After a high decibel ‘Make in India’ pitch, the government has now turned to a more targeted approach to boost foreign direct investment (FDI) inflows.
In a first, the department of industrial policy and promotion (DIPP), along with Invest India, has identified 150 companies as potential investors and is meeting their top management teams individually as it seeks to ensure that FDI inflows rise for the fourth straight year. The idea is to tap companies which are looking to set up shop in India or are eyeing expansion. Recently, a team led by DIPP secretary Ramesh Abhishek met Fiat Chrysler COO Alfredo Altavilla in Italy to address the company’s concerns. Similarly, there has been a fresh outreach to Italian chocolatier Ferrero SpA, the maker of Ferrero Rocher, which decided to set up a plant in China to cater to demand in Japan and Korea after its run-ins with the Food Safety and Standards Authority of India (FSSAI).