The report raised India's GDP growth forecast by 0. percentage points to 6.9 percent, identifying increased foreign investment as a key factor driving the country's GDP growth.
"The improving outlook for India is driven by low inflation, strong exports and increased foreign investment," said Hamid Rashid, head of the UN's Global economic monitoring arm.
"India has become an alternative investment source or destination for Western companies," he said.
Finance Minister Nirmala Sitharaman said at the CII annual summit on Friday that a Capgemini report showed that 65 per cent of top executives of multinationals who want to shift their supply chains out of China want to invest in India.
US smartphone giant Apple and its suppliers aim to manufacture more than 50 million iPhones annually in India within the next two to three years.Its largest supplier, Foxconn, is already expanding manufacturing and leading the shift to production for Apple by setting up more plants in India. On December 12, the Taiwan-based tech giant received approval from the Karnataka government for an additional investment of Rs 13,911 crore in its upcoming facility in Bengaluru Rural district. Earlier this year itself, it had received approval for investment of Rs 8,000 crore.
Work is also underway at Foxconn's manufacturing facility for iPhones, located near the Kempegowda International Airport in Bengaluru. Foxconn aims to produce one lakh units of iPhones by December 2025, 50 lakh units by December 2026 and 10 million units of iPhone by December 2027 from this manufacturing facility.Apple CEO Tim Cook had said earlier this month that India is a major focus of his company.
“We are very, very pleased with it. This was a new revenue record for us in the March quarter. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us,” Cook said.
According to US Assistant Commerce Secretary Arun Venkataraman, who recently visited Mumbai, the investment by US chip giant Micron Technology, which is setting up a factory in Sanand, Gujarat, reflects the growing interest of US companies in the country.He said that India's PLI schemes are a step in the right direction.
In June last year, Micron Technology announced plans to build a new assembly and testing facility in Sanand for an initial investment of $825 million in two phases of the project, soon after PM Modi's visit to Washington, where he met with top US companies. Met the CEO.
As per the Government of India plan, Micron will receive fiscal support of 50 percent of the total project cost from the Centre, and incentives of 20 percent of the total project cost from Gujarat. Micron and the two government entities will have a combined investment of up to $2.7 billion across both phases. Apart from Micron, Tata Group has also announced investments in setting up semiconductor units in India.Micron's plant, which is expected to transform Sanand into a hi-tech semiconductor one, is the first mega project approved under the central government's $10 billion stimulus plan to woo global chip makers.
Sitharaman said the government is keen to promote the growth of the manufacturing sector and expects it to play a bigger role in the economy under the Atmanirbhar Bharat campaign.
He highlighted that the PLI scheme of the government has resulted in a transformation in the electronics sector.
Sitharaman commented, "While import dependence for mobile phones was 78 per cent in 2014, today 99 per cent of mobile phones are made in India."
He informed that the success in import substitution in the telecom sector is now up to 60 per cent, reflecting high self-reliance achievements as part of the Government's Atmanirbhar Bharat policy.
"The improving outlook for India is driven by low inflation, strong exports and increased foreign investment," said Hamid Rashid, head of the UN's Global economic monitoring arm.
"India has become an alternative investment source or destination for Western companies," he said.
Finance Minister Nirmala Sitharaman said at the CII annual summit on Friday that a Capgemini report showed that 65 per cent of top executives of multinationals who want to shift their supply chains out of China want to invest in India.
US smartphone giant Apple and its suppliers aim to manufacture more than 50 million iPhones annually in India within the next two to three years.Its largest supplier, Foxconn, is already expanding manufacturing and leading the shift to production for Apple by setting up more plants in India. On December 12, the Taiwan-based tech giant received approval from the Karnataka government for an additional investment of Rs 13,911 crore in its upcoming facility in Bengaluru Rural district. Earlier this year itself, it had received approval for investment of Rs 8,000 crore.
Work is also underway at Foxconn's manufacturing facility for iPhones, located near the Kempegowda International Airport in Bengaluru. Foxconn aims to produce one lakh units of iPhones by December 2025, 50 lakh units by December 2026 and 10 million units of iPhone by December 2027 from this manufacturing facility.Apple CEO Tim Cook had said earlier this month that India is a major focus of his company.
“We are very, very pleased with it. This was a new revenue record for us in the March quarter. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us,” Cook said.
According to US Assistant Commerce Secretary Arun Venkataraman, who recently visited Mumbai, the investment by US chip giant Micron Technology, which is setting up a factory in Sanand, Gujarat, reflects the growing interest of US companies in the country.He said that India's PLI schemes are a step in the right direction.
In June last year, Micron Technology announced plans to build a new assembly and testing facility in Sanand for an initial investment of $825 million in two phases of the project, soon after PM Modi's visit to Washington, where he met with top US companies. Met the CEO.
As per the Government of India plan, Micron will receive fiscal support of 50 percent of the total project cost from the Centre, and incentives of 20 percent of the total project cost from Gujarat. Micron and the two government entities will have a combined investment of up to $2.7 billion across both phases. Apart from Micron, Tata Group has also announced investments in setting up semiconductor units in India.Micron's plant, which is expected to transform Sanand into a hi-tech semiconductor one, is the first mega project approved under the central government's $10 billion stimulus plan to woo global chip makers.
Sitharaman said the government is keen to promote the growth of the manufacturing sector and expects it to play a bigger role in the economy under the Atmanirbhar Bharat campaign.
He highlighted that the PLI scheme of the government has resulted in a transformation in the electronics sector.
Sitharaman commented, "While import dependence for mobile phones was 78 per cent in 2014, today 99 per cent of mobile phones are made in India."
He informed that the success in import substitution in the telecom sector is now up to 60 per cent, reflecting high self-reliance achievements as part of the Government's Atmanirbhar Bharat policy.