In the run up to the 74th Independence Day celebrations, AIR brings a special story about Commerce and Industry in the country.

Government's tireless efforts and bold policy reforms have changed the world's perspective towards India. Through path-breaking decisions and special production linked incentive schemes, the government has been able to improve the country's ranking substantially in terms of ease of doing business.  

India is poised to become world leader in terms of electronic manufacturing, especially in the field of mobile phone manufacturing.  The forex reserves have touched new heights even in the midst of a global pandemic due to impetus on domestic manufacturing while ensuring a robust global supply chain.

Make in India, Made for the world, has been the key driver of major government policy reforms in the past few years. Prime Minister Narendra Modi's government offers the world business community a rare combination of a strong and stable democratically elected government supplemented with availability of huge skilled and semi-skilled human resources. With an objective of reducing excessive dependence on non-essential imports, duty was increased on more than 100 items and restrictions were imposed on several others. Decisions like hiking customs duty on bamboo produce are creating launch pads for small local suppliers and manufacturers.

FDI inflow in the country grew by over 18 per cent in last fiscal to reach around 73 billion dollars. To facilitate investment, 100 per cent FDI under automatic route was permitted for coal mining activities and contract manufacturing. To curb opportunistic takeovers and acquisitions of Indian companies, FDI policy was amended. India is also reviewing all foreign trade agreements in terms of ensuring equality in trade supplies. In light of the same guiding principles and with an aim to safeguard interests of indigenous manufacturers, India refrained from joining RCEP under its present terms and conditions.