to increase contribution of manufacturing sector to 25% of GDP by 2025.
She also spoke of the various reforms and initiatives like National Investment and Infrastructure Fund (NIIF) for enhancing infrastructure financing, Digital India program to connect 250,000 villages with optical fiber and Jan Dhan Mission.
During bilateral meeting with Seko, discussions were held about progress on Japanese Industrial Townships, bilateral trade, diversification of investment sectors and resolution of difficulties faced by Indian Pharmaceutical and IT companies in Japan were discussed.
The Commerce Minister also met leading Japanese companies in Automotive, Healthcare, Internet and Energy sector and discussed opportunities and their plans for India.
Hiroyuki Ishige, Chairman & CEO, JETRO, vouched for the Indian investment drive, highlighting the enormous interest of Japanese companies to diversify beyond automotive sector.
By 2025, India will be the world’s youngest nation with average age of 29 years and have a GDP of US$20 Trillion in Purchasing Power Parity (PPP) terms, Ramesh Abhishek , Secretary Department of Industrial Policy and Planning told a panel discussion.
The ‘Make in India’ program is driving the change in mindset to cater to this huge potential, he pointed out.
He gave examples of Business reform action plan (BRAC) on which states are being ranked on Ease of Doing Business (EODB) and upgradation of Intellectual Property Regime.
Japanese investors were told of investment diversification opportunities such as Electric Vehicles, Renewable Energy and Medical Devices. fii-news.com
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