PM Narendra Modi's 'Make in India' pitch to extend red carpet for investors
In order to make India a manufacturing hub, PM Narendra Modi launched the Make In India Campaign at Vigyan Bhawan in New Delhi. The promotion is intended to appeal foreign companies to set up their manufacturing units in India and to obtain larger foreign investment. P.M. Narendra Modi on his Independence Day speech had declared the Make in India policy.
The aim of the crusade is to get manufacturing sector to grow over 10% on a viable basis over a long run and to transform the economy from a Service-driven growth model to Labour-intensive manufacturing-driven growth. Thus, it will assist in creating jobs for over 10 million people, who join the workforce every year.
Via ‘Make In India’ campaign, the Union Government wishes to clear the disheartening image of complex rules and bureaucratic red tape of Indian administration. It will assist the global investors to promote their investment choices. This will assist in apprehending the objective of a liberalized economy.
As per the World Bank’s ease of doing business index, India ranks at very low at 134 (out of 189) nations in 2014. The ‘Make in India’ campaign will act as a guiding for foreign investors on all aspects of regulatory and policy issues and support them in attaining regulatory sanctions. The Government has already allowed 100% FDI under automatic route in construction, operation and maintenance in rail infrastructure projects.
The ‘Make In India’ places stress on 25 sectors with emphasis on job creation and skill development. These include: automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways, auto components, design manufacturing, renewable energy, mining, bio-technology, pharmaceuticals and electronics, etc.
Union Government released individual brochures for these sectors along with a general brochure. The brochures will offer details of growth drivers, investment opportunities, sector specific FDI and other policies and associated agencies.
Features of the ‘Make In India’ campaign
- Govt to look into all regulatory processes to ease the load on investors.
- A dedicated cell to answer enquiries from the business bodies via a freshly created web portal.
- A.Q.s on the portal to assist investors find instant answers to their general queries
- Back-end support team to answer specific enquiries within 72 hours
- DIPP and FICCI have together set up an 8-member expert group to address enquiries and apprehensions of investors. They will explain Indian policies to the investors and propose reforms to the Central and states governments.
- All Central government services are being integrated with an e-Biz single window online portal.
- States recommended initiating the self-certification
- The Union Ministry of Home Affairs has been asked to provide all security clearances to investment proposals within 3 months.
- An advisory has been sent to all departments/ state governments to streamline and straighten out the regulatory environment.