Economy

‘Need ₹50-60 lakh crore FDI to bolster economy’

India needs foreign direct investments worth ₹50-60 lakh crore, which can be tapped mainly through infrastructure projects as well as the MSME sector to accelerate the COVID-19-hit economy, according to Union Minister Nitin Gadkari.

The infrastructure sector, including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from micro, small and medium enterprises (MSMEs), can attract large-scale foreign investment, he noted. “Some MSMEs are already listed on the BSE. I have talked to investors in Dubai and the U.S. to invest in such MSMEs based on their three-year turnover, GST track record, IT record and good rating. Investing in these can result in rich dividends as these do exports also,” he said.

He noted that public private partnerships can help harness huge funds and would have a cascading impact by generating more employment and boosting the economy.

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Printable version | Aug 7, 2020 2:44:15 PM | https://www.thehindu.com/business/Economy/need-50-60-lakh-crore-fdi-to-bolster-economy/article31973934.ece

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