Piyush Goyal invites global investors to invest in India

Production-Linked Incentives will help India in becoming strong, self-sufficient, self-reliant, and meeting our domestic needs as well as for exporting: Shri Goyal

Nov 12, Delhi: The Union Commerce and Industry, Railways, and Food & Public distribution Minister Shri Piyush Goyal has invited the global investors to invest in India, taking benefit of the huge domestic market, and conducive business environment in the country. In his Keynote Address today at Conference 'India: Drivers of Change' organized by the Bank of America, he said that the country offers fair value for their investments.

India is being seen as a trusted partner in the global value chains and has a transparent system and open democracy.

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India is targeting to achieve a rightful place in the comity of nations. Government is working as a team, breaking departmental silos. There are large business opportunities in the country. Bold decisions are being taken to empower the businesses to think big and bold, and explore unchartered territories and businesses, he added.

Talking about cabinet decisions, Approval has been given to introduce the Production-Linked Incentive (PLI) Scheme in the 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat. The PLIs announced earlier for the telecom, APIs and medical devices have got encouraging response. The incentives will help India in becoming strong, self-sufficient, self-reliant, and meeting our domestic needs as well as for exporting.

The government will do the hand-holding for these sectors over the next 5 years. Mentioning other initiatives for various other sectors like cluster development and logistics support. On the Viability gap funding scheme for the social sectors, he said that it will bring in private investment in the social sectors like drinking water, health and education, and help in meeting the needs of the people.

Also, read- Foreign Direct Investment Inflow

The Indian economy is coming out of the Covid setback, and several datasets indicate that the country is returning back to the business. PMI index is at a high level, not seen for a long time. Similarly, the Services index has also gone up. The GST collections in October were 10% more than the corresponding period of last year. Similarly, Indian exports were up by 5% in September. After a small dip in October, the exports in the first week of November have also shown 22% growth.

The imports are also picking up, showing that economic activity is normalizing. The railway freight in the last two months has been 15% more than the corresponding period of the last year. The recent results of the Indian companies for the last quarter also show that things are returning back to normalcy.

Start-up culture in the country has really gained pace, giving impetus to the spirit of innovation and entrepreneurship, and now people of India are aspiring to become job-creators rather than job-seekers.

Also, read- Foreign Direct Investment Inflow

Emphasising on 4 Cs-Courage, Confidence, competence, and compassion. India is set to become $5 Trillion economies by 2025 and set the bar to $10 Trillion in the next 7 to 8 years.

On the issue of the Atamnirbharbharat campaign, this is meant to not only make India self-reliant but also engage with the world from a position of strength. Under the leadership of Prime minister, Shri Narendra Modi liberalized several sectors including defence, Agriculture, Coal, Mining, space technology. More private investment is welcome in these sectors. The government should be out of consumer-oriented businesses and non-core sectors.

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