India is well-placed to attract China’s outgoing investments

India is well placed to attract investments that are moving out of China, according to Shri Piyush Goyal, Commerce and Industry Minister. Minister Goyal was addressing the India Economic Conclave 2019 on the recently introduced government tax reforms in India, and the investment opportunities created by them, according to a report by the Press Trust of India on December 16. He further explained how the income tax amendments have given India a competitive edge over other Southeast Asian countries, with regards to being an ideal investment destination.

Minster Goyal also explained plans to combine state and central government land to offer to potential investors looking to set up businesses in India. Despite numerous global challenges, India is well placed to leverage market requirements and attract investors. He then illustrated India’s ability to negotiate with different countries for specific outcomes through its having already initiated a review of the ASEAN Free Trade Area (FTA) agreement from 2011. These negotiations allow India to revisit earlier agreements with South Korea, further expediting the review of FTA and granting India improved access to markets.

Addressing concerns around the slowing of the economy, Minister Goyal assured that the government was taking proactive measures. He explained how the government has reached out to key industry players for insights on reviving economic growth and is open to consultation on the same. According to him, the government acknowledges the economic slowdown but attributes it to unavoidable global trends, rather than local factors. Using the telecom sector as an example, he explained how the government has proactively worked with public and private telecom companies to address their challenges. He added that the government is capable of listening to and cooperating with industries to rejuvenate growth in the economy.