Prime Minister Narendra Modi on Thursday held a "comprehensive" meeting to discuss strategies to attract more foreign investments into India as well as promote local investments to boost the economy against the backdrop of the COVID-19 pandemic.
The meeting comes as the government sees an opportunity to attract to India companies that are looking to move out of China after its handling of coronavirus as well as other impacted countries to diversify their supply chains.
An official statement said various strategies to bring investments into India on a fast-track mode and to promote Indian domestic sectors were discussed in the meeting.
Finance Minister Nirmala Sitaraman and Commerce Minister Piyush Goyal, besides others, attended the meeting. Detailed discussions were also held on guiding states to evolve their strategies and to be more proactive in attracting investments, the statement said.
At least two states – Uttar Pradesh and Tamil Nadu – have already appointed committees to look into attracting foreign investors.
During the meeting, Modi directed that action should be taken for a more proactive approach to "handhold" the investors, to look into their problems and help them in getting all the necessary central and state clearances in a time-bound manner.
Reform initiatives undertaken by the various ministries should continue unabated and action should be taken in a time bound manner to remove any obstacles which impede promotion of investment and industrial growth, the statement said citing the discussions.
The meeting also discussed that a scheme should be developed to promote more "plug and play" infrastructure in the existing industrial lands, plots or estates in the country and provide necessary financing support.
Later in a tweet, Modi said the meeting discussed ways to boost investment, both international and domestic. "Issues relating to India''s reform trajectory were also discussed so that growth can be accelerated," Modi said.
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