Goyal says sentiments changed to ‘We must be in India!’
Commerce and Industry Minister Piyush Goyal says India has the right ingredients for the Multi-National Corporations (MNCs) to help them become more competitive at global level. He also highlighted the country’s potential to attract an annual FDI in the range of US$120-US$160 billion by 2025.
Diverse business landscape, rule of law and transparent systems, skilled workforce and low labour cost as well as no forced technology transfers are the fundamentals supporting opportunities in India for investors and MNCs, he said.
Encouraging the Indian MNCs to take ‘Brand India’ to the world and be ambassadors of India’s culture, quality and values, Goyal said MNCs have been an integral part of India’s growth story and their contribution is immense.
“Whether it’s in terms of building highly skilled managerial talent, whether it’s building good business practices or good manufacturing practices in India, whether it’s the good Corporate Social Responsibility. Such social initiatives are taken up by many of our MNCs.
“Whether it’s skill development, I think, a huge contribution by the MNCs when it comes to skill development in India, and all of these have had a multiplier effect on the economy,” he said in a recent CII-Ernst & Young report, ‘India will be the next investment global hotspot’.
Goyal stressed on promoting partnership between the Government and Industry. “This partnership is important more because in today’s time because it gives us ideas, it gives us thoughts, it gives us an opportunity to understand where you come from, what needs to be done and, I think, this partnership needs to be strengthened further as we go along.”
Goyal said global sentiments have changed to ‘We must be in India!’ from ‘Why Not India!’ and “Why India?’, previously.
The Minister highlighted several key policies and business reforms introduced by the Government for improving the investment climate.
“The closest and most recent decision like the privatization of Air India which was successfully bid by the Tata group, the removal of that very, very unfortunate Retrospective Tax which has, I believe, cost us dear in terms of investment climate for many years, the kind of reforms in Mining, in the Coal sector, ones that we are hoping to do in Power, the huge Renewable Energy growth story in India, all of these things, I think, encourage us to look for a brighter future,” he said.
The National Single Window System (NSWS), launched to serve as a one-stop-shop for approvals and clearance needed by investors, hosts approvals across 18 Central departments and 9 States. Another 14 Central departments and 5 States will be added to the portal by December. #investment #manufacturing #exports #economies /fiinews.com
