India will see the highest foreign direct investment in the financial year ending March 31, said Atul Chaturvedi, joint secretary, department of industrial policy and promotion (DIPP), ministry of commerce and industries.
Addressing VCCircle Limited Partners Summit 2016 in Mumbai, Chaturvedi said, “We are heading towards the highest FDI this year. The FDI in the last 20 months grew 53 per cent compared with the previous 20 months,” emphasising that the investment climate has improved in the country after the NDA government came to power in 2014.
“This government has committed Rs 2.2 lakh crore in road and railway infrastructure development,” he said.
Speaking on the challenges for ‘Make in India’, the central government’s ambitious programme to push domestic manufacturing, Chaturvedi said the biggest task is to ensure its spirit is adhered to at every decision making level. He said the centre is engaging with states on a constant basis in this regard. “How we ensure India is seen as a part of global value chain, is another challenge. Initiatives such as ‘Skill India’ and ‘Startup India-Standup India’ will help us ensure that India’s demographic dividend does not become a demographic time bomb,” he said.
“Every minute 30 Indians are moving to cities. This is another challenge,” he said. “A key ingredient to the growth in domestic manufacturing will be advancement in research and development and frugal innovation,” he added.