Commerce and Industry Minister Anand Sharma informed the NRI community that the government has relaxed foreign direct investment norms in several important sectors such as retail and civil aviation.
The government on Wenesday invited investments from non-resident Indians (NRIs), saying huge opportunities exist for them in areas like manufacturing.
“You have to believe in India. We are a nation of billion people opportunities. Come and work together,” Commerce and Industry Minister Anand Sharma said at the 12th Parvasi Bharatiya Divas here.
Mr. Sharma informed the NRI community that the government has relaxed foreign direct investment norms in several important sectors such as retail and civil aviation.
“The government has announced a national manufacturing policy to boost the sector’s contribution in the GDP. National Investment and Manufacturing Zones (NIMZs) are planned. 14 of them are approved in different states,” he said.
These zones are industrial townships, benchmarked to the best manufacturing hubs in the world.
He also said that the country would rebound to economic growth, which fell to a decade’s low of 5 per cent for the entire 2012-13 fiscal.
“We will go back to high growth. Our priority is to become a world leader in manufacturing. Manufacturing led growth is the only way to address the issues of trade account deficit,” Mr. Sharma added.
Informing the community about the FDI policy, the minister said that government is committed to bringing in more reform measures.
“A question many of you would have that when it comes to the governance in India, are we reforming, are we improving? The answer will be a very loud yes ... we are committed to have more reforms. Public procurement laws are going to be a reality in India,” he said.
The government is making several laws to deal with corruption, Mr. Sharma said, adding that the Cabinet has approved a bill to protect whistleblowers.
“There is a greater degree of transparency in India...we are going to soon have a coal regulator.”
He further said that India has attracted FDI worth $309 billion during 2000 to 2013. Further, during 2009 to 2013, the country has received FDI worth $176 billion.
In states, Maharashtra topped the chart in attracting foreign investment followed by Delhi NCR, Tamil Nadu, Andhra Pradesh, Karnataka and Gujarat.