India will be next global investment hotspot: Piyush Goyal
There were more success stories here than anywhere in the world today, the Union Minister said
India will be the next investment global hotspot, Union Commerce and Industry Minister Piyush Goyal said on Tuesday, referring to a recent CII-Ernst & Young report.
“We have the potential to attract an annual FDI in the range of $120- $160 billion by 2025. Last seven years we’ve seen a record FDI, each year breaking the previous record for 7 years in a row," Goyal said.
Addressing the 2nd edition of the CII National Conference on MNCs, 2021, through video conference, he said global sentiments had changed from ‘Why India?’ to ‘Why Not India!’, and today ‘We must be in India!’
“There are more success stories here than anywhere in the world today, 71 unicorns. Naukri Jobspeak Index for Oct' 2021 reports a 43% growth in employment over the same month last year. Our Manufacturing PMI (is high) and Service PMI reached a decade high,” he said.
The minister pointed out that the Government had introduced several key policy and business reforms for improving the investment climate.
“The closest and most recent decision like the privatization of Air India which was successfully bid by the Tata group, the removal of that very, very unfortunate Retrospective Tax which has, I believe, cost us dear in terms of investment climate for many years, the kind of reforms in Mining, in the Coal sector, ones that we are hoping to do in Power, the huge Renewable Energy growth story in India, all of these things, I think, encourage us to look for a brighter future,” he said.
He also referred to the National Single Window System (NSWS) which has been launched to serve as a one-stop-shop for approvals and clearance needed by investors.
“The portal hosts approvals across 18 Central departments and 9 States. Another 14 Central departments and 5 States will be added by December," he said.
According to Goyal, India has all the right ingredients for the Multi-National Corporations (MNCs) and can help MNCs become more competitive at global level.
“Diverse business landscape, rule of law & transparent systems, skilled workforce & low labour cost, no forced technology transfers,” he noted.
Encouraging the Indian MNCs to take ‘Brand India’ to the world and be ambassadors of India’s culture, quality and values, Goyal said MNCs have been an integral part of India’s growth story and their contribution is immense.
He stressed on promoting partnership between the Government and Industry.
“This partnership is important more because in today’s time because it gives us ideas, it gives us thoughts, it gives us an opportunity to understand where you come from, what needs to be done and, I think, this partnership needs to be strengthened further as we go along,” the Commerce and Industry Minister said.