Sunday, June 23

‘Make in India Week’ gets Rs 15.2 lakh crore investment commitments

MUMBAI: The week-long Make in India event here has secured investment commitments worth Rs 15.2 lakh crore, with host state Maharashtra alone accounting for Rs 8 lakh crore.

Besides, it received investment enquiries worth Rs 1.5 lakh crore.

“The multi-sectoral Make in India Week has been a great success. We’ve managed to get investment commitments to the tune of over Rs 15.2 lakh crore from the event,” DIPP Secretary Amitabh Kant told reporters at the closing press meet at the MMRDA Grounds here today.

He is hopeful that the summit will create a favourable environment for investors from across the world.

Out of the total investment commitments, the host state made up for more than half, at Rs 8 lakh crore, Kant said, adding that Maharashtra could become the gateway for the rest of the country.

Out of the total commitment pie, 30 per cent have come from foreign players.

“We have already opened the economy across sectors to the world. We’re now showcasing, connecting and collaborating for manufacturing in the country,” Kant said, adding that the summit is not about manufacturing alone, but innovation and nurturing inventors.

Prime Minister Narendra Modi had on February 13 inaugurated the maiden Make in India Week at the MMRDA Grounds at BKC in Central Mumbai.

The jamboree, for which the Modi-led government has reportedly spent close to Rs 100 crore in marketing alone, is part of the government’s push to create jobs by increasing the share of manufacturing to GDP to 25 per cent over the next decade, from the 16-17 per cent now. The domestic economy has for long been supported by the services sector, which alone contributes more than 60 per cent of GDP.

The summit, despite a reasonably good participation from Corporate India and global companies, had its own share of shortcomings, with poor coordination among various agencies such as DIPP, PIB and industry lobby CII coming to the fore.

On the very thin participation from north-eastern states, Kant said, “Every state has different core competency. I am from the Kerala cadre and I believe that Kerala is a great state for travel and tourism, but is not a great state for industrialisation.”

He added: “My personal view is that north-eastern states need to be developed with sustainability and innovativeness. If you force too much of industrialisation in those areas, you will spoil the natural surroundings of the region. Let’s not force every state to be Maharashtra or Gujarat… that will not be correct.”

However, it can be noted that most of the non-NDA states barring Karnataka, which is ruled by the main Opposition Congress, and Odisha ruled by the BJD, kept away from the summit.

Over 2,500 international and 8,000 domestic companies are claimed to have participated in the week-long multi- sectoral industrial event, apart foreign government delegations from 68 countries and business teams from 72 nations.

The opening ceremony was also attended by Prime Ministers of Sweden, Finland and Deputy Premier of Poland, besides other foreign ministers.

As many as 17 states, mostly BJP-ruled ones, participated in the expo and there were over 50 seminars.

Gujarat, Madhya Pradesh, Haryana, Odisha and Punjab had dedicated state-centric sessions too.

The opening cultural night at Girgaum Beach turned out to be a flop after a massive fire broke out early into the event, which had the entire state government in attendance. Luckily, there was no human casualty.

Similarly, many were critical of the high food prices at the food courts and the high security, which didn’t allow home-made foods.