Sitharaman assures industries of the right policies and continuing reforms
Enthused by the Government’s thrust on reforms and reduced taxation rates, several Sovereign Funds have expressed interest in partnering with the Government on its National Infrastructure Pipeline, Finance Minister Nirmala Sitharaman told business leaders on 23 Nov 2020.
Further, she assured that several measures are being taken up to keep the reforms impetus intact such as professionalisation of the financial sector and thrust on disinvestments though the headwinds to the economic growth have exacerbated in the present pandemic.
“All enterprises, MNCs and India Inc., big, medium and small enterprises, are facing a reset exercise in doing business. We will have to make sure that policies are right to make India an attractive investment destination,” underscored Sitharaman, also the Minister of Corporate Affairs.
The reforms announced by the government under the ambit of the Aatmanirbhar Bharat Package have opened up many sectors including niche sectors such as Nuclear Energy and Space for foreign investors to partake in, the Minister told the National MNCs Conference 2020 organised by the Confederation of Indian Industry (CII).
Moreover, it needs to be kept in mind that the underlying tenet of the marquee package is not about excluding India from the globe, but making it an integral part of the global value chains by improving its domestic competitiveness, highlighted Sitharaman who is also the Corporate Affairs Minister.
The Government has been working assiduously towards ensuring a facilitative environment for the MNCs operating out of India, Sitharaman stated.
In furtherance of its reforms agenda, the Government is ensuring the setting up of dedicated Special Manufacturing Zones for the production of Pharma, Medical Devices and APIs in 6 States. The effective unified single-window mechanism is part of these zones.
The Finance Minister said that the opportunity for deep reforms would continue even during the coronavirus crisis.
The reforms must continue given the tectonic shifts in global supply chains in a post-COVID world, which are attracting many foreign firms to shift their base to India, added Soumitra Bhattacharya, Chairman, CII National Committee on MNCs. “This opportunity must be seized fully”.
CII Director General Chandrajit Banerjee suggested that slab-based incentives could be offered, depending on the size of FDI.
“CII remains committed to continuing supporting the government in making India an even more attractive destination for foreign investors”, he added in his welcome remarks.
He noted the Government’s efforts to create a strong, vigorous, and dynamic environment for MNCs by introducing a plethora of reforms. #investment #manufacturing #reforms #economy #projects /fiinews.com
