ministry of commerce and industry department of industrial ......world’s 3rd largest economy by...

Ministry of Commerce and Industry

Department of Industrial Policy and Promotion

Government of India

Investment Opportunities in India


Why India?

Growth enablers

India-Japan: A Strategic and Global Partnership

Investment opportunities

Facilitating investments

Recent developments in FDI policy

Fiscal consolidation & reform Growth across diverse sectors

High rate of investment and saving

▫ GFCF constitutes 34% of GDP

Reducing fiscal deficit

▫ Central Government deficit to be

reduced from 5.3% of GDP in

Financial Year 2013 to 3.0% of GDP

in Financial Year 2017

Revenue growth expected to exceed

expenditure growth

6.7%

5.7%

4.0%

7.3%

8.0%

7.6%

7.1%

9.1%

9.0%

0% 5% 10%

Mining & Quarrying

Agriculture

Electricity, gas and water supply

GDP

Industry

Manufacturing

Construction

Services

12th FYP 11th FYP

Infrastructure investment encouraged by

stable democratic systems will be key drivers

for harnessing India’s economic potential

Growth drivers

Source: 12th Five Year Plan, Planning Commission, Government of India

Source: Reserve Bank of India

Source: “Fiscal Policy Strategy Statement,” Union Budget 2013-14, Ministry

of Finance

High investment forecasts, rebound in exports, moderation in inflation, falling commodity

prices, and a number of reforms initiated since September 2012 have fuelled global

optimism about India’s investment environment

Why India?Growth

enablers

Japan-India

relations

Investmentopportunities


FDI policy

revisions

4,531

13,716

34,704

0

5000

10000

15000

20000

25000

30000

35000

2011 2030* 2050* Ind

ia’s

GD

P (

US

$ b

n in

PP

P t

erm

s)

(*) estimates

India is expected to become the world’s 3rd largest economy by

2050

CAGR

5.5%

Indian economy projected to grow at 5.8% during

2011-30 and at 5.4% from 2030 to 2050 in Purchasing

Power Parity Terms

With the second largest population in the world,

India presents significant growth opportunities

enabled by:

• Large domestic market

• Growing consumer economy

• Low labor costs

• Sound legal, financial and banking systems

• Vibrant, transparent and high yielding capital

market

• Strong and competitive private sector

• High export growth

Encouraging growth trends

Source: ‘The BRICs and beyond: prospects, challenges and opportunities’,

PwC Economics report, January 2013

Nominal (at constant 2004-5 prices): US$ 1.017

trillion

Purchasing Power Parity: US$ 1.873 trillion

India’s GDP (2011-12)


