India will become US$100 billion FDI destination by 2022: PHD Chamber

Volumes of FDIs are increasing year after year and the country is approaching towards a US$100 billion FDI inflow every year by 2022, said Mr. D K Aggarwal, Vice President, PHD Chamber. Annual FDI inflows in the country increased from US$36 billion in 2013-14 to US$62 billion in 2017-18, said Mr. Aggarwal.

PHD Chamber of Commerce and Industry organized an Open House Discussion on Make in India: Four Years Journey and Milestones today and the dignitaries who joined the session were Mr D K Aggarwal, Vice President, PHD Chamber, Mr Sanjay Aggarwal, Chairman, Industry Affairs Committee, PHD Chamber, Mr Ram Poddar, Co-Chairman, Industry Affairs Committee, PHD Chamber, Mr Vikram Agarwal, Co-Chairman, Industry Affairs Committee, PHD Chamber, Dr Ajay Dua, Former Secretary, Ministry of Commerce & Industry, Government of India, Dr. Dietrich Kebschull, Chairman, IGEP Foundation, Mr. Jukka Holappa, Commercial Counsellor, Finland Trade Center, Embassy of Finland, Dr Seema Joshi, Professor, University of Delhi, Dr. Niti Bhasin, Associate Professor, Department of Commerce, Delhi School of Economics and Dr S P Sharma, Chief Economist, PHD Chamber.

Make in India has been instrumental during the last 4 years to attract FDI reforms in the country. Despite the global challenges, the country was able to attract tremendous flow of investments, said Mr. D K Aggarwal. Ease of Doing Business in the country has been improved significantly from 142 in 2014 to 100th level in 2018, said Mr D K Aggarwal. We expect more improvement in the coming ratings of Ease of Doing Business as country has adopted a historic reform- the GST which is giving fruitful results, added Mr. D K Aggarwal.

Manufacturing Sector has posted a whopping 13.5% growth in Q1 of FY2019. Going ahead, we need to focus on the four basic ingredients of production process- land, labour, capital and entrepreneurship, said Mr D K Aggarwal. There are many takeaways for India from China in terms of their policy regime such as focus on literacy, health, reforms in education system and relaxation in FDI norms but above all country-wide change in mindset is the biggest takeaway for India, said Dr Ajay Dua, Former Secretary, Ministry of Commerce & Industry, Government of India.

India must focus on sectors such as FMCG products, pharmaceuticals, where we have economies of scale and the government must focus on reducing the cost of logistics to step up in ease of doing business rankings, added Dr. Dua.