Goyal says MNCs keen on relocating to India
To accelerate the growth of investment projects in India, Project Development Cells (PDCs) are being set up in Ministries and Departments to fast track investments with coordination between Central and State Governments.
Giving this update in Rajya Sabha on 18 September, Commerce and Industry Minister Piyush, FDI inflow from USA and other countries during (April–July) 2020-21 (Projected) has been US$16.26 billion. In 2019-20, it was US$74.39 billion.
He also informed that several multinational companies have evinced their interest to shift their base into India across different States in sectors such as Electronics, Retail, e-Commerce, Automotive, Food Processing, Textiles etc.
However, due to the sensitivity of information maintained by the companies, the reasons for the relocation of operations are not explicitly spelt out.
The Government is also working hard to institutionalize more investor-friendly reforms, especially as FDI inflows usually helps in augmenting domestic capital and promote employment opportunities across sectors.
The Government has constituted an Empowered Group of Secretaries (EGoS) to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy.
EGoS shall identify potential investors and organizations, make recommendations to the Ministry/Department to promote investment, facilitate handholding of investors, examine and suggest ways to attract more investment in greenfield projects, said Goyal in a written reply in the house.
The entire focus of the Government is to create an investment-friendly and business conducive ecosystem to drive investment growth in India, he underlined.
Several steps like Production Investment Schemes, GIS mapping of available land banks, issuance of Quality Control Orders to cut down cheap imports and many such measures have been put into place to attract further investment into the country, he said. #FDI #investment #manufacturing #industries /fiinews.com