Source: The World Bank

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

0%

20%

40%

60%

80%

100%

120%

75%

87%

92%

81%

65%

77%

62%

63%

51%

41%

14%

13%

13%

14%

10%

9%

25%

13%

8%

19%

35%

23%

38%

37%

49%

59%

86%

87%

87%

86%

90%

91%

Automatic Route Govt. Route

Proportion of FDI inflows through automatic route

have been increasing

Conducive investment environment


Top investment destination for long-term

business operations and second most

promising country for overseas business

operations in the medium term according

to 2011 survey of the Japan Bank for

International Cooperation conducted

among Japanese investors

2nd in terms of future prospects for FDI

inflows according to 2012 A.T. Kearney

Confidence Index after China and followed

by Brazil, USA, Germany, Australia,

Singapore, U.K., Indonesia, Malaysia,

South Africa and Russia

3rd most attractive destination for FDI

for 2012-2014 according to UNCTAD

World Investment Report 2012

6th most preferred FDI destination

among developing economies according

to UNCTAD World Investment Report

2012

India as a leading investment destination for

global industry

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Growing investments

Country Number of

projects

China 1270

India 869

Singapore 346

Australia 289

Hong Kong 203

Vietnam 159

Malaysia 159

Thailand 134

Japan 120

South Korea 116

Other 665

Total 4330

Top 10 destinations in

Asia-Pacific in 2011

India: +21%

China: +6%

Thailand: -35%

Hong Kong: +6%

South Korea: +10%

Japan: -25%

Malaysia: -11%

Vietnam : -8%

Singapore: +7% Australia: -8%

Source: The fDi Report 2012 *Map shows percentages between 2010-11

Source: The fDi Report 2012

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions


An attractive investment destination

Growth enablers





Policy instruments Objectives

• Establishment of National Investment

and Manufacturing Zones as

standalone integrated industrial

townships, benchmarked against the

best manufacturing and investment

destinations in the world

• Rationalize and simplify business

regulations

• Simple and expeditious exit mechanism

for nonviable units

• Industrial training and skill upgradation

measures

• MSME development

• Incentivizing “Green” manufacturing

practices and technology development

• Technology Acquisition Development

Fund (TADF) and Patent Pool

• Increase share of manufacturing

sector in India’s GDP to 25% by

2022

• Create 100 million additional jobs

in the process

• Enhance level of domestic value

addition

• Enhance global competitiveness

of Indian manufacturing

National Manufacturing Policy

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

National

Investment and

Manufacturing

Zones

Integrated industrial

townships – at least 5000

hectare State-of-art

infrastructure

Social

infrastructure Skill development

facilities

Ownership: State

Government to adopt a

workable model

Land use –

based on

zoning

Clean, energy

efficient

technology

At least 30% total

land area –

manufacturing

units

Management by

SPV


Eight NIMZ’s will be established in the Delhi Mumbai Industrial Corridor and four more are being

established outside of DMIC. Two in Andhra Pradesh (Medak and Chittur), Tumkur in Karnataka, and

one near Nagpur in Maharashtra

Government of India to bear cost

of:

Master planning

External link infrastructure

Institutional infrastructure -

vocational training; design; quality

Funding of internal infrastructure

in NIMZ:

Viability gap funding – existing

scheme of the Ministry of Finance

Long term non-sovereign soft

loans from multilateral financial

institutions – assistance for

negotiating with back-to-back

support.

External Commercial Borrowing –

developer to be allowed ECBs for

refinancing of rupee debts

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

A Industries with Strategies Significance

1 Defence Equipment C Industries where India enjoys a

competitive advantages

2 Aerospace 10 Automobiles

3 Shipping 11 Pharmaceuticals and Medical Equipment

4 IT Hardware, Electronics Telecommunication

5 Solar Energy D Employment Intensive Industries

12 Textiles And Garments

B Capital Goods Industries 13 Food Processing Industries

6 Machine Tools 14 Leather And Footwear

7 Earth Moving and Mining Equipments 15 Gems And Jewellery

8 Heavy Electrical Equipments

9 Heavy Transport E Public Sector Enterprises

Special Focus Sectors


Benefits under

NMP

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions


An India-Japan Working Group for cooperation on National Manufacturing Policy has

been constituted

The Road Map to discuss cooperation in the implementation of National Manufacturing Policy

and establishment of NIMZs has been put in place:

METI and JETRO will offer the Indian government the opportunity to present the NMP

including NIMZ to Japanese manufacturing companies

JETRO will gather needs and request of Japanese manufacturing companies on NMP

including NIMZ and industrial human resources

JETRO will send to India a mission consisting of Japanese manufacturing companies for

business matching

NEDO will be invited to Green Manufacturing Committee to share the experience of

installing “Clean and Green” technology in India and present its view on technology

development

DIPP, relevant Ministries in charge of individual industries such as the Ministry of Heavy

Industry and Public Enterprises and the Manufacturing Industry Policy Bureau of METI, will

explore and address industry-specific issues

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

To create a strong economic base with a globally competitive environment and state-of-

the-art infrastructure covering Uttar Pradesh, Haryana, Madhya Pradesh, Rajasthan,

Gujarat and Maharashtra

• Implementation fund of Rs.17,500 crore; additional

project development fund of Rs.1000 crore

• Key foundational concepts of sustainable development

Reduction of commute time for workforce

Neighborhoods distributed around high-access Mass

Transit Corridors will encourage cycling & pedestrian

modes over cars

Recycling and reuse of water and solid wastes

Energy sufficiency through use of renewables

Conservation of agricultural land and protection of

sensitive natural environments

Smart community initatives

Integration of existing villages into new cities

SMART City: IT-based real time Control and

Governance. . Four Japanese Consortia are working in

partnership with DMICDC to develop and implement

Smart City practices.

