Need to invite American industries

PIB — Minister for Finance and Corporate Affairs, Nirmala Sitharaman meeting the United States Secretary of the Treasury, Steven Mnuchin, on the sidelines of the IMF-WB Annual Meetings 2019, in Washington DC, on 18 October 2019.

The government is making some realistic decisions for US businesses planning to relocate out of China, making India a competitive next destination, underlining the market potential based on huge domestic demand and export potential.

This assurance was given by Finance Minister Nirmala Sitharaman in Washington where she said a blueprint will be prepared for international companies that are looking beyond China to make India as their preferred investment destination.

Sitharaman said industry leaders who are contemplating getting their businesses out of China are definitely pitching for India.

Therefore, she said, it might be important for the government to now see and meet up with a lot of industry leaders and invite them to India.

“I’d certainly be doing that…I go back and design in some way whereby I will identify those multinational corporations, all American businesses or any other country European or a British origin who are moving out of China or who probably are even contemplating,” Press Trust of India quoted the Minister who is in Washington.

“I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” Sitharaman told a group of Indian reporters on 20 Oct 2019 at the conclusion of her interactions at the annual meeting of the International Monetary Fund and the World Bank.

This is a big call on international businesses to operate out of India where the government has lowered corporate taxes and is working on ease of doing business to compete for global investors, industry observers said.

But global businesses are asking for more especially seeking assurances that their India made products are of international standards, they pointed out. fiinews.com