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Business EconomyPosted at: Dec 15 2018 9:33AM


Q1FY19 FDI inflows saw a 23 per cent growth over Q1FY18 with Q1FY19 FDI inflow at USD 12.7 billion. India for the first time received FDI of more than highest ever FDI inflow of USD 61.96 billion in FY 2017-18. FDI equity inflows in automobiles and auto components increased by 13 per cent during FY 2017-18, as compared to FY 2016-17.
FDI equity inflows in textiles sector have increased by 18 per cent during FY 2017-18, as compared to FY 2016-17.
Launched by Prime Minister Narendra Modi, on September 25, 2014 to make India the hub of manufacturing, India has emerged as one of the fastest growing economies.
India has jumped 15 places on the Global Innovation Index (2015-16) (Source: World intellectual Property Organisation) and moved 19 places ahead on the Logistics Performance Index (2015-16) (Source: World Bank).

In the Global Competitiveness Index (2014-16) India has jumped 32 places (Source: World Economic Forum).
The Ministry of Commerce is making all efforts to ensure that in public procurement preference is given to Make in India. Exemption is given where estimated value of procurement is less than Rs 5 lakh.
So far, 14 Nodal Ministries and Departments have issued notifications for minimum local content for various product categories. State Governments have been requested to implement Public Procurement Order in their States.
Implementation of the Order is being monitored vigorously. A Public Procurement Cell has been created in DIPP. Regular meetings of the Standing Committee are being held, apart from industry-specific meetings to sensitise and take feedback from industry.
Purchasing Managers’ Index (PMI) is an indicator of business activity both in the manufacturing and services sectors. PMI in October 2018 stood at 53.1 as against 50.3 in October 2017. October 2018 is the 15th consecutive month of PMI more than 50, indicating growth in the manufacturing sector.
Start-up India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of start-up businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower start-ups to grow through innovation and design.
The number of DIPP recognised start-ups touched 14,545 in November 18 as compared to 4610 on October 2017 generating total employment for 130,424 persons.
Several programmes have been undertaken since the launch of the initiative on 16th of January, 2016 by Prime Minister, to transform India into a country of job creators instead of job seekers.
The 19-Point Start-up India Action Plan envisages several incubation centres, easier patent filing, tax exemptions, ease of setting-up of business, a Rs. 10,000 crore corpus fund and a faster exit mechanism.
Some of the achievements of the Start-up India action plan include simplification and handholding for compliance regime based on self-certification, rolling out of mobile app and portal, setting up of Start-up India hub, legal support and fast-tracking patent examination at lower costs, relaxed norms of public procurement for start-ups and faster exit for start-ups.
The plan includes providing funding support through fund of funds with a corpus of Rs 10,000 crore, tax exemption on capital gains, tax exemption to start-ups for 3 years, removal of angel tax, promoting industry-academia partnership and incubation through launch of Atal Innovation Mission, harnessing private sector expertise for incubator setup, building 11 Technology Business Incubators, setting up of seven new research parks modelled on the research park setup at IIT Madras, promoting start-ups in the biotechnology sectors and launching of innovation focused programmes for students.
Due to the efforts of the Ministry of Commerce, interest subvention was enhanced by 2 per cent for MSMEs and an exhibition on GeM and export promotion schemes was set up by DoC in 80 districts on November 2, 2018 which was attended by nodal officers appointed by DoC from DGFT and GeM.

Department of Commerce has identified several deliverables for MSMEs : Ease of excess to markets by bringing MSMEs on GeM platform and procurement from MSMEs via GeM, Quality certification by quality control of India to MSMEs products and districts identified for sectoral intervention so that MSMEs or rubber in Kottyam, gems and jewellery in Cuttack and Hyderabad and large cardamom plantations in West Sikkim are incentivised.

