Goyal Promotes FDI & FII: Strategies & Impact

New Delhi, Nov 18 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday held a meeting with stakeholders to discuss ways to attract foreign direct investment (FDI) and foreign institutional investment (FII) into the country by making the processes faster, smoother, and more efficient.

The government is undertaking continuous consultations to further streamline FDI and FII processes to enable faster and more efficient investment flows into the country. The meeting was held at Vanijya Bhavan here.

Earlier in the day, while addressing the members of FICCI at the curtain raiser of the 98th Annual General Meeting of the chamber, Goyal said he would be holding these deliberations to discuss "what more we can do to make FDI and (FII both faster, smoother, more efficient".

The minister said that investments will lead to job creation, bring in new technologies, promote research and development, and innovation.

It would also promote defence manufacturing, provide greater stability to the domestic currency, which will help reduce inflation further.

"We do need to see policy certainty and stable currency and confidence in investors about the entire investment ecosystem," Goyal added.

FDI in India rose by 15 per cent to USD 18.62 billion during April-June this fiscal year. In the last financial year, FDI equity inflows totalled USD 50.01 billion, while overall FDI reached USD 80.6 billion.

He also suggested that the industry diversify its supply chains and reduce dependence on one geography.

Further, Goyal emphasised the need to focus on making India a domestic industrial manufacturing hub by becoming self-reliant and focusing on quality products; converting the youth; creating an investment-friendly ecosystem; and lastly, adopting the latest cutting-edge technology.

He also urged the industry to adopt a more ambitious and proactive approach to help drive India's growth.

"Set bold targets. We can't be satisfied with incremental growth," he said, adding industry bodies like FICCI should closely audit the results of their advocacy efforts.

Citing the recent terror attack in the national capital, he also said that in today's times, one should never lose sight of national security.

"It's again a wake-up call for all of us ...We will all have to collectively be conscious," he said, suggesting the industry to take precautions in factories and technology systems as they are vulnerable.

In this background, "cyber security is going to become more and more important. As much as we are working towards ensuring safe and secure India. Will have to be conscious about our technology backbone," he added.