The week-long “Make in India” fair closed on Thursday. Though the promised investment totalled Rs 15.2 trillion, but it was way short of Rs 25 trillion promised at the three-day Vibrant Gujrat event a year ago. Considering that the implementation of the promised amount has never exceeded 20 per cent – in Gujarat’s case it has been 13 per cent when NaMo was its chief minister, the Mumbai fair may look like a flop show.
However, DIPP secretary Amitabh Kant expects 80-85 percent of the pledges to convert into serious business, much of it from foreign investors. It can take 18 months to three years for a memorandum of understanding to yield a final investment, he added. “This was the biggest multi-sectoral event ever done across Asia,” he told a briefing, describing the event as a success.
Research commissioned by the free-market Friedrich Naumann and Cato institutes has found the rate of conversion of such pledges into real investments in India has typically been far lower – with no state exceeding 20 percent.