New Delhi, November 19 (IANS). Industry chamber Confederation of Indian Industry (CII) said domestic industries are becoming more competitive due to increased government investment in infrastructure such as roads, railways and ports.
In a letter to Union Commerce and Industry Minister Piyush Goyal, CII Director General Chandrajit Banerjee said the government’s initiatives such as Make-in-India and the Production Linked Incentive (PLI) scheme for many sectors have helped in attracting foreign direct investment (FDI). ) has helped in attracting.
This letter further said that the policy change from India’s side has been made at a time when geopolitical circumstances have turned in India’s favor. Many global companies are looking towards India for their expansion.
According to the letter, FDI inflows into India have increased from $45.14 billion in 2014-15 to $70.95 billion in 2023-24, reflecting the growing interest of foreign investors to set up base in India. It said that PLI schemes have attracted huge investments.
Policies like PLI scheme launched to increase manufacturing have attracted investment of Rs 1.97 lakh crore in 14 key sectors including electronics.
Manufacturing in auto, electronics, machinery, chemical, shipping, railways and other sectors is growing rapidly in India.
Investment in infrastructure is also helping in increasing India’s exports.
India’s total exports (goods and services combined) for October 2024 stood at $73.21 billion, an increase of 19.08 percent compared to October 2023.
India’s exports have grown in double digits at a time when the global economy is witnessing a slowdown.
The reason for this increase was the increase in exports of engineering goods, electronic goods, organic and inorganic chemicals, rice and clothes, which shows that the activities in the manufacturing sector in the country are increasing rapidly.
–IANS
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