India

‘Make in India’ completes eight years

New Delhi. Annual foreign direct investment (FDI) has almost doubled to $83 billion. At the same time, the government’s flagship scheme ‘Make in India’ to facilitate investment and promote innovation has completed eight years. According to the Ministry of Commerce and Industry, the FDI inflow in 2014-2015 was $45.15 billion. The year 2021-22 saw the highest ever FDI of $83.6 billion. According to the ministry, in order to attract foreign investment, the government has formulated a liberal and transparent policy in which most sectors are open for FDI under the automatic route. The ministry said on Saturday that the year 2021-22 recorded the highest FDI at $83.6 billion. This FDI has come from 101 countries, which have been invested in 31 states and UTS and 57 regions of the country.

On the back of economic reforms and ‘ease of doing business’ in recent years, India is on track to attract $10 billion FDI in the current financial year. It said that the Production Linked Incentive (PLI) scheme in 14 key manufacturing sectors was launched in 2020-21 as a major boost to the Make in India Initiative. The PLI scheme encourages domestic production in strategic development areas where India has a comparative advantage. This includes strengthening domestic manufacturing, creating resilient supply chains, making Indian industries more competitive and boosting export potential. The PLI scheme is expected to generate significant benefits for production and employment with the benefits extending to the MSME eco-system.

Recognizing the importance of semiconductors in the global economy, the government has launched a $10 billion stimulus plan to create a semiconductor, display and design ecosystem in India. Supplemented by the sincere efforts of domestic toy manufacturers, the growth of the Indian toy industry has been remarkable in less than two years despite the COVID-19 pandemic. Toys imports declined by 70 per cent in FY 2021-22. There has been a distinct improvement in the quality of toys in the domestic market. With this, the industry’s efforts have led to export of toys worth Rs 2,601.5 crore in FY 21-22, a growth of over 61 per cent over Rs 1,612 crore in FY 18-19. (IANS)

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