To attract more investment from the United States (US), the Government is all set to pitch the initiative taken by them in ‘Make in India campaign’ and also planning to have discussions with investors in Washington. “Indian embassy is organising the Make in India show on January 20 and it will be attended by all top American companies,” sources close to the development told The Pioneer, adding that the Department of Industrial policy and promotion (DIPP) secretary Amitabh Kant will be head the team traveling to the US.
“The visit is all about portraying India’s improving image regarding ease of doing business and assuring investors a stable policy regime,” sources replied when asked about the exact purpose of the show. India’s ranking in the Ease of Doing Business index 2015 slipped by two notches, to 142 from 140 in 2014 of 189 countries covered.
Prime Minister Narendra Modi wants India to break into the top 50 in three years. US is the sixth largest investor in India, much behind Japan and UK with $13 billion in investment from April 2000 to September 2014. US companies will be encouraged to set up manufacturing bases in the country and undertake R&D. India has liberalised foreign direct investment (FDI) rules in defence, construction and railways in the past few months as part of efforts to win overseas investment.
The fact that the US is holding talks signals improving ties, which will provide a big boost to the Prime Minister’s economic vision. A series of meetings is planned to fast track discussions on various issues like investment in manufacturing. After taking over, the BJP-led Government has been working on improving the investment condition in the country to attract foreign investors and create jobs. Apart from taking measures like relaxing foreign direct investment norms in sectors including defence, construction and railways, the Government has also constituted cells for grievance redressal of investors to promote manufacturing through ‘Make in India’ campaign. Of India’s total trade, trade with the US is over 8 per cent.
Exports to the US stood at $39.14 billion in 2013-14 while imports were $22.50 billion during the period.