Economy
Day Three of 'Make in India' gets down to specifics
Mumbai : Day Three of the mega 'Make in India Week' here got down to specifics, with central and state ministers explaining why today's investment climate in the country is conducive for global investors in a host of areas, ranging from from energy to entertainment.
 
If Maharashtra Chief Minister Devendra Fadnavis, who was among the first to take to the stage on Monday, said his state has seen memoranda of understanding worth $94 billion signed for 2,463 projects, central Power Minister Piyush Goyal said his sector needed $1 trillion in investment.
 
Similarly, if Petroleum Minister Dharmendra Pradhan outlined the existing and future policies to attract funds into downstream and upstream oil projects, Heavy Industries Minister Anant Geete unfolded a policy to nearly double the share of capital goods in exports to 40 percent.
 
"The objective of the 'National Capital Goods Policy' is to increase production from Rs.230,000 crore in 2014-15 to Rs.750,000 crore in 2025, and raising the direct and indirect employment from the current 8.4 million people over 30 million," Geete said.
 
Fadnavis, on his part, said one of the biggest shortcomings of his state was that infrastructure had not kept pace with industrial growth. Assuring stakeholders a focus on this area, the chief minister said a new airport here, for example, will be ready by 2019.
 
Goyal, who also oversees the coal portfolio, said a few years ago this fossil fuel was a scarce commodity, despite abundance of mining opportunities in the country, and states were clamouring for supplies. "Now states call us not to send coal supplies. It is in surplus today," he said.
 
He also said the emphasis was on clean, green energy.
 
"Considering the initiatives taken by the government to enhance its renewables capacity, we estimate that the renewable sector alone will attract investment to the tune of $1 billion in the next five years," Goyal said.
 
Defence Minister Manohar Parrikar said there were a host of opportunities to make equipment and wares for the forces and promised conducive norms towards that. "The defence procurement policy will be out by next month and become effective from April 2," he said.
 
"We'll have a new category -- 'indigenously designed, developed and manufactured' -- as the most preferred category for procurement. It will boost domestic private and small scale industry," he said. "The government promises to make the defence market more lucrative for Indian industry."
 
One of the sessions, chaired by Commerce Minister Nirmala Sitharaman, added some glamour to the otherwise serious event. She was candid enough to admit before a host of designers and luxury industry stalwarts that Indian fashion industry had grown with little help from the government.
 
"Our fashion industry is a dynamic one which brings new things on board. So far, fashion has been far away from the government's trajectory. Now, the ministry is actively engaged in promoting it in the country. We do recognise we have to propel the fashion industry into a bigger role."
 
Some studies and surveys, too, were released. The one by KPMG, titled "India Soars High", said the country was set to become a stable and more attractive investment destination owing to the favourable macro-economic policies and conditions. 
 
The third day of the event also had a fair share of corporate houses announce their plans to Make in India, notably, Mahindra and Mahindra, the Sajjan Jindal Group, Mercedez-Benz, Godrej, Posco, Vedanta, Ikea and Tatas.
 
As regards the anxious moments, and even embarrassment, caused by an on-stage fire on Sunday when a host of dignitaries were watching a cultural show, both the authorities and the participants sought to put the episode behind, even as Chief Minister Fadnavis ordered a probe.
 
Prime Minister Narendra Modi had opened the 'Make in India Week' on Saturday at the National Sports Club of India's indoor stadium here that was packed beyond its 5,000 capacity. He himself set the tone for the event, promising all that is pocssible to make India a top investment destination.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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COMMENTS

PPM

1 year ago

For his part, the Maharashtra CM, Mr.Fadnavis is improving the infrastructure in the state by giving away valuable land to dance schools.

Madras High Court judge stays his transfer order
Chennai : In unprecedented order, Madras High Court judge C.S. Karnan on Monday stayed his transfer to the Calcutta High Court.
 
The Supreme Court had ordered the transfer of some high court judges, including Justice Karnan.
 
Justice Karnan also directed the Chief Justice of India to submit his written statement through his subordinates in the Madras High Court by April 29 and stayed his transfer order till such time.
 
His order came after the apex court ordered the Chief Justice of Madras High Court to stop allotting work to Justice Karnan following his transfer.
 
He said the February 12 transfer order goes against the judgement of the apex court and stayed it.
 
Speaking to the media, Justice Karnan said the apex court has no power to interfere in his domain.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

1 year ago

In Malayalam there is a saying, “Kurunthottikku vaatham pidichaal enthu cheyyum?” (Kurunthotti is a traditionally used ayurvedic medicinal plant used in treatment of arthritis. The question raised is, ‘if the medicinal plant gets arthritis, what one can do?’). This is not the first time a judge has tried to become popular by going out of the way. Only the judge’s colleagues and seniors in the hierarchy can resolve such issues.

Centre releases relief funds for drought-hit states
New Delhi : The central government on Monday approved the release of monetory assistance for seven drought-affected states, the home ministry said in a statement.
 
"A high-level committee led by Home Minister Rajnath Singh approved the assistance from the National Disaster Relief Fund (NDRF) of Rs.280.19 crore for Andhra Pradesh, Rs.332.57 crore for Assam, Rs.170.19 crore for Himachal Pradesh, and Rs.16.02 crore for Nagaland," the statement said.
 
The committee also approved an amount of Rs.336.94 crore for Jharkhand, Rs. 1,177.59 crore for Rajasthan and Rs.1,773.78 crore for Tamil Nadu after examining the proposals made by a central team that visited the states severely affected by drought. 
 
Rajnath Singh chaired the meeting that was also attended by Finance minister Arun Jaitley, home secretary Rajiv Mehrishi and other senior officials from the ministries of home, finance and agriculture. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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