New Delhi: The government has identified 21 key sectors for specific actions under the Make in India action plan .
Minister of State of Commerce and Industry, CR Chaudhary while replying to a question informed this to the Rajya Sabha.
The government will take several policy initiatives, fiscal incentives, infrastructure creation, ease of doing business, innovation and R&D and skill development to achieve the action plan.
Under this, the FDI policy and procedure have been simplifiedand liberalised progressively, Chaudhary said.
He also added that key sectors have been opened up for FDI in defence manufacturing, food processing, telecom, agriculture, pharmaceuticals, civil aviation, space, private security agencies,railways, insurance and pensions and medical devices.
It can be recalled that in 2015-16, FDI inflow crossed the USD 55 billion mark in one fiscal year, for the first time ever.
Total FDI inflow was USD 198.48 billion between April 2014 and October 2017, representing 38 percent of the cumulative FDI in India since April 2000. In 2016-17, FDI inflow stood at a record of USD 60 billion, highest ever recorded for a fiscal year ever.
According to IMF World Economic Outlook (April2017) and UN World Economic Situation Prospects 2017, India is the fastest growing major economy in the world and is projected to remain so in year 2018.