Recently, the government announced the production-linked incentive scheme for the pharmaceutical sector, mobile and electronic manufacturing companies.
Developing countries like India need to create standards for new technologies which sometimes become a hurdle for Indian entrepreneurs to disrupt the global market with local innovation, Kant said.
The government has brought reforms in several areas and plans to expand its production-linked incentive (PLI) scheme to more sectors for boosting domestic manufacturing, Niti Aayog CEO Amitabh Kant said on Thursday.
Addressing virtual ‘Invest India 2020’ conference organised by the Canada-India Business Councul, Kant said India has always welcomed Canadian investments.
Recently, the government announced the PLI scheme for the pharmaceutical sector, mobile and electronic manufacturing companies.
“We have made radical reforms in several areas. One of the key major changes that we brought is PLI scheme for mobile, pharmaceutical, medical devices and industrial parks.
“This has led to all manufacturers such as Apple, Foxconn Hon Hai, Wistron and Samsung invest in India. We will do this same strategy across many other sectors,” Kant said.
The Niti Aayog CEO said Canadian pension funds were the first ones to invest in India and they will continue to get good returns on their investments in India.
The 1991 economic reforms of India were essentially industrial licencing reforms, Kant said adding that recent reforms cut across technology, innovation, foreign direct investment, governance and touched several unreformed sectors.
“I believe these reforms will take India to sustained high growth over the three-decade period,” he said.
Kant said India has slashed corporate tax rates, and the country’s new corporate tax rates are on par with other emerging market economies.