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India will be the next global investment hotspot: Piyush Goyal

India will be the next global investment hotspot: Piyush Goyal

India attracted a record FDI during the last seven years, each year breaking the previous record for 7 years in a row, says Union Commerce and Industry Minister Piyush Goyal.

Commerce and Industry Minister Piyush Goyal Commerce and Industry Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said India will be the next investment global hotspot as it has the potential to attract an annual FDI in the range of $120- $160 billion by 2025. In the last seven years, India has seen a record FDI, and each year it is breaking the previous record for 7 years in a row, he said.

"And I do hope to see that continue, looking at the major structural reforms, the fact is that we have a proactive leader in Prime Minister Modi, willing to listen and willing to change with the changing times,” he said, addressing the 2nd edition of the CII National Conference on MNCs, via a video conference today.

Goyal said global sentiments have 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 per cent growth in employment over the same month last year. Our Manufacturing PMI (is high) and Service PMI reached a decade high," said Goyal.

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He said the government has introduced key policy and business reforms for improving the investment climate. "The closest and most recent decision like the privatisation 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 the 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.

Goyal said the National Single Window System (NSWS) 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."

As per the Union minister, India has all the right ingredients for the multi-national corporations (MNCs) and can help MNCs become more competitive at the global level. He encouraged the Indian MNCs to take ‘Brand India’ to the world and be ambassadors of India’s culture, quality and values. MNCs have been an integral part of India’s growth story and their contribution is immense, he said.

"Whether it’s in terms of building highly skilled managerial talent, whether it’s building good business practices or good manufacturing practices in India, whether it’s the good corporate social responsibility and such social initiatives that are taken up by many of our MNCs. Whether it’s skill development, I think, a huge contribution by the MNCs when it comes to skill development in India, and all of these have had a multiplier effect on the economy,” he said.

Also read: India attracted record FDI in last 7 years, expect trend to continue: Piyush Goyal

 

Published on: Nov 16, 2021, 4:50 PM IST
Posted by: Manoj Sharma, Nov 16, 2021, 4:44 PM IST