Make In India Week Sees Investment Commitments Totalling Rs 15.2 Lakh Crore.Over 2,000 MoUs signed during the week between various industry players and state governments. Mumbai | Reporting by BW | India | Feb 19, 2016 12:14 PM IST.
As the week-long Make in India exhibition and awareness programme - the country’s largest ever manufacturing sector event held in Mumbai concluded on Thursday (February 18), it received total investment commitments of Rs 15.2 lakh crore from local and global industries.
The organisers Department of Industrial Policies and Promotion (DIPP) and Maharashtra government said the response from corporate investors from domestic and international markets was overwhelming and there were 2,094 MoUs (memorandums of understanding) signed during the week between various industry players and state governments. The Make in India week, which created avenues for showcasing, connecting and collaborating for manufacturing in India, was inaugurated in Mumbai’s MMRD ground by Prime Minister Narendra Modi on February 13. The main objectives of the event included promoting an investment enabling environment and also to provide a platform where global business executives, think tanks, policy makers, diplomats and political leaders to see and discuss India’s capabilities in manufacturing. Addressing the closing media meet on Thursday, the secretary of DIPP, Amitabh Kant, said the Make In India Week has been a phenomenal hit and it has successfully brought manufacturing, design and innovation to the centre-stage. Among the 17 states that participated in the event, Maharashtra received the maximum commitments from investors, said Chief Minister Devendra Fadnavis. Maharashtra was successful in attracting investment worth Rs 8 lakh crores across sectors and a special task force is being set up headed by the state industry minister to ensure that MoUs signed for these investments are translated into implementation. According to key organiser of the exhibition and seminars at the Make in India Week, Confederation Indian Industries (CII), at least 8 lakh people visited the exhibition and other events, of which 49,743 were registered delegates, who represented 102 countries in the event. A total of 150 events were organized under the Make In India Week banner while more than 25,000 people participated in seminars and symposia, where over 1,200 experts from various walks of life from including ministers, chief ministers, policymakers, industrialists, academicians and spiritual gurus spoke on wide ranging issues concerning business and society. Key Deals The Make In India exhibition, where domestic and global companies from across the sectors and various states displayed their brands and capabilities, was spread over 23 lakh sq ft area. About 215 exhibitors showcased their strengths and opportunities in 11 sectors covering aerospace and defence, automobiles, chemicals and petrochemicals, construction machinery, food processing, infrastructure, information technology and electronics, industrial equipment and machinery, micro, small and medium enterprises (MSME), pharmaceuticals and textiles. Three countries – Germany, Sweden and Poland - had their pavilions in the Make In India expo. The event also witnessed nearly 8,200 business-to-business, business–to-government and government–to-government meetings. Key deals concluded during the Make in India event included MoU between Sterlite Group company TwinStar Display Technologies and Maharashtra Industrial Development Corporation (MIDC) for an LCD manufacturing unit in technical collaboration with Autron of Taiwan, BAE Systems and Mahindra for assembling and testing of M777 Howitzers, Gujarat Government and Vestas (Denmark) for wind mill blades manufacturing unit at Ahmedabad and Gujarat Government and Tar Kovacs Systems (France) for offshore platform to develop marine applications in the state. Large corporate commitments such as Oracle’s $400 million investment in India to set up 9 incubation centers, Mahindra and Mahindra’s Rs 8000 crore expansion plan, Raymond Industries’ Rs 1,400 crore for manufacturing linen yarn and fabric facility, Mercedes’s Rs 1,500 crore expansion project and JSW’s Rs Rs 6,000 crore Jaigarh Port Ltd were other high worth investment deals signed in the event. The central government and various state governments had also unveiled several new industrial policies during the event. Key initiatives by the governments included the Rs 2,200 crore Electronics Development Fund unveiled by the Communications and IT Minister Ravi Shankar Prasad to finance innovations, research and development in electronics manufacturing sector, National Capital Goods Policy unveiled by the Heavy Industries Minister Anant Geete to create an ecosystem for a globally competitive capital goods sector, investment opportunities in food processing industry by union minister Harsimrat Kaur Badal and E-toll policy covering 360 toll plazas on the national highways across the country. Several state specific policies were also announced at the event by Mahrashtra, Odisha, Jharkand, Chattisgarh among others.
(This article was first published on BusinessWorld)