India made a strong pitch to woo Chinese investors last week, saying their future is not in China but in India which has liberalised 25 key sectors to make them cost-competitive, according to PTI.
Several top Chinese companies attended a roundtable conference held by the Indian Embassy in Beijing during which presentations were made about extensive liberalisation of procedures for foreign firms seeking to invest in India.
(Image credit: ShutterStock)Highlighting the USD 45 billion trade deficit in India-China bilateral trade, Secretary Industrial Policy and Promotion Amitabh Kant said India is poised for a digital growth where mobile phone subscriber base has touched 950 million. "In the context of China it should be created by China and Made in India," he said. "Chinese firms created lot of infrastructure manufacturing in China. Their future is not in China but in India. Because India will have a lot of demand," he said referring to over capacity in China and slowdown of its economy.
Stating that India is poised to attract record Foreign Direct Investment (FDI) this year, he said India has liberalised 25 sectors making them cost-competitive. Referring to the establishment of Investor Facilitation Cell which provides integrated services to the foreign investors in 72 hours, Kant said, "We made India one of the easiest places to do business."
Other than multi-brand all other sectors are open for investments. "We welcome big Chinese companies to relocate themselves from China," he said adding that China's economy slowed down while India's growth is set to rise.
Talking to the Indian media, Kant played down concerns over the likelihood of China's cheap machinery making way to India increasing the chances of environmental problems, saying that India has a tough regime of environmental safeguards.
He also said a lot of land is available especially in the Delhi-Mumbai Industrial Corridor and Chennai-Bangalore Corridor and the local governments have acquired land for foreign investors.
About the USD 20 billion Chinese investments committed last year during President Xi Jinping's visit to India, he said the projects are well on track and will be delivered before scheduled period of commencement.