Delhi Mumbai Industrial Corridor

Iconic of India’s global and strategic

partnership with Japan. Conceived as a

symbol of Indo-Japan strategic partnership

during the visit of the Hon’ble Prime Minister

of India to Tokyo in December, 2006. A

(MOU) was signed between Government of

India and Government of Japan to promote

Japanese investments in India and explore

opportunities for mutual cooperation as part

of Special Economic Partnership Initiatives

under the Comprehensive Economic

Partnership Agreement (CEPA)’

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Major milestones and achievements

• Project implementation fund was set-up as a Trust in September 2012, which

can be used to leverage international long-term capital investments

• 8 industrial cities have been taken up for development

6 gas-based power plant projects

Solar power projects in Rajasthan and Gujarat

3 multi-modal logistic hubs

3 Exhibition-cum-Convention Centers

26 early-bird projects & 9 smart community projects

• Japanese Government also announced their financial support of US$ 4.5 billion

for projects with Japanese participation in the first phase

JBIC’s equity participation in DMIC of 26% has been finalized

Feasibility studies conducted at 4 sites by Japanese consortia, and a fifth

has been initiated by METI

Presence of Japanese companies in DMIC: 719 sites (369 manufacturing

sites) in 2011 growing from 344 sites (187 manufacturing sites) in 2008

Delhi Mumbai Industrial Corridor

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Dahej

Hitachi, Hyflux, others

Water desalination system & grand

designing for smart community at

industrial park.

Neemrana

Mitsui & Co., KEPCO

Efficient and stable supply of

high-quality electricity in an industrial

park.

Schendra

JGC corporation,

Mitsubishi Corp, others

Smart energy & water

service station for industrial

& urban development.

Haryana

Maharashtra

Rajasthan

DMIC states

NEC

Constructing the smart

logistics system(Logistics

Data Bank).

Manesar

Toshiba

Energy management

system with high-efficient

gas cogeneration systems

Pune

Mitsubishi Corporation

Gas-based IPP project

with high-efficient combined

cycle power producer.

Kolkata

Mumbai

Ahmadabad

Chennai

Delhi

Sanand

Mitsubishi Heavy Industries,

Mitsubishi Co, others

Smart community platform in

industrial parks including water

solutions, transportation and so

on.

Gujarat

Dedicated Freight Corridor

Neemrana

Hitachi, Itochu

Model project for micro-grid

system using large-scale PV power

generation and related technologies.

NEDO

Gujarat state

Hitachi

Power system stabilization for

renewable energy introduced on a

large scale.

(Reference) NEDO

(under

study)

JBIC(under study)

JICA(under study)

JBIC(under study)

① ②

⑥

⑤

④ ⑧

③

⑦

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

• Joint effort with Japan International Cooperation Agency (JICA) to boost manufacturing and

investments in the region

• The area between Chennai and Bengaluru has witnessed significant growth and

investments, with an increasing number of Japanese companies, including SMEs, making

direct investments to establish manufacturing bases and other forms of business presence.

• Chennai Bengaluru Industrial Corridor (CBIC) is an attempt to strengthen efforts to

improve infrastructure such as ports, roads, industrial parks, rail connectivity and

supporting facilities in Ennore, Chennai and adjoining areas.

• Over 90 projects identified for de-bottlenecking infrastructure in the surrounding areas,

of which 26 will be taken-up on priority

• Japan intends to extend financial and technical support to the preparation of Perspective

Plan and Integrated Master Plan of this region, based on which planned development and

work on related facilities will be taken up expeditiously.

• JICA undertook the Preliminary Study for Perspective Plan and Integrated Master Plan on

de-bottlenecking infrastructure for CBIC between May – September 2012. Terms of

reference for perspective planning and master planning finalized.

