Government to meet venture capitalists today to fast-track FDI and FII inflows

Piyush Goyal met investors to push smoother FDI and FIIs, urging industry to fix supply-chain vulnerabilities, boost manufacturing, invest in innovation, and look beyond domestic markets for growth. Commerce and Industry Minister, Piyush Goyal is meeting venture capitalists and other investment-community stakeholders in the national capital today to make FDI and FII flows faster and smoother. He described the meeting as part of an ongoing engagement with industry, including foreign investors, to develop pathways for higher investment, a more stable currency, and lower inflation in the future. Speaking at the curtain raiser of FICCI’s 98th AGM, the Minister urged Indian industry to assess its supply chains for vulnerabilities and identify over-reliance on specific geographies or suppliers, given the growing weaponisation of trade. He cited India’s dependence on aircraft components such as engines, and the pharma sector’s vulnerability due to reliance on imported APIs. Calling for the development of a strong domestic manufacturing base supported by a high-skilled workforce, he said India is not plagued by unemployment as much as by underemployment, noting that a trained shop-floor worker can earn more than an engineer in countries like Germany. He added that the growing presence of GCCs and start-ups presents an opportunity for the 2.3 million STEM graduates produced annually in India.

Emphasising the need for collective vigilance on cyber security, back-end infrastructure and digital technologies, he said the Government is focused on fiscal discipline, innovation, global trade opportunities, maximising India’s interests, corruption-free governance, and inclusive growth. Claiming that India will become the world’s third-largest economy in the next couple of years, he referenced an advertisement created by the late Piyush Pandey that spoke of the “last push” needed to propel the economy to new heights. He also said the Government has prepared the third version of the Jan Vishwas Bill to make life easier for businesses and citizens. Urging industry to audit advocacy outcomes, set bold targets and invest domestic capital in R&D, innovation, and the start-up ecosystem, he warned that comfort should not become the enemy of greatness. Many Indian businesses, he said, are too comfortable in the domestic market and should look outward to export opportunities.

Source : https://www.cnbctv18.com/economy/government-to-meet-venture-capitalist-today-to-fast-track-fdi-and-fii-inflows-19765444.htm