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Last updated: 24 Sep, 2019  

Ravi Shankar PrasadTHMB India must aim for attracting world's largest FDI share: Minister

Ravi Shankar Prasad
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SME Times News Bureau | 24 Sep, 2019

Union Minister of Communications Ravi Shankar Prasad Tuesday said that the recent decision on reduction of the corporate tax has made India a more attractive destination for FDI and it should aim for the largest FDI share in the world.

Addressing a seminar on INVEST DIGICOMM 2019, he said that India is the second largest telecommunications market and is on the cusp of transformational change which will require additional FDI in the sector.

He added that given the recent announcements on tax relief for manufacturing, India has the same tax regime as Vietnam and Thailand.

He said, the country offers a huge market for companies like Apple and others to make for India and also export and added that Apple has started production in India in a very effective way.

The Minister said FDI has seen a jump over the last few years and grossed USD 64 billion in FY19. Telecom sector attracted FDI worth USD 2.67 billion, and in electronics, computer software and hardware of USD 6.4 billion.

Referring to the Prime Minister’s vision of Digital India, the Minister said emerging technologies like Artificial Intelligence, Machine Learning andIoTwill play a crucial role in the Indian ICT sector and will contribute over 1 trillion-dollar to the overall planned target of 5 trillion—dollar economy by 2024.

Prasad said that it is the most opportune time for the investors across the world to be part of the growth story of Indian Telecom and Government of India will be happy to welcome and facilitate FDI in this sector.

The one-day conference featured a high-level discussion on NDCP 2018: Converting Challenges into Opportunities, Foreign Investment: The Law in Practice, Convergence: Regulatory responses for the Digital Economy, and Industry 4.0: The role of digital communications.

The event was well attended by business leaders, technocrats, lawyers, economist, eminent academicians and senior government representatives where they shared their vision and the necessity to bring more FDI and investment in the digital communications sector.

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