New Delhi: Union Minister 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.
Addressing a conference ‘India: Drivers of Change’ organized by the Bank of America, he said that the country offers fair value for their investments.
Stating that India is being seen as a trusted partner in the global value chains, Goyal said his country has a transparent system and open democracy. India is targeting to achieve a rightful place in the comity of nations and the government is working as a team, breaking departmental silos, he added.
Talking about the current cabinet decisions, Goyal said that 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.
He said that 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 Minister said the government will do the hand-holding for these sectors over the next 5 years. He also mentioned 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.
Goyal said that the Indian economy is coming out of the Covid setback, and several datasets indicate that the country is returning back to the business. The 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 per cent in September. After a small dip in October, the exports in the first week of November have also shown 22% growth. He said that the imports are also picking up, showing that economic activity is normalizing. The Minister said that 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.
The Minister said that the 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.