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Mumbai Make in India” week fair closes with $222 billion in investment pledges

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Prime Minister Narendra Modi speaks during the inauguration ceremony of the 'Make In India' week in Mumbai, February 13, 2016. REUTERS/Danish Siddiqui

week-long “Make in India” fair closed on Thursday with $222 billion in investment pledges, but thin attendance by foreign firms at the event launched by Prime Minister Narendra Modi means many are unlikely to actually happen.

The Mumbai jamboree was the biggest in India, but earlier events such as the “Vibrant Gujarat” launched by Modi when he led the state have only seen 13 percent of deals implemented, according to independent research.
Amitabh Kant, secretary of Department of Industrial Policy and Promotion (DIPP), told reporters investment commitments had reached 15.2 trillion rupees ($222 billion).

The commitments fell some way short of the 25 trillion rupees announced at the three-day Vibrant Gujarat event a year ago.

Kant said he expected 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.

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