China gradually losing its competitive edge, India can gain a lot in manufacturing: Piyush Goyal

Union Minister of Commerce and Industry, Piyush Goyal on Wednesday said that China is gradually losing its competitive edge and India can gain a lot from the manufacturing sector which moves out of China.

The minister told the Lok Sabha that several initiatives are being taken by the Finance Minister and all the other colleagues in the government under the leadership of Prime Minister Narendra Modi to attract investment.

"China is gradually losing its competitive edge. India can gain a lot from the manufacturing sector which moves out of China. We are focused on certain sectors that are looking to move out of China," Goyal said.

He said that Communications, Electronics and Information Technology Minister Ravi Shankar Prasad had interacted with several companies across the world.

"They have talked to him about their plans to come to India and set up manufacturing units in India. I am engaged with a number of companies across the world," he said.

Goyal said he has met representatives of several companies in the United States and other parts of the world to encourage investments coming into India, "which is why FDI flows have gone up by 50 per cent in the last years over the previous five years."

"I am confident, in the coming five years, we will see a further boost in domestic manufacturing and inflow of capital for investments. India will stand tall when it comes to engaging with the rest of the world and India will stand tall when we have to compete with any region of the world," he said.