Amrutha Avasarala, Pune
The government is targeting $100 billion FDI inflows each year. Currently, the statistics stand at $70 – $80 billion annually. For improving the infrastructure framework, attracting foreign investment and mainly encouraging and promoting Indigenous production, this significant step is being taken by the government.
A press conference was organised by Amardeep Singh Bhatia, the secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) to announce the details of the government’s targets. He shared that while challenges remain in areas such as job creation and SME (small and medium enterprises) growth, the initiative has significantly enhanced India’s industrial capacity and export competitiveness over the last decade, due to the Make in India initiative.
He further threw light on the fact that various incentives under the initiative helped boost the economy significantly. Policy frameworks such as the production-linked incentive (PLI) scheme, FDI reforms, and infrastructure development have greatly enhanced both domestic and foreign investments. The initiative resulted in a boost in manufacturing infrastructure, defence and exports.
The inflows from foreign nations in the last decade stood at $667.4 Bn whereas it was $304.1 Bn in the decade prior. The highest amount of foreign inflows were recorded by prominent sectors like automobiles, telecommunications, and pharmaceuticals.
Eyeing more Foreign Direct Investments means more economic development as well as a gain in authority from a global standpoint. The results are directly associated with the economic boost. The success of this achievement would greatly result in job creation, improved living standards, better opportunities for the citizens, and raised standards of the nation on a global platform.
This relationship with the foreign nations also results in improved diplomatic relations and trust in each other. This is also a way to strengthen the diaspora of any nation.
Since the commencement of the ‘Make in India’ scheme, there have been various incentives offered under which multiple entities have benefited and this is expected to only increase in the days to come. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Amardeep Singh Bhatia, in the press conference, stated the importance of the initiative, the trajectory it took and its expected course in the years to come.