Centre working on ‘make in India’ for the world plan: Goyal

 New Delhi: In a bid to boost manufacturing in the country, the central government has outlined a “make in India for the world” plan, Union Commerce and Industry Minister Piyush Goyal said on Wednesday.

“We are looking at India going global. We are vocal for local but also wish to see local go global,” Goyal said at an event organised by the World Association of Investment Promotion Agencies (WAIPA).

The minister underlined that the size of India’s gross domestic product (GDP) is expected to increase by $30 trillion in the next 30 years.

“We have an ambitious roadmap until 2047 when we wish to see India as a developed nation, as a prosperous nation where every child of the country gets a good quality of life,” he said.

Addressing the 27th edition of World Investment Conference organised by WAIPA, Goyal made a strong pitch for attracting investments in India.

“I would like to invite you to participate and look upon the large business opportunities, the large investment opportunities that India provides,” the minister said.

Meanwhile, Minister of State for Commerce and Industry Som Parkash informed Lok Sabha, the lower house of parliament, that the government has taken a series of policy initiatives and measures to create a conducive ecosystem to promote industrialisation and domestic value addition and to make India globally competitive.

“Government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative,” Parkash said.

Replying to a question whether the government plans to offer any sops to attract investments from the global electric vehicle giant Tesla and other multinational car companies, Parkash said, “Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of electric vehicle in India.”

According to the minister the initiatives taken by the government to boost investments in India include, introduction of Goods and Services Tax, reduction in corporate tax, improving ease of doing business, FDI policy reforms, measures for reduction in compliance burden, measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme (PMP) and QCOs (Quality Control Orders).

Apart from above, government has launched the Production Linked Incentive (PLI) Scheme for Automobile and Auto component industry with a budgetary outlay of Rs 25,938 crore to provide financial incentives to boost domestic manufacturing of Advance Automotive Technologies (AAT) products (including electric vehicles and their components), he added.