Prabhu deliberated on promoting investments, calls for a paradigm shift

The Dollar Business Bureau

The new Commerce and Industry Minister Suresh Prabhu on Tuesday deliberated upon ways to augment investments and called for adopting a proactive approach for reaching out to international companies.

Prabhu, who took charge of the Commerce Ministry on Monday, held a meeting with the team of Invest India, which is the national Investment Promotion and Facilitation Agency for India. 

“Aligning with the idea of rolling out the red carpet for investors he called for a paradigm shift in the approach for enhancing investments,” the statement released by the Commerce Ministry said.

The statement also said that Prabhu called for a proactive approach to reach out to global companies. The Minister stressed on the need to ‘Design in India’, not just on ‘Make in India’.

He also spoke about preparing district-wise strategy and creation of key competencies for the states on the basis of a district-wise plan.

The minister said that the long coastline of India is a natural advantage and asked Team Invest to focus on it in order toattract investments.

During April-June quarter of 2017-18, India’s foreign direct investment (FDI) has surged by 37% to $7.6 billion.

The former Railways Minister has a challenging task ahead of him to enhance the country’s ‘ease of doing business’ rank, considering that India is presently placed at the 130th rank among 200 nations in the World Bank Ease of Doing Business index.

Keeping in view the ‘Make in India’ initiative, one of the pet projects of the current Government is to ensure there is aninvestor-friendly business environment in the country.