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India can lead globally by improving manufacture: FM
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SME Times News Bureau | 28 Apr, 2017
At a time of protectionist trends in the developed world, India can
become the leading proponent of globalisation if it improves on its
manufacturing, Union Finance Minister Arun Jaitley said on Friday.
"On
whether we can lead the process of globalisation, if for three years in
a row we can be among the fastest growing economies in the world...on
services, we are among the leading. But the question is, can we improve
our manufacturing?" said Jaitley while addressing the annual session of
the Confederation of Indian Industry (CII).
As a measure of the
de-industrialisation of India, in course for quite some time, the
contribution of manufacturing has shrunk to around 15-16 per cent of the
GDP. Through various measures, the government is trying to increase
this share to around 25 per cent.
The Finance Minister said that
India has been a big beneficiary of globalisation in the way of foreign
investment, especially at a time when private domestic investment has
been sluggish.
As per official data, foreign direct investment
(FDI) inflows into India in 2016 jumped 18 per cent to a record $46.4
billion, at a time when global FDI inflows fell.
Moreover,
investments by foreign institutional investors (FIIs) into Indian
equities and bonds in March hit the highest in about 15 years. Overseas
investors bought $8.84 billion worth of Indian shares and bonds during
March in the biggest monthly inflow since 2002.
In this
connection, Jaitley mentioned that the government would soon wind up the
inter-ministerial Foreign Investment Promotion Board (FIPB) that
approves investment proposals.
"We are in the final stages of
doing away with the FIPB...90 per cent of FDI is anyway now allowed
through the 'automatic route'," he said.
On the occasion, Jaitley released the CII reports on Transparency in Real Estate Sector and Ethics in Healthcare Sector.
The
report on Transparency in Real Estate Sector made recommendations
related to areas such as fair trade practices, fair norms related to
project delivery, adhering to timelines, and maintaining delivery
schedules, among others.
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