Goyal Will Meet Representatives To Make FDIs And FIIs Smoother

Commer Minister Piyush Goyal will meet industry representatives to discuss process make the process to invest in India smoother and faster to attractive more foreign funds. He said while speaking at an event for the Federation of Indian Chambers of Commerce & Industry's 98th annual general meeting.

The meeting has started at 3 p.m. at Vanijya Bhawan. Goyal will meet e-commerce firms, start-ups, venture capitalists and industry representatives. The meeting is related to changes in Foreign Direct Investment policy with an aim to boost exports.

This meeting is happening as most foreign portfolio investors have turned underweight to India recently.

Goyal said that the discussion will focus on making foreign investments in India more efficient. He said that India deals from a position of strength when it deals with the world. The country will not compromise on its interest.

Globally, it is a challenging time. However, it presents a great opportunity to bring out the best in industry bodies like FICCI, he said.

Trade is being weaponised, which calls for caution, he said. He urged members of the industry body assess the supply chains for vulnerabilities and high dependency on one geography, especially for the future.

Pandemic was a wake-up call for India. Hence, building the country as a global manufacturing hub is crucial and should be high priority in agenda of any industry, he said.

India will need to focus on the board dimensions of Viksit Bharat. Domestic manufacturing industrial hub, self-reliance on goods made in India, Goyal said.

The country needs to focus on skilling its 'Amrit Generation' or people born after 2000 in the right direction. Skill is precious, he said. Precise-thinking ability comes from developing the skill. A mind-set change is required where people should feel capable because of their experience and skill, but not by degrees.