'India among most open FDI economies'

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SME Times News Bureau | 12 Mar, 2021
Guruprasad Mohapatra, Secretary of Department for Promotion of Industry and Internal Trade (DPIIT) said that India is one of the most open economies of the world and most of the sectors have been open under the automatic route of FDI.

Addressing the 44th India-Japan Business Cooperation Committee Meeting (IJBCC) organised by FICCI, Mohapatra said India and Japan will be the most preferred strategic partners in days to come.

"The partnership between India and Japan very strongly indicate the foundation of professional, political, economic and common strategic interest, has made the foundation stronger," he said.

The official stated that the Atmanirbhar Bharat campaign speaks about a self-reliant and resilient India, which is globally integrated with major economic partners around the world to maintain a smooth and cost-effective global supply chain.

He further said that Japan has also been regarded as a key partner in India's economic transformation and currently it stands to be one of the key investors in India (third largest FDI) with a cumulative investment of more than $30 billion, which represents 7.05 per cent of the cumulative inflows received till date.

"India-Japan investment promotion partnership focuses on the next generation infrastructure, connectivity, smart cities, manufacturing, rejuvenation of river, water security with special interest to India," Mohapatra said.

India and Japan are collaborating in the form of an industrial competitiveness partnership that will work towards enhancing India's industrial competitiveness, he added

Elaborating on the PLI scheme in the 13 key sectors Mohapatra said, "It will enhance India's manufacturing capabilities and exports and we look forward to Japan participating in the PLI scheme in India."