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Economy

Customised FDI policy incentives to attract big-ticket foreign investments in the works

Updated : May 29, 2019 01:09 PM IST

The government is working towards making India an attractive destination for big-ticket foreign investments through specific policy interventions, sources told CNBC-TV18 on Monday.

According to an internal estimate of the commerce ministry, India has the potential to attract up to $100 billion annually in FDI. But, to increase the run rate in FDI inflows, financial policy incentives will have to be made to compete against South East Asian nations, which offer attractive sops.

According to the sources, big-ticket foreign investments in sectors like battery, electronics, food processing will have to be attracted going forward through customised incentive packages. The commerce ministry has already given this feedback to the Prime Minister's Office, which is collating the to-do list for the next government.

In addition, Udyog Bhawan has also called for major labour reforms to boost employment. The ministry has called for removing legal bottlenecks on labour norms faced by MSMEs.

Last but not least, the commerce ministry will also send the Industrial Policy (IP) for cabinet approval. The policy document was made ready in the precious Modi administration but a call was taken to push the much-awaited move in the next government.

Among the major recommendations, the proposed IP calls for bringing in a mechanism for bulk purchases in sectors like civil aviation, infrastructure and telecom.

According to the sources, a National Industry Competitiveness Council will be set up to steer the IP.

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