Anurag Thakur said that the investment by local companies would instil confidence into foreign companies to put money into Indian markets.
India’s junior finance minister Anurag Thakur asked the industry to step up and invest while calling the Indian economy structurally strong, and highlighting the reforms introduced by Prime Minister Narendra Modi’s government. Anurag Thakur said that the investment by local companies would instil confidence into foreign companies to put money into Indian markets. He added that the government is We are bullish about reviving growth because it has belief in India Inc. Listing out the possible fields of growth, the minister further said that there are many possibilities and opportunities in various greenfield, brownfield, and sunrise sectors in India.
While addressing the members of CII in a webinar, Anurag Thakur highlighted that industry used to talk about the lower corporate tax rates in certain countries, which the government has now significantly cut 15 per cent from 30 per cent. Highlighting other major reforms brought in by the Narendra Modi government, he added that the reforms are systematic and provide synergy to help the Indian Industry in achieving size and scale. He underlined that the government’s reforms are integrated, inter-connected, and targeted so that India Inc and the Indian economy is future-ready.
Anurag Thakur’s statement has come a day after PM Modi invited people to invest in India. He said that the Modi government’s intent is to transform the economy, out of ‘command and control’ mode and take it towards the ‘plug and play’ mode. “The two decades of reforms were undertaken in the span of two weeks, India means business in a world where the business is no longer, as usual, he added.
Watch: News with Financial Express July 10, 2020
Private investment has remained muted in the last few years as the industry kept away from the capital formation. However, in order to boost capital investment, the government has recently liberalised foreign direct investment ceiling to 74 per cent for defence production while private sector players have been allowed for commercial mining of coal. Also, the Cabinet approved to build an agriculture infrastructure fund of Rs 1 lakh crore to make private investment reach farmers and villages.