Lok Sabha Question No. 2966 (UNSTARRED), answered on 2023-12-20
Subject: Attracting Investment
Ministry: COMMERCE AND INDUSTRY
Asked by: Anil Firojiya

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY

## DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE LOK SABHA

UNSTARRED QUESTION NO. 2966. TO BE ANSWERED ON WEDNESDAY, THE 20 TH  DECEMBER, 2023.

## ATTRACTING INVESTMENT

## 2966. SHRI ANIL FIROJIYA:

Will the Minister of COMMERCE AND INDUSTRY be pleased to state: वाणिज्य एवं उद्योग मंत्री

- (a) the details of the work being done to attract investment in India and to promote India's growing role in multilateral organizations in global trade; and
- (b) the  details  of  the  work  being  done  to  improve  quality,  sustainability  and innovation in this regard?

## ANSWER

## वाणिज्य एवं उद्योग मंत्रालय में राज्य मंत्री ( श्री सोम प्रकाश ) THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI SOM PARKASH)

- (a) & (b): Government has taken several measures and initiatives to promote and attract investments in India. 'Make in India' is an initiative launched on 25th September, 2014 to facilitate investment, foster innovation, build best in class infrastructure, and make India a hub for manufacturing, design, and innovation. It is        one of the unique 'Vocal for Local' initiatives that promoted India's manufacturing.

In  addition  to  ongoing  schemes  of  various  Departments  and  Ministries, Government   has  taken  various  steps  to  boost  domestic  and  foreign investments in India. These include the introduction of Goods and Services Tax,  reduction  in  corporate  tax,  improving  ease  of  doing  business,  FDI policy reforms, measures for reduction in compliance burden, measures to boost domestic manufacturing through public          procurement orders, Phased Manufacturing  Programme  (PMP)  and  QCOs  (Quality  Control  Orders), investment opportunities under National Infrastructure Pipeline (NIP) and National Monetization Pipeline (NMP), India Industrial Land Bank (IILB), Industrial  Park  Rating  System  (IPRS),  National  Single  Window  System

(NSWS), etc.

To attract more FDI, the Government has put in place an investor friendly FDI  policy,  wherein  most  of  the  sectors,  except  certain  strategically important sectors, are open for 100% FDI under the automatic route. The Government has implemented several transformative FDI reforms across sectors  such  as  Defence,  Pension,  Other  Financial  Services,  Asset reconstruction  Companies, Broadcasting,  Pharmaceuticals,  Single Brand Retail Trading, Construction & Development,  Civil Aviation,  Power Exchanges, e-commerce activities, Coal Mining, Contract Manufacturing, Digital  Media, Insurance Intermediaries, Insurance, Petroleum & Natural Gas and Telecom, etc.  The  Government  reviews  the  FDI  policy  on  an ongoing  basis  and  makes  significant  changes  from  time  to  time,  to ensure  that        India remains an attractive & investor friendly destination.

Further,  in  order  to  build  a  strong  ecosystem  for  nurturing  innovation, startups and encouraging private investments in the startup ecosystem of the country, the Government launched the Startup India initiative on 16th January 2016. Since the launch of Startup India initiative in 2016, DPIIT has recognized 1,14,902 entities as startups. The innovations under the startup ecosystem are based on sustainable models of building technologies. Keeping  in  view  India's  vision  of  becoming  'Atmanirbhar',  Production Linked Incentive (PLI) Schemes for 14 key sectors have been announced with an outlay of            Rs. 1.97 lakh crore (over US$26 billion) to enhance India's Manufacturing capabilities and Exports. The purpose of the PLI Schemes is to attract investments in key sectors and cutting- edge technology; ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and  manufacturers globally competitive with high quality standards. These schemes  have  the  potential  to  significantly  boost  production,  increase manufacturing activities and contribute to  economic growth over the next five years or so. All  these  initiatives  and  measures  should  go  a  long  way  in  promoting

India's growing role in global trade.

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