Make in India 2.0 focus on 27 sectors
Domestically Manufactured Iron & Steel Products (DMI&SP) Policy has been suitably amended vide notification dated 31 December, 2020, in order to align it to the revised Public Procurement (Preference to Make in India) Order 2017, Steel Minister Dharmendra Pradhan said in a written reply in the Rajya Sabha on 3 Feb 2021.
The minimum value addition has been enhanced from 15% to 20% and the policy is now applicable to all procurement above Rs.5 lakhs and includes EPC contracts among other changes, he said.
Since its launch on 25 Sept 2014, the Make in India initiative has made significant achievements with focus on 27 sectors under Make in India 2.0.
Recently, the Government has taken various steps in addition to ongoing schemes to boost domestic investments in India. These include the National Infrastructure Pipeline, Reduction in Corporate Tax, easing liquidity problems of NBFCs and Banks, trade policy measures to boost domestic manufacturing.
The Government has also promoted domestic manufacturing of goods through public procurement orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives of various Ministries.
India has registered its highest ever annual FDI Inflow of US$74.39 billion (provisional figure) during the last financial year 2019-20, said the Commerce and Industry Ministry on 3 Feb 2021.
As per the World Bank, India is said to have received inward remittances of approximately US$75.9 billion in 2020, which is nearly 2.9% of the overall GDP. #investment #steel #manufacturing #projects /fiinews.com
