It rained investments at the Make In India initiative, envisioned by Prime Minister Narendra Modi with a focus on the manufacturing sector.Rs 15,20,000 crore from 2,924 MOUs in committed investments during the five-day event that was attended by 890,000 visitors, representatives from 102 countries and 215 exhibitors.
IMAGE: Prime Minister Narendra Modi at the inauguration of the Make in India Week in Mumbai, February 13, 2016. Photograph: Press Information Bureau
Amitabh Kant, Secretary, Department of Industrial Policy & Promotion, is confident that at least 85 per cent of the Rs 15,20,000 crore ($223 billion) memoranda of understanding signed between investors and various state governments will materialise into actual investments on the ground.
That's Rs 12,92,000 crore ($189 billion) of investments into the manufacturing sector!
The DIPP secretary, who has been promoted as chief executive officer, NITI Aayog when he retires from the Indian Administrative Service on February 29, did not commit a timeframe when these investments will flow into India.
When Rediff.com asked if he believed at least 50 per cent of the MOUs signed will come into India as actual investments, a beaming Kant said, "I'd expect much, much higher. I'd say 80 to 85 per cent (of all the MOUs signed will get converted into actual investments on the ground)."
IMAGE: Amitabh Kant, Secretary, Department of Industrial Policy & Promotion, addresses the media on the concluding day of the Make In India Week; Photograph: Sanjay Sawant/Rediff.com
When Prime Minister Narendra Modi first envisioned Make In India from the Red Fort last year, Kant and the DIPP -- that reports to Nirmala Sitharaman, the minister of state (independent Charge) for commerce and industry -- took it upon themselves to execute it on the ground.
"Make In India will spur investments across the country. Maharashtra will emerge as the gateway for the rest of India," Kant observed as Maharashtra Chief Minister Devendra Fadnavis and state Industries Minister Subhash Desai, who were seated alongside, nodded in agreement.
Kant emerged as the 'Man of the Moment' throughout the Make In India Week, as chief minister after chief minister (barring one who said he didn't know who Kant was when asked if Kant would accompany him for a media briefing the next day) praised the 1980 batch IAS officer from the Kerala cadre.
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