High Commissioner's Remarks at the “Make in India Week” Roadshow: Colombo, January 28, 2016.
Shri Ram Shinde, Hon’ble Minister of State for Home (Rural), Marketing, Public Health & Tourism, Government of Maharashtra, Distinguished Guests, Ladies and Gentlemen.
I welcome all of you to the “Make in India Week” Roadshow, which is aimed to create awareness about the Make in India Week, being organised in Mumbai from 13-16 February 2016.
2. A key element in strengthening bilateral ties with Sri Lanka is deepening economic and commercial relations. We hope that Sri Lankan businesses will take advantage of their proximity to the fastest growing major economy in the world. India is among the leading investors in Sri Lanka with cumulative investments of over US$ 1 billion since 2003. India has also attracted investment from Sri Lankan firms like Brandix and MAS Holdings, among others, who have chosen to set up companies in India for manufacture and export of apparel. In recent months, the two countries have continued discussions to take the economic and commercial engagement to the next level. A quantum leap in our economic and commercial relations can be achieved by forging linkages across the production and supply chains of the two countries.
3. As you are aware, the Make in India initiative was launched by the Hon’ble Prime Minister of India, Shri Narendra Modi on September 25, 2015. The initiative was part of the Government of India’s renewed focus on invigorating the country’s manufacturing sector. The landmark initiative has made a tremendous impact on the investment climate of the country, and is reflected in the significant growth of overall Foreign Direct Investment (FDI) into India. The key challenge is to make India the easiest and simplest place to do business, a goal which the government is determined to achieve.
4. Since its launch, the Government of India has taken several reform initiatives to create an enabling environment that has provided a push to manufacturing, design, innovation and entrepreneurship. The growth in FDI has been significant after the launch of the initiative, with 48 percent increase in FDI equity inflows during the period October 2014 to April 2015, over the corresponding period last year. 2014-2015 witnessed unprecedented growth of 7.17%, to USD 40.92 billion of investment by Foreign Institutional Investors. The FDI inflow under the approval route saw growth of 87% during 2014-15 with inflow of USD 2.22 billion despite more sectors having been liberalized during this period and with more than 90% of FDI being on automatic route. These indicators showcase remarkable pace of approval being accorded by the Government and confidence of investors in resurgent India. Substantial investments have been received in areas which include electronics, automotive, food processing, textiles and garments, renewable energy and construction. The FDI target has been set at over 30 percent.
5. With a growth rate of 7.5%, India has emerged as the fastest growing major economy globally and is one of the few bright spots in an economic landscape marked by an economic slowdown.
6. The Make in India initiative, in particular, aims to ensure that India is an integral part of the global supply chain. Key focus sectors such as defence, railways, construction, insurance, pension funds and medical devices have all been rapidly opened up for FDI. Government of India has also taken up a series of measures to radically improve its ‘Ease of Doing Business’ ranking. Fourteen services have already been integrated with an eBiz portal which will function as a single window for obtaining clearances from various government agencies.
7. The Hon’ble Prime Minister has given further impetus to India’s growth with several innovative initiatives such as “Digital India”, “100 Smart Cities” and “Skill India”. Most recently, the Hon’ble Prime Minister has launched another ambitious scheme, “Startup India, Standup India”, in addition to the “Make in India” initiative. This scheme involves a 19-point action plan for start-up enterprises in India, including a self-certification scheme related to nine labour and environment laws. The scheme, inter alia, seeks to encourage those ventures that would boost employment generation and assist in wealth creation. We invite Sri Lankan investors to take advantage of these initiatives.
8. Make in India has already created a strong impact marked by an improved business environment and economic growth, as India is now ranked first among world’s most attractive investment destinations. India’s rank has jumped 12 positions in the Ease of Doing Business 2016 list by World Bank. India has also improved 16 places in the Global Competitiveness Index 2015-16. The clarion call “Come Make in India” has translated into an effective strategy and has succeeded in creating a buzz globally.
9. In order to sustain this momentum, Government of India is organizing a landmark event called the “Make in India Week” in Mumbai from Feb 13 - Feb 18, 2016. This week-long event will be inaugurated by the Hon’ble Prime Minister of India.
10. Everyone in India is very excited about this event. It will spark a renewed sense of pride in Indian industry by showcasing the potential of design, innovation and sustainability across India's manufacturing sectors in the coming decade.
11. The 11 key sectors that will play a major role in the manufacturing sector in the future:
• Aerospace & Defence
• Automobiles & Automobile Components
• Chemicals & Petrochemicals
• Construction Equipment, Materials & Technology
• Food Processing
• Infrastructure Development
• IT & Electronics
• Industrial Equipment & Machinery
• Micro, Small & Medium Enterprises
12. Major highlights of ‘Make-in-India Week’ will be
• Make in India Center: This will be the platform for exhibiting innovative products and manufacturing processes developed in India
• CNN-Asia Business Forum which would comprise of a series of seminars, meets and round-tables and networking events on economic challenges, investment opportunities etc. The event would feature Global visionaries, and leaders from the fields of finance, industry and design.
• Urban Planning Seminar on re-imagining Mumbai: This session would focus on new impetus for a smarter e-enabled Mumbai collaborating with the best-in-class technology partners.
• Hackathon: This is a very innovative event it is a 24-hour marathon event to be held at IIT Mumbai,where coders, engineers and designers collaborate intensively for 24 hours to come up with ideas to solve urban design problems. in three important areas - Water, Transportation and Energy. Leading Institutions from the world over would come together for this.
• TIME India Awards which would recognize excellence in the world of manufacturing.
13. The mega event will offer foreign investors and businesses unprecedented access, insights and opportunities to showcase, connect and collaborate with young Indian entrepreneurs, industry leaders, academicians, and government officials at the central and state levels.
14. I am very happy to note that the Indo-Lanka Chamber of Commerce and Industry, under its President, Mr Vish Govindswamy, is mounting a 14 member delegation for the Make in India Week. I would encourage others to consider going to Mumbai for this event. Mumbai is well connected by air to Colombo with three flights daily.
I hope your participation in the event will be fruitful and you decide to “Make in India”!!