Dubai: India has witnessed a 53 per cent growth in the foreign direct investment last year triggered by manufacturing in automobile, power, pharmaceuticals, among others, and the government is determined to further simplify the process of doing business, a government official said on Monday.
The Indian government has undertaken major initiatives to simplify doing business, and that has triggered an upgrade in ranking in ease of doing business by the World Bank.
“We want to make manufacturing fashionable again in India. The manufacturing has to come back to focus,” Palka Sahni, Deputy Secretary in the Department of Industrial Policy & Promotion under the Ministry of Commerce and Industry from the Indian government told reporters at an industry conference. “We have set ourselves a target of 10 per cent for the next three decades.” Currently, India is seen as a favourable services destination, and the sector contributes to about 50 per cent of the GDP currently.
Gulf News Economy: India’s FDI jumps more than 50% last year
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