'Make in India' aims at promoting India as 'important investment destination': Sitharaman

Minister of State for Commerce and Industry Nirmala Sitharaman has said that the 'Make in India' programme aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

"The 'Make in India' initiative does not target manufacturing sector alone, but also aims at promoting entrepreneurship in the country," Sitharaman said in a written reply in Lok Sabha today.

"The initiative is further aimed at creating a conducive environment for investment, modern and efficient infrastructure, opening up new sectors for foreign investment and forging a partnership between government and industry through positive mindset," she added.

Sitharaman informed that the following 25 sectors have been identified under the 'Make in India' initiative: auto components, automobiles, aviation, biotechnology, chemicals, construction, defence manufacturing, electrical machinery, electronic system design and manufacturing, food processing, IT and BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports, railways, roads and highways, renewable energy, space, textiles, thermal power, tourism and hospitality, wellness.

She said after the launch of 'Make in India' initiative in September 2014 there is 48 percent increase in FDI equity inflows during October 2014 to April 2015 over the corresponding period last year.

"A positive response has been received from within the country and globally for the 'Make in India' initiative. The Investor Facilitation cell in Invest India has received more than 12000 queries on its portal since the campaign began," Sitharaman said.

"Several countries such as Japan, China, France and South Korea have announced their intention to make huge investments in India in various industrial and infrastructure projects," she added.

Sitharaman said that an Expert Committee has been constituted to examine the possibility of replacing multiple prior permissions and pre-existing regulatory mechanism and to prepare a draft legislation.