8 years of Make in India, FY23 FDI on track to cross $100 billion, says Centre

The government on Saturday said that the ‘Make in India’ initiate to boost manufacturing in the country completes eight years on September 25 with annual foreign direct investment (FDI) doubling to $83 billion. It also said that on the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract $100 billion FDI in the current fiscal.

“Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well,” the commerce and industry ministry said in a statement.

FDI inflows in India were at $45.15 billion in 2014-2015 and have since consecutively reached record FDI inflows for eight years, it said.

“The year 2021-22 recorded the highest ever FDI at $83.6 billion. This FDI has come from 101 countries, and invested across 31 UTs and States and 57 sectors in the country,” it said.

There are several trends that mark a shift in Indian manufacturing, which includes increase in domestic value addition & local sourcing, a greater focus on R & D, innovation and sustainability measures.

It said the the Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors was launched in 2020-21 is a big boost to the Make in India initiative.

The PLI scheme incentivises domestic production in strategic growth sectors where India has comparative advantage. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential. The PLI scheme is expected to generate significant gains for production and employment, with benefits extending to the MSME eco-system.

Recognising the importance of semiconductors in the world economy, the government has launched a $10 billion incentive scheme to build a semiconductor, display and design ecosystem in India.

Complemented by sincere efforts of domestic toy manufacturers, the growth of the Indian toy industry has been remarkable in less than two years despite the Covid-19 pandemic.

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