Prabhu talks to Fortune 500 companies
The government is working on a blueprint to increase foreign direct investment inflows to US$100 billion through a targeted approach, especially requesting Fortune 500 companies to invest in India.
“I am getting research done on companies who have the cash, where they will invest, what is the sectoral intent,” said Commerce and Industry Minister Suresh Prabhu disclosing the new plan on 23 Feb 2019.
“I am personally talking to Fortune 500 companies and requesting them to come. We will make sure that we will take it to a new level,” Times of India quoted the Minister as having told delegates at the Global Business Summit presented by YES Bank and The Economic Times in New Delhi on 22-23 Feb 2019.
“We have removed almost all sectoral restrictions. I have asked Invest India to identify those who can get that amount,” said Prabhu of the US$100 billion target.
India received FDI of over US$61 billion in 2017-18.
Elaborating on the economic achievements, he said India’s merchandise exports are expected to close the financial year at a record high. Goods and services exports could top the US$500 billion mark for the time.
“We are now working in partnership with Russia to import diamonds, which will give us access to raw material,” he said.
“With the Middle East, we are working on creating a supply chain where we will invest, they will invest, and we will export it back to them.
“We will forge strong ties that will benefit India and the world,” stressed Prabhu, adding that the collaboration with West Asia was for food products.
Of the US$5 trillion, services sector contribution is expected at US$3 trillion and equal contribution for manufacturing and agriculture at US$1 trillion each. fiinews.com