New Delhi: – Major countries of the world, disenchanted with China, have started exploring other options for secured investments, and the Indian government is making all possible efforts to make the best of this opportunity. Against this background, a meeting of Ministers of Finance and Commerce along with senior officials was held in the presence of Prime Minister Narendra Modi. The Prime Minister instructed during the meeting that special attention should be given that the foreign investors and the new industries coming into India do not face any new hurdles in setting up and operating their businesses. It was also decided in the meeting that the process of permissions and sanctions will be reduced for quick approvals.
Many multinational companies winding up their operations from China, in view of the Coronavirus pandemic, are looking at India as a viable alternative. It has been reported that some of these companies have already started talks with the Indian government. It is said that a spate of meetings is being held to decide how best can India exploit this opportunity and increase its share in the global supply chain. An important meeting regarding this was held in the presence of the Prime Minister. Union Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goel along with the Ministers of State and senior officials attended the meeting.
The Prime Minister instructed during the meeting that the foreign investors coming to India should not face any obstacles at the centre or state level, and the approval period should be reduced, and any delays should be avoided. The Prime Minister also ordered to resolve the problems faced by these investors proactively. Discussions were also held in the meeting regarding the development of infrastructural facilities in the industrial land and sectors, and to provide the necessary financial aid to the industries.
A decision to take necessary steps to help the existing investors and local industries along with the new investors during this time of crisis was also taken during the meeting. Moreover, the Prime Minister instructed to formulate a policy to encourage domestic industry expeditiously.
Only last week, the Minister of Commerce, Piyush Goel, had said during the meeting of the Exporters’ Council that steps are being initiated to assist the exporters and announce concessions to encourage the exporters. He stated that the permits would be within the framework of the World Trade Organisation. Before this, Nitin Gadkari, the Minister for Micro, Small and Medium Industries, had announced building a fund of ₹1 trillion to enable these industries to repay all government debts and to infuse liquidity in the market. The meeting underlines that the government is leaving no stone unturned to ensure the best utilisation of the opportunity presented and to provide an impetus to the economy.