India's economic growth is on an upward trajectory, catalysed by sector-specific incentives and policy support from central and state governments. The report, 'Driving Make in India: A compendium of central and state government incentives', developed in collaboration with HSBC India provides an in-depth look into India's rapidly evolving industrial ecosystem and growth story.
A key driver of the country’s growth is the government's proactive approach to supporting key sectors, with a focus on Electronics system design and manufacturing (ESDM), semiconductors, renewable energy, automotive, battery storage, data centres and logistics. Additionally, the report highlights emerging sectors such as space and railway. The government's commitment to innovation and infrastructure enhancement is leading to transformative impact across these sectors. This is largely due to the progressive policies, substantial investments and positive market demand that these sectors are witnessing. Further, the government's tailored incentives underscore its dedication towards fostering sustainable growth, enhancing India’s manufacturing capabilities and making it an attractive destination for global investors seeking to benefit from the country's robust growth potential.
The 'Make in India' initiative is a crucial part of this growth story. Aimed at boosting the country's manufacturing sector, the initiative is viewed as a significant driver for self-reliance (Atmanirbhar Bharat) across various sectors. This alignment with the broader economic framework is a testament to the cooperative federalism that India is championing, with states introducing their initiatives to drive growth.
Moreover, recent changes in the Foreign Direct Investment (FDI) policy have further accentuated this, enabling states to refocus their priorities to attract global investors. The result is a compelling depiction of India's investment potential, with different states introducing sector-specific policies and infrastructure investments. The aim is to highlight the unique economic specialisations, policy support and infrastructural capabilities of diverse regions of India.
The report also covers innovations that have happened across regions, delving into Gujarat International Finance Tec-City (GIFT City) as one of the initiatives by the Government of India along with the State Government of Gujarat to strengthen India’s financial services and fintech ecosystem.
In conclusion, the report provides a comprehensive overview of India's strategic intent and proactive measures in creating a thriving investment climate. It serves as a strategic guide for stakeholders keen on tapping into India's vast investment landscape, bolstered by government incentives, policy reforms and infrastructural advancements.
