PM Modi's 'Make In India' Racks Up $222 Billion in Pledges

18 Feb 2016    08:23 pm

The week-long event is the boldest since PM Modi launched the initiative to emulate China's export miracle back in 2014.

Mumbai: The "Make in India" summit in Mumbai that was inaugurated by Prime Minister Narendra Modi on the weekend has closed with $222 billion or Rs. 15.2 lakh crore in investment pledges.

Amitabh Kant, Secretary of India's Department of Industrial Policy and Promotion (DIPP), said he expected 80-85 percent of the pledges to convert into serious business, much of it from foreign investors. It can take 18 months to three years for a memorandum of understanding to yield a final investment, he added.

Research commissioned by the free-market Friedrich Naumann and Cato institutes has found the rate of conversion of such pledges into real investments in India has typically been far lower - with no state exceeding 20 percent.

Among investments signed in the last seven days were a commitment by Oracle Corp for $400 million to set up nine business incubation centres.

The week-long event is the boldest since PM Modi launched the initiative to emulate China's export miracle back in 2014.