Reforms to continue, more ahead: FM

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SME Times News Bureau | 23 Nov, 2020
Union Finance Minister Nirmala Sitharaman on Monday said that the government will continue its reform agenda and take up more measures in days ahead.

In her address at the National MNCs Conference 2020, organised by the CII, Sitharaman said that in furtherance of its reforms agenda, the government is ensuring the setting up of dedicated special manufacturing zones for the production of pharma, medical devices and APIs (active pharmaceutical ingredients) in six states.

Effective unified single window mechanism is part of these zones, she said.

Sitharaman said that the Prime Minister has not lost the opportunity for deep reforms, even during the coronavirus crisis, and the reforms momentum would continue.

Noting that several measures are being taken up to keep the reforms impetus intact such as professionalisation of the financial sector and thrust on disinvestments, she said that all enterprises, MNCs and India Inc, big, medium and small enterprises, are facing a reset exercise in doing business.

"We will have to make sure that policies are right to make India an attractive investment destination," she said.

The Finance Minister said that the government has been working assiduously towards ensuring a facilitative environment for the MNCs operating out of India.

Enthused by government's thrust on reforms and reduced taxation rates, several sovereign funds have expressed interest in partnering with the government on its National Infrastructure Pipeline, she added.

CII National Committee on MNCs Chairman Soumitra Bhattacharya said that that MNCs acknowledge the fast-paced reforms that have become a regular feature of the current economic environment.

The reforms must continue given the tectonic shifts in global supply chains in a post-Covid world, which are attracting many foreign firms to shift their base to India, he said.

CII Director General Chandrajit Banerjee said that the government has been working rigorously to create a strong, vigorous, and dynamic environment for MNCs by introducing a plethora of reforms.

He suggested that slab-based incentives could be offered, depending on size of the FDI. CII remains committed to continue supporting the government in making India an even more attractive destination for foreign investors, he added.