9th of December, 2024 : HSBC India in collaboration with KPMG in India recently launched– “Driving Make in India: A Compendium of Central and State Government Incentives” which encapsulates the concerted efforts undertaken by central and state governments to foster ease of doing business and enhance India’s position as a global manufacturing and innovation hub.
The report which was unveiled by Mr. Piyush Goyal, Minister for Commerce and Industry, Govt of India at an industry event serves as a strategic blueprint for navigating India’s incentives, policies and reforms landscape that underpin India’s growth story, while uncovering opportunities in areas such as foreign direct investment (FDI) potential, MSME sector expansion, job creation and supply chain localisation.
Joining the Hon’ble Minister at the launch of the compendium were Hitendra Dave, CEO, HSBC India and Yezdi Nagporewalla, CEO, KPMG in India.
Hitendra Dave, Chief Executive Officer, HSBC India said, “The incentives and policies outlined represent India’s unwavering commitment to creating an investor-friendly environment. We are delighted to partner with KPMG in India and present this compendium, which is a testament to our commitment in empowering our clients and stakeholders with insights that drive informed decision making as they unlock new avenues for growth.”
Yezdi Nagporewalla, Chief Executive Officer, KPMG in India said, “Today, India is on a growth trajectory. The country’s economy is being reshaped by initiatives like the Production Linked Incentive (PLI) scheme, increasing government outlays that facilitate sectoral ecosystem and an array of robust policies, which enable a unified approach to drive synergistic growth. These initiatives are not just policies on paper but are driving real change on the ground. As India progresses on its ambitious journey to become a global growth leader and a developed nation by 2047, I am pleased to present this compendium, which not only underscores India’s vast economic potential but also highlights the proactive measures the country has undertaken to foster an investor-friendly environment. By providing detailed insights and actionable information, this report will empower investors to make informed decisions and capitalise on the numerous opportunities across various sectors and states in India.”
Summary of the compendium:
· Sectoral growth: It delves into the critical drivers of India’s economic engine, highlighting the electronics system and design manufacturing (ESDM), semiconductor, renewable energy, automotive, battery storage, data centre and logistics sectors along with sunrise sectors including space and railway.
o Each of these sectors showcase a transformative impact due to progressive policies, investments, and positive market demand. Tailored government incentives underscore the commitment to foster innovation, enhance infrastructure, and ensure sustainable growth.
o These strategic initiatives provide further boost to the ‘Make in India’ initiative which aims to enhance the country’s manufacturing capabilities recognised as the pivotal new fuel for growth with a significant emphasis on fostering self-reliance across sectors.
· Government incentives, initiatives, and policy support as catalysts for growth: The compendium covers an overview of the sectors with a focus on policy frameworks, financial incentives, and market trends that make India a lucrative destination for global investors. India’s economic framework is sustained by its core sectors, which are propelled by pragmatic government policy support in terms of incentives and substantial reforms aimed at fostering an environment conducive to business expansion.
· Synergy of policies as testament to cooperative federalism with states introducing initiatives to drive state-led growth engines: In recent years, the relaxation in the FDI policy has also refocused states’ priorities to attract investors, leveraging the reformative policy framework adopted by the Government of India (GoI).
· Facilitating financial and technological innovation: It explores the potential of the Gujarat International Finance Tec-City (GIFT City) as a global hub for financial services, investment and government’s support to expand the ecosystem in coming years.
· The compendium emphasises the importance of state-specific initiatives and their contributions to India’s growth narrative as states have set ambitious targets, supported by significant investments and policy measures tailored to enhance their local economies.
The compendium highlights India’s progressive policies and reform-driven economy providing a fertile ground for investors globally, promising substantial returns and long-term growth. The synergy of state
and central policies, underpinned by strategic incentives and reforms, promises greater avenues for growth potential. The focus on sustainable development, technological advancement and creating a conducive business environment aligns with India’s vision of becoming a global manufacturing and innovation hub. The collaborative efforts of government bodies, financial institutions, private sector enterprises and international organisations have positioned India as a global investment destination.
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