The government is targeting a 30% rise in the inflows of foreign direct investment (FDI) annually in the coming years, aided by the government's Make in India programme...
The government is targeting a 30% rise in the inflows of foreign direct investment (FDI) annually in the coming years, aided by the government’s Make in India programme, Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant said on Thursday.
“Since the announcement of Make in India, we have been able to get significant investments. After the launch of Make in India, FDI in the last 17 months, as compared with the previous 17 months, has grown by about 35%,” he said. FDI inflows touched $47.50 billion between June 2014 and October 2015, compared with $35.09 billion in the previous 17 months. Prime Minister Narendra Modi will inaugurate the Make in India Week in Mumbai on February 13. The event will focus on innovation, design and sustainability, and is expected to witness the participation of over a 1,000 companies and delegates from over 60 countries, he added.
“We have been able to get substantial investments in areas which include electronics, automotive, food processing, textiles and garments, renewable energy and construction. Several companies like Foxconn, Zenith, IKEA, Wanda group of China are investing in India. Many of the investments have fructified, many are in the process of fructification,” the Secretary said.
Asked if India will stay away from opening up multi-brand retail for FDI due to political compulsions, Kant said: “The government has done a lot of liberalisation across sectors… These are all things calibrated at the political level. India is today the most open economy in the world. We have opened up everything except multi-brand”.