India should aim to become largest FDI recipient: Ravi Shankar Prasad

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Published: September 25, 2019 12:58:00 AM

Prasad said the country offers a huge market for companies like Apple and others to make for India and also export while adding that Apple has started production in India of the latest iPhones.

Ravi Shankar Prasad, Communications and IT ministerRavi Shankar Prasad, Communications and IT minister

Communications and IT minister Ravi Shankar Prasad said on Tuesday that India should aim to become the largest foreign direct investment (FDI) recipient globally as the country offers a huge market and investor-friendly policies. With the recent announcements on tax-relief for manufacturing, India is now at par with the tax regime of countries like Vietnam and Thailand.

Prasad said the country offers a huge market for companies like Apple and others to make for India and also export while adding that Apple has started production in India of the latest iPhones.

As it seeks investments for the sector, he said the government remains accessible and open and he too was just a phone call away. “If any foreign investor is not given a good treatment by my officers I will not like it. I want my team to be open and accessible because we need investments,” Prasad said while addressing an event. The minister said India has become the 5th largest economy globally.

The minister said FDI has seen a jump over the last few years and grossed $64 billion in FY19. Telecom sector attracted FDI worth $2.67 billion, and in electronics, computer software and hardware, the amount stood at $6.4 billion.

“…why we should be ninth biggest recipient of FDI…in my view, India must be the top most centre for FDI,” the minister said addressing ‘Invest Digicom 2019’. He further said India has been leveraging technology not just for benefits to economy and commerce but also digital empowerment.

“The far-reaching decisions that we have taken has also been heard by Apple. Apple has started production in India in a very effective way,” he said.

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