New Delhi, Nov 16 (FN Bureau) Minister for Commerce and Industry Piyush Goyal on Tuesday called on industry for making India the next global investment hotspot by leveraging on the change in global perception of India as a favourable business destination, India’s capacity to draw robust flows of foreign direct investment and the business reforms being ushered in for improving the investment climate. “India has all the right ingredients for the multi-national corporations (MNCs) and can help these to become more competitive at global level. Diverse business landscape, rule of law and transparent systems, skilled workforce and low labour cost, no forced technology transfers.” Goyal said at the CII National Conference on MNCs, 2021 on Tuesday. “India has the potential to attract an annual FDI in the range of $120- $160 billion by 2025,” he said, highlighting the policy and business reforms being taken for improving the investment climate.
The privatization of Air India which was successfully bid by the Tata group, the removal of the retrospective tax, reforms in mining, coal and power alongwith the huge renewable energy growth story, according to Goyal, are signs for a brighter future. Goyal and TV Narendran, President, CII lauded MNCs for their immense contribution and integral role in India’s growth story. “Foreign investors have indeed proved to be a catalyst for India’s growth trajectory by offering greater employment opportunities, inducing innovation, technology transfer, and bringing in global management best practices which has been made possible owing to the government reform measures,” Narendran said. Schemes like the Production Linked Incentive Schemes (PLI) and enhancing ease of doing business provide greater opportunities to MNCs in India, pointed out Arun Goel, Secretary, Ministry of Heavy Industries. “Leveraging on advanced technologies shall help India in positioning itself as an important nodal point in the Global Value Chains (GVCs),” Goel said. Sumita Dawra, Additional Secretary, DPIIT, Ministry of Commerce and Industry said measures to simplify and expedite the administrative as well as procedural clearances which will benefit foreign firms include the introduction of the National Single Window System and India Industrial Land Bank (IILB).