48% rise in FDI since 'Make in India' launched, says Commerce Minister

(MENAFN- KNN India) Since the launch of 'Make in India' initiative in September 2014, there is 48 percent increase in Foreign Direct Investment (FDI) inflows during October 2014 to April 2015 over the corresponding period last year.

This was informed by Minister of State (Independent Charge), Nirmala Sitharaman through a written reply in Lok Sabha on Friday.

The 'Make in India' was launched by Prime Minister Modi the programme aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

As much as 25 sectors have been identified under the 'Make in India' initiative namely auto components, automobiles, aviation, biotechnology, chemicals, construction, defence manufacturing, electrical machinery, electronic system design and manufacturing, food processing, IT and BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports, railways, roads and highways, renewable energy, space, textiles, thermal power, tourism and hospitality and wellness.

According to the reply, an investor facilitation cell in invest India was established as a part of 'Make in India' initiative which received more than 12000 queries since.

Several countries such as Japan, China, France and South Korea have announced their intention to make huge investments in India in various industrial and infrastructure projects, it mentioned.

To further ease of doing business in India, an expert committee was also constituted in April 2015 to examine the possibility of replacing multiple prior permissions and pre-existing regulatory mechanism and to prepare draft legislation. (KNN Bureau)