In order to make “Make in India” campaign successful, the Government is in the process of identifying five hundred companies from top ten countries to invest in the country across all listed twenty five sectors.
“We are in the process of identifying five hundred companies from top ten countries across the world. In addition to that we are also identifying fifty domestic players for investment in all twenty five listed sectors in the ‘Make in India’ campaign,” sources close to the development told The Pioneer.“We are only targetting big players and no name decided yet, “sources replied when asked about the names of big players.
Government has identified 25 sectors where India can become world leader. These include automobiles, chemicals, IT, pharma, textiles, ports, aviation, leather Tourism and hospitality, wellness, and railways are others. The campaign plans to increase the share of manufacturing in Gross Domestic Product (GDP) to 25 percent from the current 15percent. This translates into Rs25 lakh crore share from the current Rs15 lakh crore.
“We have also created investor cell, a dedicated team to invest in India which will respond to your (businesses) queries, assist you, facilitate you and hand hold investors across the world,” sources added.
At the launch of the campaign Commerce and Industry Minister Nirmala Sitharaman had said “We want to chart out new path where in business entities are extended proverbial red carpet welcome. We are fully committed to delicensing, deregulation and radical changes as we go along. We have an open mind.”
Sitharaman also said India’s image had been “identified unfortunately” with red tapeism, ‘inspector raj’ and cumbersome rules which hinders smooth transaction of business.She said the Government has taken a series of pro-business steps and measures to spruce up infrastructure.listing out the steps, she said the process of applying industrial licences had been made online and validity of licences had been extended to three years.
“Special timelines have been laid down for processing all applications and security clearances,” she added.
Recently a report by The World Bank’s “Ease of doing business” index, India ranked 134 out of 189 countries in 2014. As per the report, neighbouring Pakistan stood at 110 and Bangladesh at 130, while New Delhi’s close competitor China is at 96th position.Prime Minister Narendra Modi while launching the ‘Make in India’ campaign had said that he would try to improve India’s position for doing business and would make India a global manufacturing hub. Modi also had pledged that Centre would work with States to de-bureaucratise and deregulate things which act as a deterrent in the direction
The latest ranking, however, does not take into account a slew of measures taken by the Modi Government to make India a business friendly destination.
“It is absolutely true that the new Government of Modi has made it very clear that they see the creation of a better investment climate and a more business friendly environment in India a top priority and it is important to remember that the new Government did not come into office until the second half of May” said Augusto lopez-Claros, Director, Global Indicators Group, Development Economics of the World Bank Group.