Targeting annual FDI inflows of $100 b through ‘Make in India’ programme: DPIIT Secy

By Pune Media On Sep 25, 2024 31

India is targeting annual foreign direct investment (FDI) inflows of $100 billion, up from a current average of $70-80 billion, in step with the thrust towards the ‘Make in India’ programme which has completed a decade, the Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Amardeep Singh Bhatia has said.

“We are targeting much higher investment flows. We have about $70-80 billion FDI inflows, which are coming in every year. we are expecting this to increase to at least $100 billion a year in the years to come,” Bhatia said at a press conference on Wednesday.

‘Make in India’ illustrates the collective resolve of 140 crore Indians to make our nation a powerhouse of manufacturing and innovation, Prime Minister Narendra Modi said in a social media post on Wednesday. “It’s noteworthy how exports have risen in various sectors, capacities have been built, and thus, the economy has been strengthened,” he said.

Also read: DPIIT may take a relook at FDI restrictions from China in policy review: Sources

The ‘Make in India’ initiative resulted in substantial achievements in manufacturing, infrastructure, defence and exports, Bhatia said.

“Government policies such as the PLI scheme, FDI reforms and infrastructure development have successfully attracted both domestic and foreign investments,” he said.

The private sector has responded positively, with companies across various sectors expanding their manufacturing capacities, adopting advanced technologies, and establishing India as a key player in global manufacturing, he added.

“While challenges remain in areas such as job creation and SME growth, the initiative has significantly enhanced India’s industrial capacity and export competitiveness over the last decade,” the Secretary said.

Key achievements

Listing key achievements under Make in India, Bhatia said that it provided a thrust to automobile and EV manufacturing. The government also introduced the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme to boost electric mobility and reduced corporate tax rates for new manufacturing units.

India became a global hub for electronics manufacturing, particularly for smartphones, growing as the second largest producer of mobile phones. Companies such as Foxconn, Wistron and Pegatron expanded their assembly lines in India.

In 2023-24, Apple exported iPhones worth more than $12 billion from India, signalling the country’s emerging role in global electronics manufacturing, he said.

Published on September 25, 2024

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}

_{Aggregated From –}

_{Source link}