New Delhi, Dec 15 (UNI) Commerce and Industry Minister Piyush Goyal on Tuesday asked international businesses to invest in India's economy, taking advantage of the conducive environment in the country.
India has been systematically opening up to global investors and encouraging new businesses by forging strategic relationships with international investment partners. This will help in achieving the V-shape recovery of the economy, said Goyal while speaking at the inaugural session of The Partnership Summit 2020 organised virtually by Confederation of Indian Industry with Department of Promotion of Industry and Internal Trade.
FDI flows in India have grown at an impressive rate of 13% on a yearly basis to stand at US$ 40 billion even during the peak pandemic period of April-September FY21.
“India has one of the most facilitative and congenial FDI policies in the world currently, with almost all sectors having 100% automatic FDI approvals in place,” he said.
"This is the time to be in India, this is the time to expand your presence & investments in India. India is a land of opportunities.”
Elaborating on the reforms recently introduced by the government, the minister said, “India has focussed on reforms in four key areas for facilitating growth - capital, labour, land and removing barriers for new businesses”.
“Our intent is bold, ambition is large and actions are focused. We aim not only to grow sustainably at high levels, but also achieve the target of becoming a USD 5 trillion economy by 2025,” he added.
The historic reforms in different sectors like defence, mining, finance, agriculture and labour will hold the country in good stead. Further, the aspiration to see India go Glocal- providing world class infrastructure locally- along with a burgeoning middle-class, offers a sea of opportunities for global investors, he said.
Highlighting the importance of forging partnerships in the current milieu, Guruprasad Mohapatra, Secretary, DPIIT, said that global cooperation and deepening solidarity were the need of the hour for finding sustainable solutions for strengthening growth recovery.
“Countries are working hard to create resilience to emerge from COVID-19. The only way to overcome the crisis is to collaborate in regional & global partnerships”, maintained Than Myint, Minister of Commerce, Myanmar.
Ville Tapio Skinnari, Minister for Development Cooperation and Foreign Trade, Finland emphasised that the thrust should be on accelerating investments for a greener and cleaner future and making sustainable business a bedrock for growth.
He noted the strong collaboration of India and Finland in digital businesses.
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