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SURGING AHEAD2018 Diplomacy “ “ for Development INDIA SURGING AHEAD2018 Diplomacy “ “ for Development ED & States Division, MEA, Government of India 3 ED & States Division, MEA, Government of India Index Economy ................................... 7 Primary Energy Consumption...... 28 Civil Aviation ............................... 54 Young Demography ................... 8 Oil .............................................. 29 Civil Aviation and Maintenance, Ease Of Doing Business ............. 9 Gas .............................................. 31 Repair and Overhauling (MRO) ... 55 Make In India .............................. 10 Free Lpg Scheme ........................ 32 Automotive ................................. 56 FDI .............................................. 11 Power For All (PFA) ..................... 34 Start-up Environment ................. 59 India Ranking .............................. 13 Role Of Coal ............................... 35 Digital India ................................ 61 Goods & Services Tax (Gst) ........ 14 Village Electrification ................... 36 Demonetization ......................... 62 Railways...................................... 15 Renewable Energy ..................... 37 IT ................................................ 63 Station Redevelopment.............. 17 Solar........................................... 38 Electronics ................................ 64 Roads......................................... 18 Wind........................................... 41 Pharmaceuticals ....................... 66 Ports ......................................... 20 Standards & Labelling ................ 43 Biotechnology ............................ 67 Sagarmala................................... 21 Construction ............................... 45 Medical Equipment ................... 69 Flagship Infrastructure................ 22 Textiles & Garments.................... 46 E&RD ......................................... 71 Projects Textile Machinery ....................... 48 E-commerce ............................. 72 Urban Development.................... 24 Space.......................................... 49 Retail ......................................... 74 Amrut.......................................... 27 Defence ...................................... 51 Food Processing ........................ 76 Tourism & Hospitality ................. 79 4 ED & States Division, MEA, Government of India 5 ED & States Division, MEA, Government of India Economy Contribution to GDP: Agriculture ~ 17.5% • Size: US$2.4 trn Industry ~ 29.6% • Projected GDP growth (2017-18): 6.75% (Manufacturing ~ 16.6%) • Estimated GDP growth (2018-19): 7.5% Services ~ 53% • GDP growth (2014-15 to 2017-18): 7.3% • Industrial production growth (2014-15 to 2017-18): 3.78% • Avg WPI Inflation 2017-18:2.9% • Per capita net income growth (2014-15 to 2017-18): 29.3% to US$1753.86 • Gross Fiscal Deficit:3.2% of GDP (2017-18); 3.68% • Rise in forex reserve (2014-15 to 2017-18): 20% to over past four FY US$409.4 bn • Credit Rating - Moody’s: Baa2 (Stable); S&P: BBB- (Stable) • World Bank Growth Estimates: 7.3% (2018), 7.5% • Export growth 2017-18 (April-Dec): 12% to US$223 (2019-20) bn; Import growth: 22% to US$338 bn • India’s share in global GDP (2016): 2.99% (Nominal • Population base: 1.3 bn GDP) and 7.73% (GDP in PPP) • Unemployment Rate: 3.6% • India’s share in global exports: 2% (2016) • Labour Participation Rate: ~53.8% • FDI inflow over (April-Sept 2017):US$25.4 bn - • Central Bank Interest Rate: ~ 6% increase of 17% • Bank Lending Rate ~ 9.45% • Government debt to GDP @ 69.2% • Yield on 10-yr Govt. Securities: 7.27% (Jan 2018) • Household Debt to GDP ~10.1% IMF Forecast till 2018 6 ED & States Division, MEA, Government of India 7 ED & States Division, MEA, Government of India Young Demography Ease of doing business • Young Demography: World’s youngest country by Labour Force surplus/deficit by 2020 (in mn) • Goods and Services Tax (GST), an integrated indirect tax • Government has set up four leading initiatives - Make 2020, with an average age of 29 years. 47 introduced on July 1st 2017, made paying indirect taxes in India, Skill India, Digital India and Startup India - to augment India’s manufacturing and innovation • A surplus workforce of 47 mn against a deficit of 10 easier andt raised indirect taxpayers in India by 50% • Aadhaar, a 12-digit ID based on biometric data, made capabilities while supporting training of workforce and mn in China and 17 mn in the USA mandatory for essential services, bringing improved boosting connectivity • By 2030: India’s workforce will have an average age of -10 -17 transparency. 