Piyush Goyal says India sees surge in FDI, manufacturing; mentions Odisha for this reason
New Delhi: Commerce and Industry Minister Piyush Goyal Wednesday shared some of the major highlights from the Ministry in the past few weeks which include robust manufacturing and rising FDI inflows, among others.
Those in the semiconductor and electronics component manufacturing space have a lot to cheer about.
“SEZ reforms have been notified to promote investments and manufacturing. The area required for setting up a factory has been reduced to 10 hectares from the earlier 50 hectares. Moreover, manufacturers have also been allowed to supply domestically after payment of applicable duties,” the minister posted on X social media platform.
In good news for leather exporters, especially those in the MSME sector, port restrictions on export of finished, wet blue, and EI tanned leather have been removed, which means they can be exported from any port or Inland Container Depots across the country.
Also, mandatory testing and certifications have been removed, informed the minister.
“India is cementing its position as the preferred global investment destination with FDI inflow of $81.04 billion in FY 2024-25, growing by 14 per cent over 2023-24. Manufacturing FDI has grown by 18 per cent during the same period, reaching $19.04 billion, in a big boost to ‘Make in India’,” said Goyal.
All-women Farmers’ Producer Company in Odisha gets to send their produce of the famous Amrapali mangoes to Italy, which is “a big boost for our horticulture exports and a huge opportunity for our farmers to increase their income,” said the minister.
The first commercial consignment of Jammu and Kashmir premium cherries heads to Saudi Arabia and the UAE. Farmers now have a huge market open for them to sell their produce and profit.
The Production Linked Incentive (PLI) scheme has been a game changer for India’s manufacturing sector.
“With the scheme supporting 14 different sectors across industries, several success stories have been scripted since 2020, which are making India globally competitive. driving exports and production and creating significant job opportunities,” said Goyal.
IANS
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