Navigation
Suscribe
Menu Search Facebook Twitter
Search Close
Menu ALL SECTIONS
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Digital
Prensa
Radio
TV
X
Newsletter
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers
Business

Modi launches ‘Make in India’

TNE-DF_2016-02-15_16-2
2 years ago

PM aiming to attract more foreign investment

REUTERS

MUMBAI – Thousands of people and lion mascots swarmed the weekend opening of a “Make in India” drive to attract foreign direct investment, pitched by Prime Minister Narendra Modi as “the biggest brand that India has ever created.”

The week-long event, the boldest since Modi launched the initiative to emulate China’s export miracle back in 2014, got off to an inauspicious start when a huge fire engulfed the stage at a cultural event on Sunday. Nobody was hurt. Even as the Make in India hype scales new heights, some questioned Modi’s delivery on promises to make it easier to do business, while marketing experts cautioned against creating unrealistic expectations.

“When you over-communicate and you under-deliver, the biggest risk is that you begin to lose trust,” said Chandramouli Nilakantan, CEO of Blue Lotus Communications, a branding and public relations consultancy.

On buzz alone, the effort got off to a great start, with the prime ministers of Sweden and Finland attending Saturday’s gala opening hosted by Modi.

On Sunday, delegates thronged the 10 pavilions erected for the event in Mumbai, India’s financial capital. Around 2,500 foreign and 8,000 domestic companies were expected to attend, organizers said. Yet on the ground, the experience of businesses is more prosaic. Twenty months after Modi swept to power with a promise of growth and jobs, executives say more needs to be done, including improving infrastructure.

More pressingly, key legislation such as a goods and services tax and land acquisition bill are stuck in parliament, just as global competitors such as Vietnam step up their own reform efforts.

“Make in India is a great initiative and has created a lot of positive sentiments,” Vikas Agarwal, general manager of mobile phone maker OnePlus in India, told reporters.

“Now the government needs to follow up with policies. That includes providing custom duty and export incentives, tax rationalization and removal of ambiguous land acquisition policies.”

Make In India has scored major wins, including a pledge by Taiwan’s Foxconn to invest $5 billion in a new electronics manufacturing facility. That has helped foreign direct investment to nearly double to $59 billion last year, the seventh highest level in the world.

Comments Whatsapp Twitter Facebook Share
More From The News
Latest News

Fast-moving flames force people to flee ...

2 days ago
Entertainment

Prosecutors: No charges against conducto ...

3 days ago
Latest News

Southern snowfall isn't deep, but many f ...

3 days ago
Latest News

New Mexico school shooter left note plot ...

3 days ago
Most Popular

Swiss claim 1MDB fraud

By The Associated Press
Business

Mexico's Industries seek U.S. Partner Co ...

By Rosalba Amezcua
Business

Cuba to Lift Penalty on Dollar but Warns ...

By The Associated Press
Business

Switzerland to Hand Venezuela Oil Firm B ...

By Reuters
Business

Mexico and Germany Sign Agreement Suppor ...

By Notimex
Business