Question : Private Investment in Industry

(a) the steps taken/being taken by the Government to improve private interest in investment in the industrial sector and increase industrial credit growth in the country;

(b) whether the Government is aware that most industrial projects in the Rs.1,000 crore to Rs.5,000 crore budget have taken between 7-11 years for completion and if so, the details thereof;

(c) whether the Government is taking any steps to cut down on the time taken to complete future industrial projects and make them more cost and time efficient;

(d) if so, the details thereof and if not, the reasons therefor;

(e) whether the Government has any data on the number of projects which were stalled, the number of projects which were initiated but delayed and the number of projects which were abandoned; and

(f) if so, the details thereof and if not, the reasons therefor?

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THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY
(SHRI SOM PARKASH)

(a) to (f):Investment Promotion activities are carried out by Government to attract more investments in the country. As a part of steps being taken to improve private interest and investment, ‘Make in India'' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, building best in class infrastructure, and making India a hub for manufacturing, design, and innovation. Investment outreach is being done through Ministries, State Governments and Indian Missions abroad for enhancing International co-operation for promoting Domestic and Foreign Direct Investment (FDI) in the country.

In addition to ongoing schemes of various Departments and Ministries, Government has taken various other steps to boost domestic and foreign investments in India. These include reduction in Corporate Tax Rates, easing liquidity problems of NBFCs and Banks, improving Ease of Doing Business, FDI Policy reforms, Reduction in Compliance Burden, policy measures to boost domestic manufacturing through Public Procurement Orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives (PLI) of various Ministries. To facilitate investments, measures such as India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), soft launch of the National Single Window System (NSWS), National Infrastructure Pipeline (NIP), National Monetisation Pipeline (NMP), etc, have also been put in place.

India registered its highest ever annual FDI inflow of US$ 81.97 billion (provisional figures) in the financial year 2020-21 despite the COVID related disruptions. In the last seven financial years (2014-21), India has received FDI inflow worth US$ 440.27 billion which is nearly 58 percent of the FDI reported in the last 21 years (US$ 763.83 billion). These trends in India’s FDI are an endorsement of the country’s status as a preferred investment destination amongst global investors.
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