New Delhi, May 15 (KNN) Commerce and Industry Minister Piyush Goyal has announced plans to enhance the role of Invest India, the national investment promotion and facilitation agency, to attract greater investments and invigorate India’s manufacturing sector.
During a comprehensive review meeting at Bharat Mandapam on Tuesday, Goyal emphasised the need to improve Invest India’s performance, effectiveness, and efficiency.
He discussed strategies to strengthen investor engagement, empower Micro, Small, and Medium Enterprises (MSMEs), and accelerate manufacturing growth.
Invest India serves as the first point of contact for global and domestic investors, providing end-to-end support across all stages of the investment lifecycle.
It plays a pivotal role in expediting approvals for setting up manufacturing enterprises, including facilitating clearances required for land allotment.
India’s manufacturing sector currently contributes approximately 17% to the country’s GDP and employs over 27.3 million workers.
The government aims to increase this share to 25 per cent by 2025, driven by initiatives like the ‘Make in India’ policy and Production-Linked Incentive (PLI) schemes.
Under Goyal’s leadership, the focus is also on empowering MSMEs, recognising their potential in job creation and economic growth.
The government’s sustained efforts have led to a 55 per cent increase in Foreign Direct Investment (FDI) equity inflow in the manufacturing sector, reaching $148.97 billion during 2014-2023 compared to $96 billion in the previous nine years.
These initiatives reflect the government’s commitment to transforming India into a global manufacturing hub, fostering innovation, and creating a conducive environment for businesses to thrive.
(KNN Bureau)
