New Delhi : Prime Minister Narendra Modi’s ‘Make in India’ initiative has made favourable impact on the climate of investment in India while boosting confidence of the investors. The pro business approach has led to a surge in foreign direct investments by about 35 per cent in the last 17 months compared to the same period a year ago.
The Central Government’s flagship campaign to boost manufacturing in India has attracted many foreign investors. Twenty five key sectors were marked out as priority sectors and foreign investors have been promised assistance to enhance the ease of doing business in India.
Chinese handsets-maker Vivo Mobile has completed one year in India. They have inaugurated their first manufacturing facility in Greater Noida. It has invested nearly Rs. 125 crores as its first phase of investment and is all geared to take Make in India initiative to a new height.
The facility consists of several assembly lines, quality control lab and warehouses spreading across 30, 000 sq.m.
ALEX FENG, CEO, Vivo Mobile India says “The first phase of investment is 125 crores rupees. After this we will gradually increase testing design to boost our business here. With the improvement of supply chain from here we wish to make a solid step of Vivo India’s localization and to realize our dream of Make in India.”
The mobile company had entered India in December 2014 and in a short span of time, has made steady progress in Indian smartphone market.
Chinese Ambassador to India, Le Yucheng, agrees that Chinese companies are showing great interest to be a part of Make in India initiative “Chinese companies have shown great interest in joining Make in India initiative launched by Modi government and I believe there will be more and more Chinese companies entering the Indian market. We are big neighbours and most populous countries. So, we have every reason to cooperate. India has a great potential to be tapped”.
Pankaj Mohindroo, president, Indian Cellular Association further adds, “We have an employment target of 1.5 million people in mobile industry. And again, we would request Vivo to at least go up to 10 percent target. With the entire ecosystem of components supplier we are expecting that 150,000 direct and indirect employment will be provided by Vivo and I am very sure that the way you are rolling out your business with the integrity and commitment, I am sure that will happen”.
To craft out a manufacturing hub in the nation is the first step to enhancing the contribution of the manufacturing sector towards the GDP.
The Make in India is a major initiative to tap the huge potential of youths and local indigenisation of the products.
Jerome Chen, DGM, Vivo Mobile India says more and more Chinese companies are interested in investing in India.
“With more and more Chinese companies may invest in plant and factories in India, not only for mobile phones but also for other accessories. For example, if we set up here assembly lines, others may set up plants for chargers, batteries, camera etc. This is will create more opportunities for the local India people.”
With Make in India being a buzzword around the world, we can expect more and more investments in Indian market to boost the economy and growth. (ANI)