The Government’s “Make in India” programme, launched a year ago with 25 thrust sectors to provide a major push to manufacturing in India, has received a thumbs up from the Federation of Indian Chambers of Commerce and Industry (FICCI).
“FICCI has been working with Government of India on the Make in India campaign which is one of the most successful campaigns for attracting investments and improving business environment in the country. It has been well received by the industry both in India and abroad and has started yielding results too. Also, we have seen a significant increase in FDI ever since this campaign has been announced” said Dr A Didar Singh, Secretary General, FICCI.
“A number of initiatives have been taken for simplifying business environment but there is a lot more to do as pointed out by the recent World Bank report too. And we are hopeful that business environment at the State level will be further simplified in due course as a result of Government’s initiatives both at the Central and State level. We have seen rationalization and clarifications on some of the most time consuming clearances in the last twelve months which has given confidence to the industry and ensured faster execution of projects. As a result, we have seen the highest amount of investment projects getting completed in manufacturing in the quarter ending June 2015, since 2010.” Singh noted.
In a press release, FICCI cited the RBI Industrial Outlook Survey on assessment of the investment intentions of the manufacturing companies in fixed capital, (buildings, plants and machinery, etc,) which shows that more than half of companies (53 per cent) reported having made investment during the year 2014-15, of which 78 per cent companies planned for further investment in 2015-16. Among the manufacturing industries ‘basic metals & metal products’, ‘transport equipment’, ‘textiles’ and ‘food products’ industries expressed higher investment intentions for 2015-16.
The number of Industrial Entrepreneur Memorandum (IEM) filed since October 2014 to June 2015 was 1387, involving an indicated proposed investment of Rs. 2057.52 billion, which indicates an increase of 16.83 per cent in proposed investment when compared to the proposed investment in the IEM filed in the corresponding period of 2013-14
Foxconn (a Taiwanese multinational electronics contract manufacturing company) announced opening up of 10- 12 manufacturing facilities and creating one million jobs by 2020 in India. It signed an MOU with Government of Maharashtra to set up electronic manufacturing plant with the investment of $ 5 billion. It also tied up with Chinese Smartphone maker Xiaomi to start assembling phones in India.
An Investor Facilitation Cell has been created in ‘Invest India’ (Joint venture of FICCI and DIPP) to assist, guide, handhold and facilitate investors during the various phases of business life cycle. This Cell provides necessary information on vast range of subjects; such as policies of the Ministries and State Governments, various incentive schemes and opportunities available, to make it easy for the investors to make necessary investment decision, the release said. (SH)