The Indian government has received investment proposals worth $3.05 billion under Prime Minister Narendra Modi’s ‘Make in India’ initiative, Commerce and Industry Minister Nirmala Sitharaman has said.
She also assured exporters that the government would give top priority to developing modern infrastructure for boosting shipments to overseas markets and spurring growth.
“I know all of you have concerns about infrastructure growth among others. I assure you we will give maximum priority to infrastructure growth and development,” she said at the Diamond Jubilee celebrations of the Engineering Export Promotion Council of India (EEPC India) here.
She said India was very much on the recovery path with a higher GDP growth rate and improving manufacturing growth. The investment proposals worth $3.05 billion received were indicative of the impetus to the economy.
Ms. Sitharaman also urged the engineering exporters to build a brand for the sector in the global market. Engineering exports accounted for 22 per cent of India’s total merchandise exports.
Commerce Secretary Rita Teaotia said that despite numerous challenges on the domestic and global fronts, the engineering sector proved that India could be a consistent and good competitor on the global front.
The growth of several large economies was not good and “for us, borrowing rates are high on account of inflation as well as some currency variations.”
The government received investment proposals worth over Rs.1 lakh crore for manufacturing in the electronics sector, Telecom Minister Ravi Shankar Prasad said.
