PM Modi said that the action should be taken for a more proactive approach to handhold the investors.
In order to bring back the foreign investors to India, Prime Minister Narendra Modi today asked ministries to look into the problems of foreign investors and help them in getting all the necessary central and state clearances in a time-bound manner. PM Modi also said that the action should be taken for a more proactive approach to handhold the investors, according to a statement by the Prime Minister Office. In a meeting with Finance Minister Nirmala Sitharaman, Home Minister Amit Shah, Minister for Commerce & Industries Piyush Goyal, MoS (Finance) Anurag Thakur, along with senior officials of the government, PM Modi discussed strategies to attract more foreign investments into India as well as to promote local investments, which can give a boost to the economy against the backdrop of the coronavirus pandemic.
The epicentre of the meeting was the strategies to bring investments into India in a fast-track mode and to promote Indian domestic sectors. PM Modi reiterated that the states should evolve their strategies and be more proactive in attracting investments. The ministers also made a consensus that there should be a scheme to promote more plug and play infrastructure in the existing industrial facilities and also provide necessary financing support.
Meanwhile, UP Chief Minister Yogi Adityanath’s government has offered to provide several facilities to giant corporations of the US, including FedEx, UPS, Cisco, Adobe, Lockheed Martin, Honeywell, Boston Scientific, and others if they shift factories and bases from China to the state of Uttar Pradesh. In the last two months, the foreign portfolio (FPI) investors have whitewashed the Indian market with a lifetime high net withdrawal. Even in April, the foreign investors withdrew more than Rs 14,000 crore, according to the National Securities and Depository Limited (NSDL).