Space, nuclear energy and defence production will open opportunities
Commerce and Industry Minister Piyush Goyal has highlighted tremendous scope for Australian investment into India as India eases FDI norms and open up different sectors.
Addressing CII’s session on ‘Enhancing India Australia Bilateral Economic and Trade Relationship’, he said, “We are continuously trying to make our FDI policies more facilitative and congenial as well as supportive of foreign investment.”
The Minister also launched the India-Australia Economic Strategy Report at the CII Big Picture Summit 2020 on 18 Dec 2020.
He said that newer areas like space, nuclear energy and defence production will open good opportunities for our mutual engagement.
Emerging sectors of defence, sports, textiles, textile designing, digital gaming, animation, water management, commercial ship-building, space collaboration & digital engagement in education, hold great promise in India’s efforts to balance the trade relationship.
Goyal said that recent labour reforms will also enable a new ecosystem for labour regulations and flexibility in employment.
Areas like tourism will generate a lot of jobs in India under the new framework and will make tourism projects in India more viable.
Goyal specifically mentioned that with 3B objectives: Bigger trade basket, Better trade basket, Balanced trade relationship, “we can see huge and exponential growth in our trade relationship”.
The Minister said that in the backdrop of the pandemic, the focus of the industry, which had been to bring back economic activity, is yielding very good results. The economy is showing a V-shaped recovery.
“India has utilised the opportunity thrown up by COVID-19 to further liberalise our economy and make it easier to do business in India. We are one of the most open economies today particularly with FDI in automatic route up to 100% in almost all sector expect.”
Goyal pointed out that diversification of supply chains is critical for managing the risks associated with the supply of inputs, including disciplining non-transparent & opaque economies.
Goyal mentioned that efforts like the Australia Strategy Report will “help us to align our trade and economic policies to implement this strategy report.
“We can find good areas of cooperation which will also dovetail into our negotiations for a comprehensive economic partnership agreement,” he said. #trade #investment #manufacturing #exports /fiinews.com
