More overseas trade and investment offices in the offing: Piyush Goyal – Industry News

In view of the “growing investment interest in India”among global investors, the government is planning to set up 10 trade and investment promotion offices across the world in the coming months, commerce and industry minister Piyush Goyal told FE on Tuesday.

The offices will be set up by government-promoted investment facilitation agency Invest India in collaboration with National Industrial Corridor Development Corporation (NICDC) and industry bodies like Confederation of Indian Industry, he said.

The first such office for trade and investment promotion was inaugurated by Goyal in Singapore on Sunday.

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Locations which have been identified for setting up of offices include Dubai, Zurich, New York, Saudi Arabia, Goyal said on the eve of completion of 10 years of the government’s Make in India initiative.

He said due to many initiatives taken under the programme the government did not allow the share of manufacturing in the Gross Domestic Product (GDP) to fall and kept it at 16% despite multiple shocks like the Ukraine war and two years of Covid.

“India’s economy has grown 90% while the world economy has grown just 35% in the last 10 years. The manufacturing sector has kept its share by growing at 90%,” the minister said.

He listed sectors like semiconductors, electronics, solar and wind power manufacturing, electric vehicles, storage batteries and pharma among the most visible success stories of the Make in India initiative.

Recalling the journey of the Make in India initiative, the minister said that the Modi-government started with “very” tough times as the mood of investments both domestically and internationally was “very” low in 2014 and businesses were not sure about the future.

Internationally, the image of the country was down and the country was categorised as a “fragile five” economy, he said adding it took this government some time to earn the trust of investors.

“But that happened very quickly under Prime Minister Narendra Modi because he took very bold decisions whether it is one nation one tax (GST), IBC (Insolvency and Bankruptcy Code), or putting in place a transparent process for auction of mines,” he said.

The government also gave investors stable and predictable policies, with a commitment not to do retrospective amendments. the minister said.

Due to measures like digitisation and simplifying procedures, India’s rank in the ease of doing business climbed 14 rungs to 63 among 190 countries. “Zero tolerance for corruption, and the focused effort on emerging sectors for promoting Make in India ignited the investments both domestically and internationally,” Goyal said.

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