• CBIC will cover three states: Tamil Nadu, Andhra Pradesh and Karnataka

Chennai Bengaluru Industrial Corridor

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions


An attractive investment destination

Growth enablers





• India is the only country with which Japan has annual Prime

Ministerial level Summits

• Nearly 1000 Japanese affiliated companies are operating in

India; an average of 10 new Japanese companies enter the Indian

market every month and expected to grow rapidly in the coming

years

• In December 2006, Prime Minister Manmohan Singh’s visit to

Japan culminated in the signing of the joint statement towards

India-Japan Strategic and Global Partnership

• In February 2011, India and Japan signed the historic

Comprehensive Economic Partnership Agreement (CEPA),

which covers areas such as trade in goods, services, investments,

Rules of Origin, Intellectual Property Rights and movement of

natural persons. CEPA aims at eliminating tariffs on about 94%

goods being traded between India and Japan over a period of 10

years

• Japan-India Business Leaders’ Forum (IJBLF) was announced

during Indian Prime Minister’s visit to Japan in December 2006

India and Japan’s long and cooperative relationship

In its 2012 survey,

JBIC rated India as

the most

promising country

for overseas

business from long

term perspective

and second-most

promising country

from medium term

perspective

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

• In 2010 and 2011, Japan emerged as India’s

second-largest investor, in terms of the number of

projects and jobs created

• The country accounted for 11% of the investment

projects (448), with more than 152,280 jobs created in

India between 2007 and 2011.

• Presence of Japanese companies in India has

increased from 555 sites in 2008 to 1422 sites in 2011

and is expected to reach 2500 sites by 2015

• Focus sectors for investments from Japan to India:

automotive manufacturing and industrial setups,

with focus on heavy engineering and sales, marketing

and support

Leading Japanese companies in

India

FDI

Projects

(2010)

FDI

Projects

(2011)

FDI

Share

(2011)

Change

(2011 v.

2010)

Value (US$

million) 2011

Job

creation

(2011)

88 115 12% 31% US$ 7,634 46,510

Vital Statistics on FDI from Japan into India

Foreign Direct Investment from Japan

Source: fdi Intelligence

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions


Attractive investment destination

Growth enablers





• Japan is India’s largest bilateral donor and has

committed Official Development Assistance of over

3.5 trillion Yen for development of India’s infrastructure,

environment and social sectors. Delhi Metro is the

most visible example of Japanese ODA

• Compatibilities between India and Japan:

• Japan is a relatively labor-scarce, capital abundant

country that complements India's rich spectrum of

human capital

• India's prowess in the software sector lends

synergy to Japan's excellence in the hardware

sector

• India's abundance of raw-materials and minerals

matches well with Japan's capabilities in technology

Partnership opportunities between India and Japan

Leading sectors attracting

Japanese FDI into India

Sector

% total

Japanese

FDI

Drugs &

Pharmaceuticals 29%

Automobile

Industry 16%

Services Sector 14%

Metallurgical

Industries 9%

Electrical

Equipment 5%

Source: DIPP, Ministry of Commerce and Industry

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Opportunities for investments in sectors like:

• Infrastructure, including investments in DMIC and

CBIC

• Technology and Electronics Hardware Manufacturing

(EHM)

• Power

• Metals

• Renewable energy

• Manufacturing

• Automobiles and auto parts

• Agro processing and Food processing

• Creative Industries

Partnership opportunities between India and Japan

Human Resource

DevelopmentOverseas Human

Resources and Industry

Development Association (HIDA)

is imparting specific tailor-made

training to factory workers,

middle management, top

management in India in DMIC

area. Intensive training in Japan

is also being imparted for top

level trainees selected by DIPP,

DMICDC and CII

Pharmaceuticals: Increasing tie

ups between Indian and

Japanese pharmaceutical firms

JETRO has progressively

initiated several investment

promotion initiatives with

various State Governments

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

• Total investment envisaged of over US$ 1 Trillion between 2012 -17 in India’s infrastructure

sector, increasing from US$ 441 Billion in the 11th Five-Year Plan

• Share of private investment to increase to 48% from 37% in the 11th Plan.

