NEW INITIATIVES OF THE NEW GOVERNMENT OF INDIA-“MAKE IN INDIA”
One of the major initiatives of the New Government of India, led by Mr. Narendra Modi is the new “Make in India ”
The program, The objective is to make India a manufacturing hub for the work and to attract the major Industries
across the globe to set up their manufacturing facilities in India.
The Make in India program includes major new initiatives designed to facilitate investment, foster innovation,
protect intellectual property, and build best-in-class manufacturing infrastructure.
Most importantly, the Make in India program represents an attitudinal shift in how India relates to investors;
not as a permit-issuing authority, but as a true business partner.
- Dedicated teams that will guide and assist first-time investors, from time of arrival.
- Focused targeting of companies across sectors
IT MAKE EASE IN FOREIGN INVESTMENT POLICY FOR KEY SECTORS
With the easing of investment caps and controls, India’s high- value industrial sectors; defense, construction and railways are now open to global participation.
- Policy in Defense sector liberalized and FDI cap raised from 26% to 49%.
- Portfolio investment in Defense sector permitted up to 24% under the automatic route.
- 100% FDI allowed in Defense sector for modern and state of the art technology on case to case basis.
- 100% FDI under automatic route permitted in construction, operation and maintenance in specified Rail Infrastructure projects such as:
- Suburban corridor projects through PPP
- High speed train projects
- Dedicated freight lines
- Rolling stock including train sets and locomotives/coaches manufacturing and maintenance facilities Railway electrification
- Signaling systems
- Freight terminals
- Passenger terminals
- Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivity to main railway line
- Mass Rapid Transport Systems
- Easing of norms underway for FDI in the Construction Development
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NEW PROCESS & INITIATIVE TAKEN BY GOVERNMENT OF INDIA
Doing business in India just got easier:
The government introduces new de-licensing and deregulation measures would result in reducing complexity, and significantly increasing speed and transparency.
- Process of applying for Industrial License & Industrial Entrepreneur Memorandum made online on 24 x 7 bases through the E-Biz portal.
- The validity of Industrial license extended to three years.
- States asked to introduce self-certification and third-party certification under the Boilers Act.
- Major components of the Defense products list excluded from industrial licensing.
- Dual-use items having military as well as civilian applications deregulated.
- Services of all Central Govt. Departments & Ministries will be integrated with the E-Biz a single window IT platform for services by 31 Dec. 2014.
- Process of obtaining environmental clearances made online.
- Following advisories sent to all Departments/State Governments to simplify and rationalize regulatory environment.
- All returns should be filed on-line through a unified form.
- A check-list of required compliances should be placed on Ministry’s/Department’s web portal.
- All registers required to be maintained by the business should be replaced with a single electronic register.
- No inspection should be undertaken without the approval of the Head of the Department.
- For all non-risk, non-hazardous businesses a system of self-certification to be introduced.
New innovations are worthy of notice in India under the “Make in India :
- The GST has eased the tax-related bureaucratic framework and has helped to reduce the cost of production.
- Digital transformation has taken center stage in recent years. A seamless online system has made the company’s birth and its survival easier.
- The latest Insolvency and Bankruptcy Code has a strong turnaround process in its back during the rainy days.
- Schemes such as Jan Dhan Yojana and Jan Dhan Yojana, Prime Minister, aim at financial inclusion for all people.
- For a while now, the term Foreign Direct Investment was doing the rounds. Foreign direct investment liberalization has led to a rise in the inflow of funds and has also helped to make India an open economy. Because of job creations, the after-effects are sure to be positive.
- Interconnection is essential to business growth. The Sagarmala program and the Bharatmala Pariyojana Project aim to do the same.
- New technologies had little impact in rural areas. Now, however, BharatNet is implementing the digital delivery of different services across the country.
- India is Worlds No 4 in terms of its capacity to exploit wind power and Solar Power Worlds No 6.
- India has come a very long way in electronics manufacturing since 2014 making it one of the biggest successes of the ambitious ‘Make in India’ initiative by Prime Minister Narendra Modi. The country produced electronics worth $29 billion in 2014 & imports stood at $38 billion. Output sprung to $70 billion in 2018-19 and imports increased to $57 billion. The big leap was attributed by producing mobile devices that grew from $2.9 billion in paltry to $24.3 billion. Now India is the world’s second-largest mobile manufacturing center. In 2014-15 rates other fields such as computer hardware development, strategic electronics, consumer electronics, industrial electronics have improved.
Furthermore, the cardinal thing under the Make in India scheme is the ease of doing business which will inspire the companies to invest.
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