Apr-Oct gets US$27.82bn FDI

India received #Foreign Direct Investment (FDI) of US$27.82 billion during April-October 2016-17, up from US$21.87 billion in April-October 2015-2016.

Manufacturing constitute around 41.5 per cent of the equity inflows while non-manufacturing around 58.5 per cent (during April 2014 to Sept 2016), said the government in an update on Major Initiatives and Achievements of #Department Of Industrial Policy & Promotion (DIPP) last year.

FDI in 2015-16 was US$55.6 billion, an increase of 23 per cent on the year from US$45.1 in 2014-15. It was the highest FDI increase.

Other achievements:

Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) is now re-designated with an expanded mandate of integrated development of Industrial Corridors.

This would be an Apex body under administrative control of DIPP for coordinated and unified development of all industrial corridors in the country.

It will channelize Govt. of India (GoI) funds as well as institutional funds for development of corridors. It will coordinate all central efforts for the development of Industrial Corridor projects and will also monitor their implementation.

Total outlay has been increased to Rs. 17,550/- for the period now extended up to 31 March, 2022.

#Delhi Mumbai Industrial Corridor:

Approval has been given for the construction of trunk infrastructure for Phase II of Part I of #Shendra Bidkin Industrial Area (SBIA) namely the Bidkin region spread across 31.79 sq km (3,179.20 ha) at an estimated project cost of Rs. 6,414.21 crore.

Investment of Rs. 2,397.20 crore as 49 per cent equity of DMIC Trust in the City/Node Special Purpose Vehicle (SPV) in a phased manner; and issuance of EPC tenders for selection of contractors for various packages of trunk infrastructure in a phased manner.

Development of the SBIA as a manufacturing hub will generate a series of direct and indirect benefits through employment, development of ancillary units and spin-off of socio-economic benefits.

Modified Industrial Infrastructure Upgradation Scheme (MIIUS):

Under this Scheme, projects have been undertaken to upgrade infrastructure in existing Industrial Parks/ Estates/ Areas. Greenfield Projects can also be undertaken in backward areas and #North Eastern Region (NER) with a Central Grant upto 50 per cent of the project cost with a ceiling of Rs.50.00 crore.

Final approval has been accorded to 24 projects with central grant amounting to Rs.604.71 crore and 6 projects with central grant of Rs.129.91 crore are at ‘in-principle’ approval stage. Central assistance of Rs.181.92 crore has been released to 22 projects as on 31.10.2016.

Approval has also been given for setting-up #Mega leather Cluster (MLC) at Nellore, Andhra Pradesh with the Government assistance of Rs 125 crore.

Ease of Doing Business:

The #World Banks’ Doing Business 2017 report shows that for the first time the absolute score of ‘Distance to Frontier’ that measures the gap between India and the global best practice has increased for two consecutive years. It has improved by 2.5 per cent from 55.27 to 53.93 over a period of last one year.

Through constant efforts, States too have been brought on board in the process to expand the coverage of these efforts. The rankings of the States/UTs based on 340-Point Business Reform Action Plan released on 31st October 2016, show that national implementation average of reforms undertaken by States/UTs stands at 48.93 per cent, significantly higher than last year’s national average of 32 per cent.

It also shows that 12 States scored more than 90 per cent as against none last year. fii-news.com