Investment opportunities in Infrastructure

Source: 12th Five Year Plan, Planning Commission, Government of India

Projected Investment in Infrastructure (US$ billion)

Sectors 11th FYP 12th FYP

Electricity 132 273

Renewable energy 16 58

Roads & Bridges 82 166

Telecommunications 70 172

Railways 37 94

MRTS 8 23

Irrigation 44 92

Water Supply and sanitation 22 46

Ports (IL&W) 8 36

Airports 7 16

Oil & Gas pipelines 11 27

Storage 3 11

Total 441 1014

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

India’s focus on innovation

• To evolve a new Science, Technology and

Innovation policy.

• S&T to be an integral component of

national development.

• To increase full time

researchers/scientists from 1.54 lakh to

2.5 lakh.

• To increase global share of publication

output in basic research from 3% to 5%.

• To increase R&D expenditure from 1% of

GDP to 2%.

• To earmark 10-15% of public investment

for (PPP) R&D for private sector through

grants with matching inflow from the private

sector.

Departments coordinating efforts

Department of Science & Technology

Department of Biotechnology

Ministry of Earth Sciences

Department of Scientific & Industrial

Research-including CSIR

Department of Space

Department of Atomic Energy

Investment opportunities in Technology

Building conducive supply-chain

ecosystem around semiconductor

fabricator units

Special Incentive packages put in place

for electronic manufacturing clusters

(EMCs)

Special Focus Areas

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Partnerships in Creative Industry

Japan and India’s Vision Document issued on 28th December 2011 aims at strengthening

the countries’ cooperation in creative industries, such as design, apparel, fashion, food,

house-hold goods, music, movies, animation and traditional craft

Activities include:

• Promotion of industry cooperation such as:

▫ Japan External Trade Organization(JETRO) and the related organizations in India to cooperate in B2B matching of Japanese and Indian Creative Industries

▫ Promotion of the “Good Design Award” in India where the “India Design Mark” was launched successfully in January 2012, by the India Design Council (IDC) in cooperation with the Japan Institute of Design Promotion (JDP) and India Design Mark Exhibition.

▫ Collaboration of Japanese and Indian fashion designers, apparel & textile, craft and household products manufacturers.

▫ Collaboration between Japanese and Indian content industries including co-production of animations and films and on-location shoots.

• Improvement of business friendly regulatory environment in both countries; and,

• Promotion of mutual understanding at grass-roots level such as the Cool Japan Festival held in March 2012 in India and similar events in Japan.

Six MOUs signed between Japanese companies and Indian companies in areas such as

traditional/regional products, animation, apparel/fashion, lifestyle/luxury products and

food

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions



Growth enablers





To harness and encourage greater integration with the global economy, India’s FDI

policy was liberalized in 2010

• Only proposals involving total foreign equity inflows

over Rs. 1200 crore now need to be placed before the

Cabinet Committee on Economic Affairs for consideration,

as opposed to earlier limit of Rs.600 crore

• Removal of the condition of prior approval in case of

existing joint ventures and technical collaborations in

the ‘same field’

• FDI in Limited Liability Partnerships permissible

• Construction-development activities in the education

sector and geriatric care are exempt from general

conditions (such as minimum area to be developed;

minimum capitalization and lock-in period) usually

applicable to the construction-development sector

• Liberalization of FDI in broadcasting sector

100% FDI in single-brand

retail trading

51% FDI in multi-brand retail

trading

49% FDI in power exchanges

Foreign airlines permitted to

invest up to 49% in scheduled

and non-scheduled air

transport services

Recent developments in FDI Policy

Why India?Growth

enablers

Japan-India

relations



FDI policy revisions



Growth enablers





Cabinet Committee on Investments

Constituted on 2nd January, 2013, the newly-formed Committee is chaired by the Hon’ble

Prime Minister and serves the following functions:

To identify key projects required to be implemented on a time-bound basis, involving

investments of Rs. 1000 crore or more, or any other critical projects, as may be specified by

the Committee, in sectors such as infrastructure, manufacturing, etc.;

To prescribe time limits for issue of requisite approvals and clearances by the

Ministries/Departments concerned in respect of projects in identified sectors;

