Railway minister welcomes foreign investors becoming a part of India’s growth story

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Piyush Goyal has welcomed the foreign investors becoming a part of India’s growth story. Addressing the inaugural session of CII's Partnership Summit 2020 through virtual means on yesterday, he welcomed and assured complete assistance, partnership and involvement of the government.

Dwelling on the theme of the partnership summit, which is about partnerships for lives, livelihoods & growth, the minister said that this will help all of us in our joint endeavour to get our economies back on the growth path & encourage new opportunities. “Our aim is not only to grow sustainably at high levels but achieve the target of becoming a $5 trillion economy by 2025.”

The minister also said that continuing on an open path, India has been systematically opening up to global investors new sectors of our economy and encouraging businesses through strategic relationships with different investment partners, strengthening our economic plans for the future.

He said that FDI (Foreign Direct Investment) flows in India have been continuously growing. “During the first nine months of this year when the COVID-19 pandemic was at its peak, our FDI grew. “We have one of the most facilitative FDI policies in the world,” he observed.

During the April-September period, FDI inflows are at $40 billion, which has been higher than last year by about 13 per cent. Last year, we announced one of the most attractive tax rates available anywhere in the world at 22 per cent tax for businesses in India and 15 per cent tax for new manufacturing facilities set up after October 2019.”

The minister said that a number of new schemes have been introduced including Production-Linked Incentive Scheme to attract industries to come to India. “We have investment promotion cells in all the ministries. Central Govt & States are working together to attract & promote investments even before the onset of the pandemic, India was rapidly announcing a slew of reform measures aimed at improving the economy & productivity levels in the economy.”

“India is introducing conducive reforms & facilitation measures to encourage greater global involvement in our V-shaped recovery. I invite you to board the bus of development, growth & prosperity that Prime Minister Narendra Modi is crafting for the people of India”, he added.

 “Historic reforms in different sectors will hold the country in good stead in our effort to improve prosperity levels of the people. India does not wish to miss the sunshine under the warm sun that India is blessed with. We believe in the new world there will be new thinking, new opportunities for growth,” he added.