FDI in India growing at 48% despite global showdown: Nirmala Sitharaman

NEW DELHI: Foreign direct investment in India has been growing at a steady pace of 48% despite an overall slowdown in the world’s economy, Commerce and Industry minister Nirmala Sitharaman said at the inaugural ceremony of the Make in India week in Mumbai.

“FDI in the world is falling (-16%); India is the only country where foreign investments are growing,” she said.
While speaking at the inaugural ceremony, also attended by Maharashtra Chief Minister Devendra Fadnavis, Sitharaman said, “Make in India is not only a program, it is an initiative.” She hailed the initiatives taken by Prime Minister Narendra Modi to make ‘Make in India’ successful and also appreciated the work done by Fadnavis in the state.

She said, “The government has incessantly pushed policy measures to boost manufacturing and today, FDI in India is growing at 48% while globally there’s a sharp fall.”
She said that the Indian economy is stable as compared to other countries despite a slowdown, and other countries are showing interest in India for partnerships.
“The global business community has responded enthusiastically to Indian economy’s revivalist fervour and the Make in India week will further showcase the nation’s accomplishments in manufacturing and postision India as an investment, innovation and manufacturing hub,” she added.
She said that ease of doing business has helped show the potential in India. It has also aided competition among states which is generating new interest among investors for India, she added.
“States have a significant role in building and sustaining a manufacturing revolution and in the spirit of co-operative as well as competitive federalism, they will be the drivers of development and the Centre will play a catalytic role.
Fadnavis, while speaking at the conference, said, “India is poised to be next big manufacturing destination. He added that the Make in India week will have global players exploring new avenues of investing in Maharashtra, however, he added that Make in India cannot be accomplished with Make in Maharashtra alone.
He said, to make doing business easier in the country, the government has introduced the ‘Maitri’ electronic platform to give permissions to businesses in the stipulated timeframe. He added that the government is also working on decreasing the number of permissions for the ease of doing business.