Friday, September 17, 2021

Independence Day Series: Report on Commerce and Industry

In the run up to Independence Day, AIR brings you stories on sectors which have made major impact on the lives of citizens.

In this series, today AIR brings you a report on Commerce and Industry. The Union Government has given special focus to Commerce and Industry with an aim to make India a five trillion dollar economy.

Addressing an event in August 2019, Prime Minister Narendra Modi had said that five trillion dollars is not just a number, but a medium to strengthen common Indian.

Under the Narendra Modi Government, Brand India has got a boost. The Government launched the Make in India project to attract global investment in India. It is facilitating investment, fostering innovation, building best in class infrastructure and making India a hub for manufacturing, design and innovation. The government also liberalised Foreign Direct Investment in 25 sectors. This resulted in a rise in India’s rankings in the ease of doing business of the World Bank, the World Economic Forum’s Global Competitiveness Index and in the Logistics Performance Index. The move also helped in other projects like Dedicated Freight Corridors and Industrial corridors.

The Foreign Trade Policy has been extended up to 30th September to provide a stable regime during the COVID-19 pandemic. Schemes such as the Advance Authorization Scheme and the Export Promotion Capital Goods Scheme are being implemented to enable duty free import of raw materials and capital goods for export production. To make domestic manufacturing globally competitive and to create global champions in manufacturing, Production Linked Incentive (PLI) Schemes in 13 sectors are being implemented. India registered its highest ever annual FDI Inflow of US $81.72 billion during the last financial year 2020-21.

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