To monitor the progress of identified projects including the time prescribed/taken to

obtain each approval/clearance and delays, if any;

To review implementation of projects, that have been delayed beyond the stipulated

timeframe, including issues causing delay in grant of clearances/approvals;

To review the procedures followed by Ministries/Departments to grant/refuse approvals

and clearances;

To take decisions regarding grant/refusal of approval/clearance of specific projects that

are unduly delayed, if deemed necessary;

To consider and decide measures required for expeditiously granting/refusing followed by

the respective Ministries/Departments for decision making; and

To require statutory authorities to discharge function and exercise powers under the

relevant law/regulation within the prescribed time frames for promoting investment and

economic growth

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

Invest India

• A joint venture between the Government of

India through DIPP, FICCI and State

Governments established in September

2009

• Dedicated agency for promoting foreign

investment

▫ Investment promotion through creation

of country-focused initiatives

▫ Promotional effort abroad with

structured programs and business

meetings

▫ One-stop shop for hand-holding and

facilitation services across the

investment and business spectrum

▫ Spearhead investment promotion in a

focused and structured manner

E-Biz Mission Mode Project

• Online single window system for

businesses and investors under National

e-Governance Plan that will make all

business- and investment-related

regulatory services across Central, State

and Local governments available on a

single portal

• Will eventually cover the entire life cycle

of a business

• Customer-centric approach with 24x7

facility for information and services

• Soft launch carried out in January, 2013

Investor support

Investment conceptualization and hand-holding License and permit wizard, online filing of applications

for clearances & approvals, making payments

Why India?Growth

enablers

Japan-India

relations



FDI policy

revisions

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Benefits under National Manufacturing Policy

Venture Capital Funds with a focus on SMEs in the manufacturing sector, will be granted tax

pass-through status;

A separate fund will be created with the Small Industries Development Bank of India (SIDBI)

using the shortfalls against MSE credit targets for commercial banks;

Rollover relief from long term Capital Gains Tax will be provided to individuals on sale of a

residential property whenever such sale consideration is invested in the equity of new start-

up SME company in the manufacturing sector for the purchase of new plant and machinery;

Liberalisation of banking norms for banks investing in Venture Capital Funds with a focus on

SMEs in the manufacturing sector will be taken up in consultation with the RBI;

Liberalisation of IRDA guidelines for insurance companies investing in Venture Capital

Funds with a focus on SMEs in the manufacturing sector will be taken up in consultation

with the IRDA;

Cost of placement cells in an ITI set up in a NMIZ will be provided by the Central

Government for the first five years;

Polytechnics and SPV in NMIZ will be provided Viability Gap Funding by the Central

Government for covering the capital costs as per VGF guidelines of the Ministry of Finance

The Government will provide weighted standard deduction of 150% of the expenditure

incurred on PPP projects for skill development (such as private institutions, ITIs) in

coordination with the National Skill Development Corporation;

Cont’d

Benefits under National Manufacturing Policy

All buildings with more than 2000 sq meter of built up area in a NMIZ which obtain green

rating under the Indian Green Building Council (IGBC)/ Leadership in Energy and

Environmental Design (LEEDS) or Green Rating for Integrated Habitat Assessment

(GRIHA) systems will be eligible for an incentive of Rs 2 lakhs;

Units practicing zero water discharge will be eligible for 10% one time capital subsidy on the

relevant equipment/systems subject to actual usage for one year and third party

certification;

The SMEs will be provided 25% of expenditure incurred on water audit subject to a

maximum of Rs 1 lakh;

The SMEs will be provided 25% of expenditure incurred on environmental audit subject to a

maximum of Rs 1 lakh;

SMEs will be able to access the patent pool and/or part reimbursement of the technology

acquisition costs upto a maximum of Rs 20 lakhs for the purpose of acquiring patented

technologies; and

Incentives consisting of five percent interest reimbursement of the nominal interest charged

by lending agency and ten percent capital subsidy will be provided for production of

equipment/ machines/ devices for controlling pollution, reducing energy consumption and

for water conservation out of the Technology Acquisition and Development Fund (TADF).

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