Minister of State(Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha on Wednesday said that the ‘Make in India’ initiative by NDA government at centre has made a tremendous impact on the investment climate in the country.
Today, India has become one of the favourite destination for investors as shown by significant growth of overall Foreign Direct Investment (FDI). The Make in India initiative was launched globally in September, 2014 by the Government of India to focus on invigorating the country’s manufacturing sector.
A number of initiatives have been taken by the Government of India since the launch of Make in India campaign last year. The make in India initiative is based on the following four pillars, under which various initiatives have been taken, are:
- New Processes : Ease of Doing Business
- New Infrastructure : 1) Industrial Corridors, 2) Industrial Clusters and 3) Smart Cities
- New Sectors
- New Mindset
‘Make in India’ initiative aims at developing India as a global hub for manufacturing, innovation and design for both domestic and foreign markets. Government has made efforts to simplify the regulatory requirements for import and export which includes:
(i) Making available importer-exporter code online through e-biz portal.
(ii) Reducing number of documents required from seven to three for exports and ten to three for imports.
(iii) Establishment of Customs Clearance Facilitation Committees in every port to ensure expeditious clearance of goods.
(iv) Integration of customs online Single window clearance system with Food Safety & Standards Authority of India and Plant Quarantine thorough message exchange for faster clearance of food and plant products.