The ‘Make in India’ initiative was launched ,with the objective of facilitating investment, fostering innovation, building best in class manufacturing infrastructure, making it easy to do business and enhancing skill development. Make in India initiative along with action plans prepared for 25 sectors has been reviewed and is now focused on 27 sectors. Department for Promotion of Industry and Internal Trade coordinates action plans for 15 manufacturing sectors while Department of Commerce coordinates 12 service sectors.
Department for Promotion of Industry and Internal Trade (DPIIT)is entrusted with the task of formulation of Foreign Direct Investment (FDI) policy, monitoring of Ease of Doing Business reforms and Investment Promotion and Facilitation activities. Investment Promotion is being carried out as an activity.
Investment promotion is a multidimensional and complex process which requires continuous efforts to be channelized around Ease of Doing Business, FDI reforms, skill development, infrastructure creation and fiscal incentives. All these activities have been brought into focus after launch of Make in India initiative by the Government in September, 2014 to make India the most preferred investment destination. The Government has put in place a comprehensive FDI policy regime by bringing more activities under the automatic route, increasing sectoral caps and easing conditionalities. In addition to this, a number of measures have been undertaken to ease the business environment of the country. Various State and Central Government services are being integrated on a single window e-biz portal.
The Government has been taking various initiatives to promote manufacturing with the key objective of improving competitiveness of the private and public sector firms operating in the country, facilitating their integration into the global value chains and enabling them to better compete in global markets. The various objectives of the scheme include:
Investor Facilitation : Invest India
The objective of Invest India is to act as the first reference point for target investors and provide sector-and state-specific inputs, and hand-holding support to investors through the entire investment cycle, from pre-investment decision-making to after-care. This was in line with the practices followed globally, where every country has a set up a dedicated national level investment promotion agency.
Ease of Doing Business
The objective of this initiative is to speed up implementation of reforms to bring improvement in the business environment of the country. Department/Ministry wise action to be taken under each of the parameters has been identified and nodal Departments/Ministries have been assigned for each parameter. Inter- Departmental reviews are convened at regular intervals to ensure implementation of Action Points. On the front of State-level initiatives of business reforms, efforts are being taken to engage those States which due to historical reasons do not have enough incentives to undertake business reforms.
In this regard, the best practices followed by various States Governments are being shared with States as guidance for undertaking reforms. Further, workshops are being organized with officials of States sensitize them towards reforms and make them understand the processes involved in simplification, digitization etc. States which have implemented more than 90% of reforms have also been requested to handhold the States with less than 40% implementation of reforms.
Start up India
Startup India is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Launched on 16th January, 2016, the startup India has rolled out several programs with the objective of supporting entrepreneurs, building up a robust start up ecosystem and transforming India into a country of job creators instead of job seekers.
These programs are managed by a dedicated Startup India team, which reports to DPIIT. Under the Startup India Scheme, eligible companies can get recognized as startups by DPIIT in order to access a host of tax benefits, easier compliance, IPR fast tracking and other benefits.
Foreign Direct Investment (FDI) Policy The Department for Promotion of Industry and Internal Trade is the nodal Department for formulation of the policy of the Government on Foreign Direct Investment (FDI). It is also responsible for maintenance and management of data on inward FDI into India, based upon the remittances reported by the Reserve Bank of India. With a view to attracting higher levels of FDI, Government has put in place a liberal policy on FDI, under which FDI, up to 100%, is permitted, under the automatic route, in most sectors/ activities. Significant changes have been made in the FDI policy regime in recent times, to ensure that India remains an increasingly attractive investment destination. The Department plays an active role in the liberalization and rationalization of the FDI policy. Towards this end, it has been constructively engaged in extensive stakeholder consultations on various aspects of the FDI policy.