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Companies, both Indian and foreign, have announced plans to invest over $11 billion in various ventures in the year since the launch of the BJP-led government’s ‘Make in India’ programme.
Some of the notable investment commitments are from Taiwanese electronics major Foxconn ($5 billion), South Korean steel producer Posco ($3 billion), US-based transportation network company Uber ($1 billion), US-based automobiles company General Motors ($1 billion), Noida-based mobile company Lava ($400 million), and Dutch technology company Philips ($60 million), according to the Department of Industrial Policy & Promotion (DIPP).
The Make in India campaign was launched by Prime Minister Narendra Modi last September to promote the country as an investor-friendly destination and increase the share of manufacturing to 25 per cent of GDP.
As part of the Make in India initiative, the government has set up an expert committee on improving the ease of doing business.
The committee is advising it on how to do away with or limit unnecessary rules, norms and paperwork to encourage both foreign and domestic investments.
According to the DIPP, between during October 2014 and April 2015, India received $19.84 billion of FDI, as against $13.4 billion in the same period last year — an increase of 48 per cent.
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