The time is right for foreign investors to tap the huge potential offered by India in various sectors — from real estate to healthcare, Vice President of India M. Venkaiah Naidu said here on Saturday.
“India is the bright spot in the world’s economy today,” he said, addressing foreign and Indian delegates at the inaugural session of the 25th edition of the CII Partnership Summit.
Inviting foreign investors to invest in India, he said forward-looking taxation reforms like the introduction of Goods and Services Tax (GST) have converted India into an integrated market. Other noteworthy reforms like the implementation of Insolvency and Bankruptcy Code was helping, he added.
ADVERTISEMENT
Consumption trends
Quoting a report, he said India’s income and consumption trends would be led by Kerala, Karnataka, Andhra Pradesh, Telangana and Tamil Nadu in the south, Delhi, Haryana and Punjab in the north, and Maharashtra and Gujarat in the west.
Union Minister for Commerce and Industry and Civil Aviation Suresh Prabhu said the government wanted to make sure that India had friendly relations with almost all countries, so that the country is able to offer a platform that is mutually beneficial.
ADVERTISEMENT
“We don’t believe manufacturing can happen end-to-end only in one geography. It’s going to be a part of a global value chain and global supply chain,” Mr. Prabhu said.
“We are discussing and have finalised a new industrial policy focusing on how to develop mutually beneficial value chain and supply chain,” he added.
Mr. Prabhu said by the end of 2019 India could be able to create a trading platform, which would be participatory and democratic, transparent and mutually beneficial, under the WTO framework.