India will be the next global investment hotspot

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Minister of Trade and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said, according to a recent CII-Ernst & Young report, India will be next. global investment hotspot.

“We have the potential to attract annual FDI in the range of $ 120 billion to $ 160 billion by 2025. Over the past seven years, we have achieved record FDI, breaking the previous record each year for 7 consecutive years. And I hope to see that continue to look at the big structural reforms, the fact that we have a proactive leader in Prime Minister Modi, willing to listen and change with the changing times, ”he said, s ‘addressing the 2nd edition of the ICN National Conference on Multinationals, 2021, by videoconference today.

Goyal said global feelings had shifted from “Why India? To “Why not in India!” “And today” We must be in India! “” There are more success stories here than anywhere else in the world today, 71 unicorns. The Naukri Job index for October 2021 reports 43% employment growth compared to the same month last year. Our manufacturing PMI (is high) and our service PMI reached a ten-year high, ”he said.

Goyal said the government has introduced several key policies and trade reforms to improve the investment climate. “The closest and most recent decision like the privatization of Air India which was successfully bid on by the Tata group, the removal of this very, very unfortunate retrospective tax which I believe has cost us dearly in terms of investment climate for many years. , the kind of reforms in mining, in the coal sector, the ones we hope to do in electricity, the huge history of growing renewables in India, all of these things, I think, encourage us to look for a future. better, ”he said.

Goyal said the National Single Window System (NSWS) was launched to serve as a one-stop-shop for necessary approvals and clearances for investors. “The portal hosts approvals from 18 central departments and 9 states. 14 more central departments and 5 states will be added by December. “

Goyal said India has all the necessary ingredients for multinational corporations (MNCs) and can help multinationals become more competitive globally. “Diverse business landscape, rule of law and transparent systems, skilled workforce and low labor costs, no forced technology transfer. “

Goyal highlighted the promotion of partnership between government and industry. “This partnership is more important because today because it gives us ideas, it gives us reflections, it gives us the opportunity to understand where you come from, what it takes do and, I think, this partnership needs to be further strengthened As we go. “


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