FDI surges after ‘Make in India’, up 46% at $62 billion

Source: The Economic Times, Jul 20, 2016

NEW DELHI: Foreign direct investment during October 2014 and May this year grew 46 per cent to USD 61.58 billion after the launch of Make in India programme, Parliament was informed today.

The initiative was launched in September 2014 with an aim to promote India as an important investment destination and a global hub for manufacturing, design and innovation.

“During October 2014 to May 2016, FDI equity inflow has increased by 46 per cent i.e from $42.31 billion to $61.58 billion in comparison to previous 20 months (February 2013 to September 2014),” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

To further boost investment environment and bring in foreign capital, the government is taking various measures like opening up FDI in many sectors, carrying out FDI related reforms and improving ease of doing business, she said.

The Department of Industrial Policy and Promotion has advised ministries and states to simplify and rationalise the regulatory environment through business process re-engineering and use of information technology, she added.

Sectors that attracted maximum FDI include services, trading, automobile and power.

Replying to a separate question, the minister said the total number of Industrial Entrepreneurship Memorandum (IEM) applications decreased from 2,365 in 2013 to 1,801 in 2014, which increased to 1,909 in 2015.

To another query, she said the government has approved as many as 259 proposals for setting up of special economic zones relating to IT/ITeS and electronic hardware sector in many parts of the country.

During the last four years and the current financial year (up to July 15), the Board of Approval, under the ministry, gave more time to as many as 139 developers of SEZs, including the IT/ITeS sector, to complete their projects.

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