Union commerce minister Piyush Goyal on Wednesday said the country is ripe to become a manufacturing base after the government liberalised the rules for foreign direct investment (FDI) in four sectors.
In an interview to CNBC-TV18's Rituparna Bhuyan, Goyal said, "These moves will help us to encourage more investment in the mining sector and reduce dependence on the imports which over the last few years have been a big drain on Indiaâs foreign exchange. Significant coal output increase, job creation for our young boys and girls and without any loss or impact on Coal India.â
Speaking about 100 percent FDI in contract manufacturing, he said, âWe have studied the global manufacturing best practices and we have looked at how the global value chains work. After wide consultations both in India and internationally with several sectors, they provided a lot of inputs. Based on these inputs, todayâs far-reaching changes have been made."