8 April 2016 : Prime Minister Narendra Modi’s “Make in India” campaign has attracted much attention and gained appreciation from various sectors. According to Moody’ s Investors Service analysis, the campaign has given a fillip to Foreign Direct Investment in the country, thereby reducing India’s dependency on equity and debt flows in times of economic crisis.
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According to Moody’s Marie Diron, the increased foreign investment in India is symbolic of the growing investor attention and interest in investing in India. This can significantly help India and prove to be a savior in times of acute economic crisis.
Since its launch in September 2014, the “Make in India” campaign has already taken the FDI level in the country to $3 bilion, thanks to the aggressive campaigning by the PM himself. Prime Minister Narendra Modi, through this campaign dreams to make India a manufacturing hub.
In the coming times, FDI inflow is likely to register a substantial rise due to the further relaxation of FDI norms, development of smart cities and investment and manufacturing zones. The government aims to achieve its set target of increasing the share of the manufacturing sector in the total GDP to 25% by 2022. All these steps are absolutely essential to rescue India from the current account deficit situation it is currently in.
However, the slowdown in Gulf Countries may have an adverse impact on the achievement of the planned targets of India. But hopes are still high from the much talked about “Make In India” campaign.