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March 24, 2023 8:48 pm

Work out strategies to draw global manufacturers to India, FM Nirmala Sitharaman tells industry

New Delhi, December 16

Union Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the Western countries.

India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said.

“As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India.

“Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe,” Sitharaman said at an event here.

She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect exports by Indian businesses.

“It gives an opportunity for many of the investments which are there, which are now looking for a different place from where activities can continue to happen,” she noted.

Asking the industry to look at innovations by start-ups and find ways to scale them, the minister said India would continue to focus on manufacturing and newer areas of services.

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