To Meet Top Mgmt Of These Cos To Set Up Shop In India.
After a high deci bel `Make in India' pitch, the government has now turned to a more targeted approach to boost foreign direct invest ment (FDI) inflows.
In a first, the departmen of industrial policy and pro of industrial policy and pro motion (DIPP), along with In vest India, has identified 150 companies as potential inves tors and is meeting their top management teams individu ally as it seeks to ensure tha FDI inflows rise for the fourth straight year.
The idea is to tap companies looking to set up shop in India or are eyeing expansion. Re cently , a team led by DIPP secre tary Ramesh Abhishek met Fi at Chrysler COO Alfredo Alta villa in Italy to address the com pany's concerns. Similarly there has been a fresh outreach to Italian chocolatier Ferrero the maker of Ferrero Rocher which decided to set up a plan in China to cater to demand in Japan and Korea after its run ins with the Food Safety and Standards Authority of India.
“Invest India has lined up in vestment of close to $40 billion and we are working to ensure al this flows into the country ,“ said an officer. The list includes Dali an Wanda Group, China's lar gest commercial property com pany and the world's largest ci nema chain operator, which is looking to invest around $10 bil lion. Then there is Lotte, the conglomerate from South Korea, which has evinced interest in development of railway stations and tourism.
There is a third set, where companies had planned to in vest in the country but deferred their plans due to regulatory hurdles. In these cases, the department is seeking to get the government agency or the state concerned to address the problem, said officers working on implementing the new strategy .
For instance, a Chinese company was not getting safety clearance for a gas pipeli ne which was connected to its plant. The issue was sorted out soon after the government took up the issue with the Petroleum and Explosives Safety Organisation.
“Often the complaints are minor such as connectivity to the ports or VAT refunds and once the issue is taken up with the agency concerned, the problem is sorted out and investors feel comfortable to invest,“ said an officer.
Sources said that there is a mechanism to deal with complaints from Japanese compa nies and a fast-track system has also been put up for German firms.
The new strategy to seek investment -which some are calling Make in India 2.0 -is also focusing on a country-specific pitch, especially to medium-scale enterprises. The move follows the success of the Make In India Mittelstand (MIIM) programme, which has so far garnered investments of around 500 million euros. Next up are similar investment pitches to companies in Italy and South Korea, said sources.
After a high deci bel `Make in India' pitch, the government has now turned to a more targeted approach to boost foreign direct invest ment (FDI) inflows.
In a first, the departmen of industrial policy and pro of industrial policy and pro motion (DIPP), along with In vest India, has identified 150 companies as potential inves tors and is meeting their top management teams individu ally as it seeks to ensure tha FDI inflows rise for the fourth straight year.
The idea is to tap companies looking to set up shop in India or are eyeing expansion. Re cently , a team led by DIPP secre tary Ramesh Abhishek met Fi at Chrysler COO Alfredo Alta villa in Italy to address the com pany's concerns. Similarly there has been a fresh outreach to Italian chocolatier Ferrero the maker of Ferrero Rocher which decided to set up a plan in China to cater to demand in Japan and Korea after its run ins with the Food Safety and Standards Authority of India.
“Invest India has lined up in vestment of close to $40 billion and we are working to ensure al this flows into the country ,“ said an officer. The list includes Dali an Wanda Group, China's lar gest commercial property com pany and the world's largest ci nema chain operator, which is looking to invest around $10 bil lion. Then there is Lotte, the conglomerate from South Korea, which has evinced interest in development of railway stations and tourism.
There is a third set, where companies had planned to in vest in the country but deferred their plans due to regulatory hurdles. In these cases, the department is seeking to get the government agency or the state concerned to address the problem, said officers working on implementing the new strategy .
For instance, a Chinese company was not getting safety clearance for a gas pipeli ne which was connected to its plant. The issue was sorted out soon after the government took up the issue with the Petroleum and Explosives Safety Organisation.
“Often the complaints are minor such as connectivity to the ports or VAT refunds and once the issue is taken up with the agency concerned, the problem is sorted out and investors feel comfortable to invest,“ said an officer.
Sources said that there is a mechanism to deal with complaints from Japanese compa nies and a fast-track system has also been put up for German firms.
The new strategy to seek investment -which some are calling Make in India 2.0 -is also focusing on a country-specific pitch, especially to medium-scale enterprises. The move follows the success of the Make In India Mittelstand (MIIM) programme, which has so far garnered investments of around 500 million euros. Next up are similar investment pitches to companies in Italy and South Korea, said sources.
The Times Of India, New Delhi, 03 october 2016
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