Page 8 - MMI- Aug2022
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EDITORIAL
CHOOSING GROWTH AGAIN
t is a matter of immense pride to look back at India’s growth journey on
I the eve of Independence Day. To begin with, the country saw the highest
annual Foreign Direct Investment (FDI) inflow of US$83.57 billion in the
last fiscal and rapidly continues to emerge as a preferred investment destination
for manufacturing.
The FDI Equity inflow in the Manufacturing sector increased 76 percent
in FY 2021-22 (US$21.34 billion) compared to the previous FY 2020-21
(US$12.09 billion).
As per Government figures, FDI inflows have increased 20-fold in the last
20 years. Interestingly, Post-COVID-19, FDI inflows saw an increase of 23 percent.
The latest FDI figures endorse India becoming a preferred investment destination
among global investors.
To make the Indian Manufacturing sector more competitive, the Government
has announced an investment of US$1.5 billion in the next five years to increase
SOUMI MITRA
Editor-in-Chief the country’s share in global exports of manufactured goods from 2-3 percent.
Modern Manufacturing India The Government investment will contribute to boosting the growth rate.
soumi.mitra@magicwandmedia.in
Lately, manufacturing exports witnessed a growth of over 40 percent touching
US$418 billion in the fiscal year 2021-22, compared to the US$290 billion from
the previous year.
According to a global think-tank report, the Indian economy is likely to grow by
7.1 percent in the current fiscal. Major contributions will be from the Services,
Manufacturing, and Farm sectors. India’s manufacturing exports are slated to
scale up and touch US$1
trillion by the fiscal year
“If you are seizing on a 2027-28.
new business opportunity, In this favorable atmo-
deliberately move your sphere of exponential
customers’ expectations up a growth in the Indian man-
ufacturing sector and In-
few notches and consistently dia’s manufacturing ex-
over-deliver on your promises - ports, IMTMA’s flagship
you will leave your competitors International Machine Tool
struggling to catch up.” and Manufacturing Tech-
nology Exhibition – IMTEX
- Richard Branson
2023 & Tooltech 2023 – will
take place from January
19-25 at Bangalore Interna-
tional Exhibition Centre (BIEC). The much-awaited South Asia’s Apex metal cutting
show will feature a wide array of advanced machine tool trends and manufactur-
ing technologies.
Looking forward to meeting you at this spectacular in-person show that is taking
place after a hiatus of two years.
8 | July-August 2022 Modern Manufacturing India
