Piyush Goyal Reviews Invest India, Calls for Stronger Support to Boost Investment

Union Minister of Commerce and Industry, Piyush Goyal, conducted a comprehensive review of Invest India at a meeting held at Bharat Mandapam. The minister underscored the need to enhance the agency’s efficiency, responsiveness, and overall performance to further strengthen India’s investment climate.

During the review, Piyush Goyal emphasized the importance of empowering Micro, Small, and Medium Enterprises (MSMEs), bolstering the manufacturing sector, and simplifying procedures related to land allotment and regulatory clearances for investors. These measures are aimed at making India a more attractive and accessible destination for both domestic and international investment.

Invest India serves as the national investment promotion and facilitation agency and plays a pivotal role in assisting investors throughout the lifecycle of their investments. It offers comprehensive support ranging from pre-investment advisory to post-investment aftercare, with a particular focus on promoting manufacturing under the Government of India’s Make in India initiative.

The manufacturing sector currently contributes approximately 17% to India’s Gross Domestic Product (GDP) and employs over 27 million individuals. The government has set a target of increasing this share to 25% by 2025, supported by initiatives such as Make in India and the Production-Linked Incentive (PLI) schemes.

The minister highlighted the significance of streamlining approval processes and reducing administrative delays, particularly in sectors with high employment potential. Strengthening MSMEs is central to this vision, given their capacity to drive job creation and inclusive economic growth.

Since the launch of Make in India in 2014, the country has witnessed a substantial increase in foreign direct investment (FDI) in manufacturing. Between 2014 and 2023, FDI equity inflow in the sector rose by 55%, reaching USD 148.97 billion, compared to USD 96 billion between 2005 and 2014. This growth is attributed to a series of policy reforms and proactive facilitation measures adopted by the government.

Currently, India’s FDI policy permits 100% foreign investment in most sectors under the automatic route, except for a few restricted areas. In sectors such as defence, up to 74% FDI is permitted automatically, with higher limits available under the government approval route. Broadcasting, particularly print and electronic media, continues to follow differentiated FDI limits and approval norms.

Piyush Goyal restated the government’s commitment to fostering a business-friendly environment through continuous process improvement and effective institutional support. The review concluded with a call to action for Invest India to redouble its efforts in aligning with the national vision of robust and inclusive industrial growth.