'Make in India' campaign making an impact on foreign investment
The launch of the ‘Make in India’ campaign by India’s Prime Minister, Narendra Modi, is a welcome move aimed at making India a more attractive investment destination, according to experts from Nexia International, a top 10 network of independent accounting, tax and consulting firms.
The programme is designed to facilitate inward investments and build the country's manufacturing infrastructure. It includes plans to make doing business in India easier, more efficient and transparent.
Manufacturing currently accounts for only 15% of India’s gross domestic product (GDP) and the Government wants to raise that to 25% by 2022. The Modi administration is committed to transforming India into a global manufacturing hub, while ensuring that manufactured goods have ‘zero defect’ and ‘zero effect’ on the environment. With ‘Make in India’, the Government aims to eliminate unnecessary regulations, shorten bureaucratic processes, upgrade infrastructure and open up new sectors to foreign direct investment (FDI).
Manoj Gidwani, of SKP, a member firm of Nexia International comments: “India is laying out the red carpet to encourage foreign investors. There has already been a visible impact with a shift in domestic as well as foreign investor sentiment.”
The Government has identified 25 sectors in which it wants India to become a world leader and has listed investment opportunities on a new web portal, www.makeinindia.com. Invest India, the Government’s official agency, is acting as the first point of reference for investors and a dedicated investor facilitation cell answers queries within 72 hours.
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