PM holds meeting to discuss strategies to attract more foreign investments, boost economy

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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. 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.

The high-level meeting comes amid the ongoing global backlash against China.

Several companies are now looking for new bases to set up their businesses, according to reports.

Home Minister Amit Shah, 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.

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.

During the meeting, Modi directed all concerned 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.

Given the increasingly worrying economic uncertainty, the government has moved to reassure both global and local investor community with focus on encouraging infrastructure and manufacturing sector investments.

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," he said.