World Economy

India Among Top Destinations for Investment

India Among Top Destinations for InvestmentIndia Among Top Destinations for Investment

The government’s initiatives including the ‘Make in India’ program and Smart Cities scheme has helped strengthen the country’s economy making it one of the top most favorable investment destinations in the world, WTCA chief said recently.

Talking to the press in New Delhi, Scott Ferguson, CEO of World Trade Center Association recognized the initiatives taken by the government and said that the country has potential to attract a lot of investment. Ferguson assured that the economy at present is very strong contrary to what people often fear about the market, MENAFN reported.

Ferguson also spoke of the coming up of corporate corridors in the country as an important step in the line towards economic growth. Also the WTC licenses are playing an instrumental role for the business to expand in the country.

Ferguson said that the cities are the new engines for growth of nations across the globe and WTC is doing its best to help facilitate this growth through its vast infrastructure. The CEO also expressed optimistic intentions about expecting more from the economy of the country in subsequent years.

WTC operates through its centers in Noida, Bengaluru, Mumbai, Kochi and Pune, the one at Noida being the largest WTCA facility in the world.

To give a fresh impetus to FDI inflows into the manufacturing sector, India’s Department of Industrial Policy and Promotion will likely focus on a few selective sectors out of the 25 under the Make in India program. The remaining sectors will be addressed by the respective administrative ministries. “We have proposed to concentrate on a few selective sectors while the rest will be the responsibility of the respective ministries,” a senior government official, who claimed anonymity, said, PTI reported.

The few sectors which are likely to be the key focus sectors of DIPP are automobile, electronic manufacturing, food processing, defense and aerospace, pharmaceuticals, biotechnology, medical equipment, textile and capital goods.

The sectors which are likely to be dropped from the ‘priority’ list are likely to include construction, media and entertainment, roads and highways, wellness and electrical machinery. “We are likely to finalize the matter soon,” the official said.

The Make in India initiative was launched by Prime Minister Narendra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub by encouraging both multinational as well as domestic companies to manufacture their products within the country.

Led by the DIPP, the initiative aims to raise the contribution of the manufacturing sector to 25% of the gross domestic product by 2025.

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