News and Insight
Government of India raises FDI limit in defence manufacturing – Kealan Finnegan, UKIBC Manager, May 2020
Government of India announces Rs 20 trillion economic package – measures to support MSMEs – Kealan Finnegan, UKIBC Manager, May 2020
COVID-19 Business Support: The collaboration curve is rising – Jonathan Ursell, UKIBC Director, May 2020
COVID-19 Business Support: New opportunities to continue business as usual – Jonathan Ursell, UKIBC Director, April 2020
India approves schemes aiming to become an Electronics Manufacturing Hub – Prasenjit Dhar, AIP Programme Manager, April 2020
India Budget 2020-21 – what is in it for the engineering manufacturing sector? – Prasenjit Dhar, AIP Programme Manager, March 2020
Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 – Press Information Bureau, Government of India (May 2020)
New Schemes for Electronics Manufacturing – Invest India (March 2020)
Bonded Manufacturing: Scheme for Manufacturing and Processing in a Bonded Facility – Invest India (March 2020)
Doing Business in India
As one of the largest economies in the world and one that is continuing to rise, India is an attractive place to invest.
India is home to the world’s second largest population and soon to be the largest. A growing middle class, rising affluence, and growing numbers of university graduates makes India a huge market for labour, consumption and production.
Investment climate in India has improved considerably since the opening up of the economy in 1991. This is largely attributed to ease in FDI norms across sectors of the economy.
India today ranks 63rd on Ease of Doing Business (EoDB) and globally ranks 1st in the greenfield FDI ranking. It ranks 68th on the Global Competitiveness Index 2018-19.
India received over $64 billion of FDI in 2018-19, with the sectors to have attracted the highest inflows including services, computer software and hardware, telecommunications, and construction.
The service sector makes up 55.6% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs majority of the labour force.
Government of India initiatives
The Government of India has introduced several key initiatives aimed to drive the economy, encourage investment and support development. These include:
Make In India – Make in India was launched by Prime Minister Narendra Modi on 25 September 2014. It is designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure, with a focus on 25 sectors of the economy.
Digital India – An initiative of the Government of India that aims to transform India into a knowledge-based economy and digitally empowered society. This includes ensuring digital access, digital inclusion, digital empowerment and bridging the digital divide.
Skill India – This initiative of the Ministry of Skill Development aims to provide skilling to more than 10 mn people annually. The training and assessment fee under this scheme is borne by the Government. Under the phase 2 of the scheme, 3.3 mn candidates were trained for 250 job roles.
Startup India – This flagship initiative of Government of India intends to build a strong ecosystem that is conducive for the growth of Start-ups. To drive sustainable economic growth and generate large scale employment opportunities, it aims to empower start-ups to grow through innovation and design.
Smart Cities – Government of India is on a mission to rejuvenate and transform Indian cities. It aims to create 100 smart cities in India through several initiatives. SPVs were incorporated in all 100 cities by December 2018.
Swachh Bharat Mission – Swachh Bharat Mission (SBM) aims to accelerate the efforts to achieve universal sanitation coverage in India and promote access to safe sanitation.
For more information on these and other Government of India initiatives, visit http://www.makeinindia.com/goi-initiatives
For more information on the opportunities in India by sector, visit https://www.investindia.gov.in/
For more information on India’s states, visit https://www.investindia.gov.in/states