The Multi-Modal Logistics Parks (MMLPs) are a key policy initiatives of Government of India to improve the country’s logistics sector by lowering over freight costs, reducing vehicular pollution and congestion and cutting warehouse costs with a view to promoting moments of goods for domestic and global trade. At present there is no specific definition, specification and standardisation of multi-modal logistics parks.
Different Ministries like Railways, Shipping and Department of Industry Policy and Promotion are developing parks at the same location. This duplication is happening due to the lack of a comprehensive policy. The Commerce Ministry is consulting different stakeholders, States and UTs on the proposal on the multi-modal logistics park policy.
India has improved its global rankings on trading across borders from rank 146 in 2017 to 80 in 2018. Department of Commerce is working on reducing the logistics cost from the current 14 per cent of GDP to 10 per cent by 2022 through an integrated approach.
A National Logistics Portal is being developed which will serve as a transactional e-marketplace by connecting buyers, logistics service providers and relevant government agencies. The portal will be a single window market place to link all stakeholders.
A technology innovation project of India-Japan bilateral cooperation, Logistics Data Bank Project has already been commissioned to track containers on a ‘near-real-time’ basis. This is one of the initiatives of Government of India as part of its Ease of Doing Business initiative wherein RFID tags are placed on every container coming out of the ports to track its movement.
The project has already expanded to various ports (JNPT, Mundra, Hazira, Chennai, Paradip, Kattupalli, Ennore, Krishnapatnam, Mumbai, Murmogao, Visakhapatnam, New Mangalore and Kolkata) in India and has covered around 90 per cent of total container volumes in India.
The Baba Kalyani led committee constituted by the Ministry of Commerce& Industry to study the existing SEZ policy of India has submitted its report to the Commerce and Industry Minister.
The objectives of the committee were to evaluate the SEZ policy and make it WTO compatible, suggest measures for maximising utilisation of vacant land in SEZs, suggest changes in the SEZ policy based on international experience and merge the SEZ policy with other Government schemes like coastal economic zones, Delhi-Mumbai industrial corridor, national industrial manufacturing zones and food and textiles parks.

The Government of India has set a target of creating 100 million jobs and achieving 25 per cent of GDP from the manufacturing sector by 2022, as part of its flagship ‘Make in India’ programme.
Furthermore, the Government plans to increase manufacturing value to USD 1.2 trillion by 2025. While these are ambitious plans to propel India into a growth trajectory, it requires evaluation of existing policy frameworks to catalyse manufacturing sector growth. At the same time, policy needs to be complied with the relevant WTO regulations.
Industrial corridor programme envisages creation of world class infrastructure, connectivity and new greenfield smart cities as global manufacturing hubs which will create large employment opportunities. The Delhi Mumbai Industrial Corridor (DMIC) Project has made substantial progress with trunk infrastructure development activities nearing completion at four locations in Gujarat, Maharashtra, Uttar Pradesh and Madhya Pradesh.
Allotment of developed land to industries has begun in these places and 56 plots constituting 335.51
acres have already been allotted. This is expected to bring an investment of about Rs 8,354 crore over a period of 3-5 years.
Based on the initial success of DMIC project, the Government has also started planning and development activities in four other industrial corridor projects ie Amritsar Kolkata Industrial Corridor (AKIC), Chennai Bengaluru Industrial Corridor (CBIC), Bengaluru Mumbai Economic Corridor (BMEC) and East Coast Economic Corridor (ECEC) from Kolkata to Chennai. Trunk infrastructure activities in these corridor projects are planned to be initiated from next year.

India Trade Promotion Organisation (ITPO) is the trade promotion agency of the Ministry of Commerce and Industry and is a venue for exhibitions and conventions at its ground in Pragati Maidan in New Delhi. It has an area of nearly 150 acres and 625,000 square metres exhibition space. It was demolished in April, 2017 for re-development and after completion will be the biggest exhibition centre in Delhi.
The ITPO holds the India International Trade Fair (IITF) since 1980 every year. It is a premier international trade fair and has evolved as a major event for business community.
Around 800 participants from States, government departments, domestic and international companies are taking part with considerable participation of rural artisans, craftsmen and SME entrepreneurs. The Fair received foreign participation from Afghanistan, China, Hong Kong, Kyrgyzstan, Iran, Myanmar, Nepal, Netherlands, South Africa, South Korea, Thailand, Turkey, Tunisia, Vietnam and UAE.
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