Piyush Goyal takes stock of Invest India in bid to boost manufacturing sector

New Delhi, May 13 (IANS) Commerce and Industry Minister Piyush Goyal on Tuesday held a comprehensive review of Invest India at a meeting held at Bharat Mandapam here.

The minister emphasised on enhancing the performance, effectiveness and efficiency of Invest India to facilitate greater investments into India.

He also discussed avenues for further strengthening investor engagement, empowering MSMEs and boosting manufacturing in the country.

Invest India is the national investment promotion and facilitation agency of the Government of India and helps to expedite approvals for the setting up of manufacturing enterprises by speeding up clearances that are required, such as those for the allotment of land.

Invest India serves as the first point of contact for global and domestic investors. It provides comprehensive, end-to-end support across all stages of the investment lifecycle -- ranging from pre-investment advisory and facilitation to aftercare and expansion support -- with a strong emphasis on enabling manufacturing through the Make in India initiative.

India's manufacturing sector is a significant part of the country's economy, contributing about 17 per cent to the GDP and employing over 27.3 million workers. The government aims to increase its share to 25 per cent by 2025, driven by initiatives like the ‘Make in India’ policy and Production-Linked Incentive (PLI) schemes.

The Commerce and Industry Minister is keen to streamline Invest India processes further to attract more investments. His emphasis on MSMEs is part of the Government’s strategy to boost these labour-intensive enterprises as they have the highest potential for creating employment in the country.

To revitalise the manufacturing sector, the Make in India initiative was launched in September 2014 to foster innovation, and position India as a global manufacturing hub by attracting domestic and foreign investment, building best-in-class manufacturing infrastructure, enhancing skill development, protecting intellectual property, and streamlining regulatory processes to create a conducive environment for businesses to thrive.

Due to the sustained efforts of the government, during 2014-2023, Foreign Direct Investment equity inflow in the manufacturing sector increased by 55 per cent to reach $148.97 billion compared to $96 billion in the previous nine years (2005-2014).

This achievement is due to the various policy initiatives taken by the government over the years. Under the existing FDI policy, nearly all sectors allow for 100 per cent FDI, except for certain prohibited sectors. The defence industry allows 74 per cent FDI under the automatic route and 100 per cent under the government route.

For the broadcasting sector, FDI limits vary, differing between print and digital media. While the automatic route requires no approval from the Government of India for either non-resident or Indian companies, the government route necessitates prior approval from the Government of India before investment can proceed.

--IANS

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