PM Modi discusses techniques to attract FDI to accelerate growth in India

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As we all know that our economy is hit badly due to COVID-19. The work culture has changed and many industries are on a break due to this. Prime Minister of India, Narendra Modi on 30th April 2020 held a meeting to discuss strategies to attract more foreign investments into the country and promote local investments to boost the economy against the backdrop of the COVID-19 pandemic.

An official statement said various strategies to bring investments into India on a fast-track mode and to promote Indian domestic sectors were discussed in the meeting.

Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Commerce Minister Piyush Goyal were among those who attended the meeting.

Reform initiatives undertaken by various ministries should continue unabated and the action should be taken in a time-bound manner to remove any obstacles that impede the promotion of investment and industrial growth, according to the statement.

The meeting also discussed that a scheme should be developed to promote more “plug-and-play” infrastructure in existing industrial lands, plots, or estates in the country and provide necessary financing support.

PM Modi directed all concerned that action should be taken for a more proactive approach to “handhold” investors, look into their problems, and help them get necessary central and state clearances in a time-bound manner.

“It was discussed that a scheme should be developed to promote more plug and play infrastructure in the existing industrial lands/plots/estates in the country and provide necessary financing support,” the PMO statement said.

During the meeting, the PM directed that the action should be taken for a more proactive approach to handhold the investors, to look into their problems and help them in getting all the necessary central and state clearances in a time-bound manner, it said.

N Venkatram, CEO at consultancy firm Deloitte, said, “Swadeshi 2.0 is about manufacturing from India. This will happen if our own industrialists have the ability to invest in India, in turn, encouraging foreign investment as well as manufacturing by foreign companies in India. We also need to look at changes needed in regulation and get the Industrialist mindset back. We need to build our economy to its export potential based on our competitive advantages and generate employment.”

The industry called it an apt policy at the right time and said India should strategically target each of the companies which are relocating from China.