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'Make in India' gives push to FDI
01
Feb '16
Foreign direct investment (FDI) attracted by India has improved considerably over the past 15 months after the launch of the 'Make in India' campaign by the Narendra Modi-led government, according to the Reserve Bank of India data.

Prime minister Narendra Modi's 'Make in India' initiative is aimed at turning the country into a global manufacturing hub to generate jobs, raise incomes and drive growth.

From September 2014 when the campaign was launched till November 2015, India received $62.6 billion in FDI, which is 31 per cent higher than the $47.6 billion FDI inflows registered in the preceding 15 months.

This is more than thrice the amount of net portfolio inflows of $14.3 billion in the same period. An analysis of the monthly trend in foreign investment shows that portfolio inflows has been more volatile while the long-term FDI was stable in most of the months during the 15-month period.

The government has been bringing persistent efforts to bring investment as a part of the 'Make in India' campaign. The surge in FDI is largely due to these initiatives by the government to attract investment in the manufacturing sector. The surge in FDI in India is noteworthy given that investment across the world has fallen by 16 per cent, said Amitabh Kant, secretary, Department of Industrial Policy and Promotion, at a recent event.

A sizeable amount of FDI is estimated to have gone to the manufacturing sectors. However a portion of the FDI has come in as private equity and venture capital funding, which helps finance entrepreneurs. The country's growth is being driven by public spending and consumption with private investment yet to commence substantially. (NA)

Fibre2Fashion News Desk – India

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