32 years. In comparison, during the same period, the • In November 2016, India discontinued and replaced Highlights of 2018-19 Budget average age is expected to be 43 years in China and 39 high-value currency, thus checking black money and years in the USA India China US reducing cash usage in economy • MSP for crops to be at least 1.5 of production • Young Demography: A window of opportunity • 20 Services of Central Government have been integrated cost with the E-Biz single window IT Platform • 100% deduction proposed for certain Farmer ◦ To improve labour productivity, Projected median age in 2030 (in years) • Cooperative and Competitive Federalism Producer Companies ◦ To increase domestic production, ◦ 42% share for states in the divisible pool of taxes. • Extension of reduced rate of 25% to more To enhance revenue from services, ◦ ◦ States assessed on 8 broad parameters of Ease of companies under MSME ◦ To increase savings, Doing Business. • State-run National Insurance, United India 43 ◦ To reduce the burden of old residents on the Assurance, Oriental India insurance to merge 39 • New Bankruptcy Law Passed. working population. • NITI Aayog to initiate a national programme on • New IPR policy announced. 32 Artificial Intelligence(AI) • Empowered with unique demographic advantages and • Investor Facilitation Cell – INVEST INDIA, established to • Centres of excellence to be set up on robotics, guided by the goverment’s efforts, India is poised to guide, assist and handhold investors during the entire AI, Internet of things life cycle of a business. position itself among developed economies within the • Proposed changes in customs duty to promote • Road-map to reduce corporate tax from 30% to 25% next 10–15 years. creation of more jobs India China US laid down. 8 ED & States Division, MEA, Government of India 9 ED & States Division, MEA, Government of India Make in India FDI • As part of the Ease of Doing Business, the Make-in-India manufacturing and to project India as a Global • No. 1 FDI Destination in the World; Most open Baseline Profitability Index (BPI) ranking (MII) program was launched on 25 Sept 2014. Manufacturing Destination. economy in the world for investment. • MII focuses on: Attracting investment into • Steady amendments in laws and regulations guiding ◦ Amritsar Kolkata Industrial Corridor manufacturing by introducing a business friendly investment ◦ Bengaluru Mumbai Economic Corridor regulatory environment, fostering innovation, • National Investment and Infrastructure Fund (NIIF) enhancing skill development, protect IPR, and build ◦ Chennai Bengaluru Industrial Corridor created with a corpus of US$6.2 bn INDIA best-in-class manufacturing infrastructure. ◦ Delhi Mumbai Industrial Corridor • 1st Rank on the Baseline Profitability Index (BPI); BPI CHINA USA • Increase manufacturing share in GDP from 16% to 25% ◦ Vizag Chennai Industrial Corridor Ranking: India : 1; USA : 50; China : 65 by 2022. • Foreign trade 65 50 • Create 100 Mn jobs by 2022. 1 ◦ Export April-Dec 2017: US$223 bn as against US$199 • Completely overhaul the FDI regime through the bn - 12.05% growth opening up of more sectors to FDI ◦ Import April-Dec 2017: US$338 bn as against US$277 • 25 Sectors identified: Automobile, Auto Components, bn - 21.76% growth Aviation, Biotechnology, Chemicals, Construction, ◦ Trade deficit (April-Dec 2017) atUS$70 bn, compared • Foreign Direct Investment into India (FDI) Defence, Electrical Machinery, Electronic Systems, Food with US$35.6 bn Processing, IT & BPM, Leather, Media & Entertainment, ◦ FDI inflow over (April-Sept 2017):US$25.4 bn - increase Mining, Oil & Gas, Pharma, Ports & Shipping, Railways, of 17% Top investing nations: Mauritius, Singapore, Japan, the Renewable Energy, Roads, Space, Textiles & Garments, ◦ UK and the Netherlands, the USA, Germany, Cyprus, France Thermal Power, Tourism & Hospitality, and Wellness. : Top regions receiving FDI and the UAE • A pentagon of corridors is being envisaged to facilitate Mumbai, New Delhi, Bengaluru, Chennai, Ahmedabad, ◦ Top sectors attracting FDI: services, Hyderabad, Kolkata, Kochi, Jaipur, Chandigarh telecommunications, computer software and hardware, infrastructure development, automobile, trading, , 10 ED & States Division, MEA, Government of India 11 ED & States Division, MEA, Government of India India Rankings chemicals, power and construction India’s proactiveness in setting up a flourishing business • 100% FDI allowed in 92% of sectors, including: environment has led to the economy gathering global recognitions ◦ Industrial Parks, Construction Development, Railways, Sectors attracting highest ODI Telecom, Defence and Petroleum & Natural Gas – outflows Exploration. ◦ Airports – Greenfield & Brownfield; Ground Handling Baa2 Services; MRO facilities; Flying & technical institutes. Manufacturing, 30 ◦ Credit Information Companies, Non-banking Finance Moody’s raises India’s World
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