More foreign investors eye India as infra projects fuel growth
The Make-in-India and Aatmanirbharinitiatives encourage foreign companies to start operations in the country
image for illustrative purpose
The foreign companies are expected to bring in new technology and will complement the efforts of Indian companies that are operating in the infrastructure sector
More large foreign manufacturers of heavy machinery used in the infrastructure sector figure in the list of more than 15,000 companies that have registered to set up units in the country during June, according to data compiled by the ministry of corporate affairs.
Senior officials see this as the outcome of the increasing demand for such machinery as the government is making massive investments in highways, ports, airports and railway projects.
It also reflects the success of the government’s Make-in-India and Aatmanirbhar policy that encourages foreign companies to start operations in the country, an official said.
UK’s Auger Torque Europe Ltd, one of the foreign companies which has registered for starting operations in India, manufactures earth drills and attachments and is part of Germany’s Kinshofer Group which makes attachments for truck cranes and excavators.
Japan’s Tomoe Engineering Co Ltd, which is on the new list, manufactures machinery, equipment and chemicals.
Another Japanese company, Kawada Industries, Inc. is part of the KTI Kawada Group, which is the business of building, maintaining and preserving infrastructure.
Besides, a Russian heavy machinery manufacturer and a UAE-based energy company have also registered to set up operations in India.
InstitutfuerOekologie, Technik and Innovation Gmbh, also in the new list of foreign companies keen to set up base in India, provides testing and certification services for different industries.
These foreign companies are expected to bring in new technology and will complement the efforts of Indian companies that are operating in the infrastructure sector, a senior official pointed out.
Big-ticket infrastructure projects in the highways, railways and ports sector will continue to drive growth in the Indian economy as the Government has stepped up the outlay for these investments in the interim budget for 2024-25.
