Economy

PM prods private sector to start investing at Make in India

Our Bureau Mumbai | Updated on January 19, 2018 Published on February 13, 2016

Prime Minister Modi was addressing in a week-long 'Make in India' campaign.



Prime Minister Narendra Modi prodded industrialists to kick start their investments and not wait for opportune time as global players are looking for joint ventures and technical collaboration with Indian companies.

Modi was addressing the movers and shakers of India at an event to inaugurate the week-long 'Make in India' campaign here on Saturday.

"I would like to give some friendly advice to industry. Do not wait and do not relax. You should take advantage of the renewed interest of global players to work in India. Many of them are looking for technological and financial collaborations. I assure you, if you take one step, we will walk two steps for you," he said.

Extending full support to new-age start-ups, he said the young start-ups are showing us newer and faster way for enterprise and delivery of services across sectors including pollution control, health, education, agriculture and services.

"My Government is committed to support them and tap their energy fully. We want our youth to become job creators rather than job seekers," he said.

Modi also promised a stable tax regime and transparent policy measures to attract foreign investments.

Assuring investors that the country will not resort to retrospective taxation, he said the government is making taxes more transparent, stable and predictable.

"We are also simplifying the processes such as licences, security and environmental clearance. This event is to showcase India's capability and is the biggest multi sectoral exhibition ever held in India," he said.

Further, he said, composition of company law tribunal is in final stage and the bankruptcy law will be passed soon besides the government is working on regulations to protect IPR (intellectual property rights).

"We are trying to remove all bottleneck that was affecting investments. The results so far are encouraging. We will end this fiscal with over 7 per cent GDP growth," he said.

Globally, he said, companies are trying to manufacture goods at the lowest possible cost and India, with the most open FDI policy, is the ideal location.

"When we started the Make in India campaign, manufacturing growth was 1.7 per cent. In the current quarter, manufacturing is expected to grow 12.6 per cent," he said.

Welcoming the gathering Maharashtra Chief Minister Devendra Fadnavis said the state has reduced number of permission needed in various sectors by 60-70 per cent and put them on electronic platform.

Maharashtra Government has signed three agreements with corporates for investment in the state.

Maharashtra Industrial Development Corporation signed a memorandum of understanding with Sterlite Group company TwinStar Display Technologies to set up LCD manufacturing unit known as Panel FAB, with technical collaboration with Autron of Taiwan. The project entails investment of Rs 20,000 crores. However, the location of the plant has not been decided.

Hindustan Coca Cola Beverages, Jain Irrigation and Department of Agriculture and Marketing, Maharashtra have tied-up for setting up a juice manufacturing facility to support farmers growing oranges in Vidarbha. The project is expected to benefit 5000 farmers with an average landholding of 2 acres each.

As part of its farm to fabric initiative, Raymond Industries has signed an agreement with MIDC to invest Rs 1400 crore in manufacturing linen yarn and fabric and garmenting. The unit will be set up in Nandgaon Textile Park at Amravati by procuring cotton from farmers in Vidarbha which is prone for farmers suicides.

Nirmala Sitharaman, Commerce Minister said foreign investors across the world have shown huge interest in hi-tech industries.

Published on February 13, 2016
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