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Partners Column

December 1, 2014
Slowly and steadily the Indian economy is now stabilising and showing a positive sign of inclining upwards on the graphic curve. The various new initiatives by the government to give a boost to the Indian Industry are beginning to make an impact. The “Make in India” initiative is a major new national program designed to facilitate investment and foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure. This initiative is attracting a lot of foreign investors to invest in India. Invest India, a joint venture of DIPP and FICCI will act as the first reference point for guiding foreign investors on all aspects of regulatory and policy issues and assist them in obtaining regulatory clearances. The Government is closely looking into all regulatory processes with a view to making them simple and reducing the burden of compliance on investors. The ‘Make in India’ initiative also aims at identifying select domestic companies having leadership in innovation and new technology for turning them into global champions. The focus will be on promoting green and advanced manufacturing and helping these companies to become an important part of the global value chain The Government has identified 25 key sectors in which our country has the potential of becoming a world leader namely: automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways among others. The various other initiatives by the government are:
  • The process of applying for Industrial License and Industrial Entrepreneur Memorandum has been made online on the e-Biz website 24*7;
  • A vast number of Defence items have been de-licensed
  • The validity of Industrial license has been extended to three years
  • Liberalization of the Foreign Direct Investment policy by giving, permission for 100% FDI under automatic route for construction, operation and maintenance in specified Rail Infrastructure projects; from 26% to 49% FDI in Defence segment,  upto 100% FDI in cases of modernization of state-of-art proposals;
  • Improvisation of the physical infrastructure such as development of dedicated freight corridors, ports and airports are underway. These corridors would house Industrial agglomerations along with smart cities. The private sector would be playing a significant role in these developmental works
  • Proposal for Setting up of a separate Department of Skill Development and Entrepreneurship to equip the working age population with the right kinds of skill so that the manufacturing sector finds them employable
  • The Swachh Bharat Abhiyan launched by the Prime Minister has gained tremendous movement especially to improve the sanitation facilities in villages and other areas. This campaign aims to accomplish the vision of 'Clean India' by 2 October 2019, 150th birthday of Mahatma Gandhi.
  • Focussed on using technology to its optimum and working on facilitating maximum transactions to be conducted online with ease. On course presently we are facing our challenges with the MCA, but we hope that all issues will iron out soon.
These initiatives will not only benefit the Industry, corporates, entrepreneurs, but also professionals like us who will greatly benefit as a result of growth in the corporate and business sector. We need to now gear up to newer opportunities and challenges being thrown open due to revision in the enactments and regulations and changing business environment. In light of the above, 2015 will surely be extremely promising for all us. Wishing you all peace, prosperity, good health and happiness in the coming new year and always I remain Yours sincerely, Rashida Adenwala
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