Government gives credit to Make In India initiative for high FDI in 2021-22

26 Sep 2022 , 12:11 PM

The Ministry of Commerce & Industry said that the “Make in India” initiative, which celebrates its eighth anniversary on September 25 and aims to achieve self-sufficiency or “aatmanirbhar,” has made significant progress in 27 industries, including important ones like manufacturing and services.

Here are some of the program’s key themes

Attracting record FDI inflows: FDI inflows totaled $45.15 billion in the first year of the “Make In India” program. According to a press statement from the commerce ministry, the year 2021—2022 had the largest FDI ever with $83.6 billion, and India is on course to receive $100 billion in FDI in the current fiscal year.

PLI Scheme Introduction: To significantly advance the “Make in India” program, the government created Production Linked Incentive (PLI) schemes across 14 important manufacturing sectors in 2020—21. According to the press release, this also includes a $10 billion incentive program to develop an ecosystem for semiconductors, displays, and designs in India.

To guarantee business convenience, the following measures were taken: The government has made a number of actions to improve the ease of doing business in India by streamlining several areas of conducting business. The National Single Window System (NSWS), which was soft-launched in September 2021, the Phased Manufacturing Programme, lower company taxes, and public procurement orders have all improved the ease of doing business. In addition, the implementation of the prime minister’s “Gatishakti” initiative to provide multimodal connection to the nation’s manufacturing zones has improved market access and decreased logistical costs.

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