Piyush Goyal, the Minister for Commerce & Industry, Textiles, Consumer Affairs, and Food & Public Distribution, said FDI in India has been growing rapidly over the last few years. Adding to that, India has become an attractive and preferred destination for investments.
Goyal invited South Korean entrepreneurs to invest in new sectors like defence and retail. “We need to complement our complementary strengths in automobiles, textiles, food processing, leather products, metals, mining, chemicals, and also through some of our traditional sectors like steel, and look at new emerging opportunities in defence, e-Commerce, and retail.”
Goyal said the Prime Minister Narendra Modi’s “Make in India” initiative is complemented by Her Excellency President Moon’s ‘New Southern Policy”. Many Korean companies have leveraged the opportunities that India has to offer to ‘Make in India’ for the world, using the competitive and comparative advantages of skilled manpower, low-cost manufacturing, and government support that is provided for businesses in India.
Goyal said our economy is bouncing back and will possibly see one of the fastest growth rates in the world. Our exports are at an all-time high. Both on the manufacturing side and the services side, our PMI is at all-time highs. We are leveraging our strengths to realise the goal of Aatmanirbhar Bharat, a self-confident and self-reliant India. “
Goyal said the government has taken several policy measures to support industry and services. We have a very vibrant production-linked incentive programme in which many Korean companies have also participated. We have a National Single Window launched recently, a National Infrastructure Pipeline with projects worth over a trillion dollars, providing opportunities for infrastructure companies.
We have reduced corporation taxes to amongst the lowest in the world, giving additional incentives to new investments, liberalised our foreign investment regime and taken many other measures to support the growth of the Indian economy, “he said, adding, “In the last four or five years, India has been home to about 70 unicorns, nearly half of them only in the last year of the COVID pandemic.”