Senior officials see this as a result of growing demand for this type of machinery as the government is making massive investments in roads, 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-based Auger Torque Europe Ltd, one of the foreign companies that has registered to start operations in India, makes earth drilling rigs and accessories and is part of Germany's Kinshofer group, which makes accessories 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 dedicated to the construction, maintenance and upkeep of infrastructure.
Additionally, a Russian heavy machinery manufacturer and a UAE-based energy company have also signed up to set up operations in India.
Institut fuer Oekologie, Technik and Innovation Gmbh, also on the new list of foreign companies interested in setting up in India, offers testing and certification services for different industries.
These foreign companies are expected to bring new technology and complement the efforts of Indian companies operating in the infrastructure sector, a senior official said.
Big-ticket infrastructure projects in the road, rail and port sector will continue to drive the growth of the Indian economy as the Government has increased the outlay for these investments in the interim budget for 2024-25.
Government investments in large infrastructure projects create jobs and income that have a multiplier effect on the economy, as demand for products such as steel and cement also increases, generating more private investments and employment. With the creation of additional jobs, the demand for consumer goods also increases, leading to a further acceleration of the country's economic growth rate.
To accelerate the virtuous cycle of investment and job creation, the Budget for 2023-24 had increased capital outlay on infrastructure projects by 37.4 per cent to a whopping Rs 10 lakh crore from Rs 7.28 lakh crore in 2022-23.
The interim budget presented by Finance Minister Nirmala Sitharaman has further enhanced the allocation for infrastructure projects by 11.1 per cent to a whopping Rs 11.11 lakh crore to spur growth. The increase adding to a large base from the previous year will result in massive investments to stimulate growth. The Finance Minister noted that this will also attract huge investments from the private sector, thereby accelerating the growth momentum.
The interim budget envisages a capital expenditure of Rs 2.52 lakh crore for railways in 2024-25. The Minister of Finance has announced the implementation of three major economic rail corridor programs: energy, minerals and cement corridors; port connectivity corridors; and high-density traffic corridors.
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-based Auger Torque Europe Ltd, one of the foreign companies that has registered to start operations in India, makes earth drilling rigs and accessories and is part of Germany's Kinshofer group, which makes accessories 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 dedicated to the construction, maintenance and upkeep of infrastructure.
Additionally, a Russian heavy machinery manufacturer and a UAE-based energy company have also signed up to set up operations in India.
Institut fuer Oekologie, Technik and Innovation Gmbh, also on the new list of foreign companies interested in setting up in India, offers testing and certification services for different industries.
These foreign companies are expected to bring new technology and complement the efforts of Indian companies operating in the infrastructure sector, a senior official said.
Big-ticket infrastructure projects in the road, rail and port sector will continue to drive the growth of the Indian economy as the Government has increased the outlay for these investments in the interim budget for 2024-25.
Government investments in large infrastructure projects create jobs and income that have a multiplier effect on the economy, as demand for products such as steel and cement also increases, generating more private investments and employment. With the creation of additional jobs, the demand for consumer goods also increases, leading to a further acceleration of the country's economic growth rate.
To accelerate the virtuous cycle of investment and job creation, the Budget for 2023-24 had increased capital outlay on infrastructure projects by 37.4 per cent to a whopping Rs 10 lakh crore from Rs 7.28 lakh crore in 2022-23.
The interim budget presented by Finance Minister Nirmala Sitharaman has further enhanced the allocation for infrastructure projects by 11.1 per cent to a whopping Rs 11.11 lakh crore to spur growth. The increase adding to a large base from the previous year will result in massive investments to stimulate growth. The Finance Minister noted that this will also attract huge investments from the private sector, thereby accelerating the growth momentum.
The interim budget envisages a capital expenditure of Rs 2.52 lakh crore for railways in 2024-25. The Minister of Finance has announced the implementation of three major economic rail corridor programs: energy, minerals and cement corridors; port connectivity corridors; and high-density traffic corridors.
