Vedanta Chairman says India emerging preferred destination for FDI

Vedanta Chairman Anil Agarwal has said that India is emerging as a preferred destination for foreign direct investment on the global platform.

Reiterating his commitment to India, Agarwal stated that the business environment in India has improved and Ease of Doing Business makes India a conducive destination for investment.

"17 years ago, I faced challenges (in India) while listing the company (in London). Today, the business environment has improved. Ease of Doing Business in India is conducive, has helped industries to invest and is making India a preferred destination for FDI," he said in a tweet.

India's ranking in Ease of Doing Business Index has dramatically improved in the last five years. The world's largest democracy currently ranks 63rd on World Bank's Ease of Doing Business Index and it has improved its rank by 79 positions in the last five years. FDI flows into India rose 28 per cent in the first quarter of 2019-20 to USD 16.3 billion from USD 12.7 billion in the year-ago period. In FY19, India attracted FDI of USD 44.4 billion.

In a freewheeling chat at India's leading industrial body, FICCI'S 92nd Annual General Meeting, Agarwal had stated business atmosphere in India has improved a lot as compared to the earlier times. The way we used to work has changed, tax rates have been reduced, and government has ensured that the interference is minimised, he added.

"The private sector should be given opportunities to create large scale employment. Today, the business fraternity is witnessing that whenever the government has entrusted us, we have delivered," he had said.

He also said that this was the best time to take risk and invest in India. "I have never seen our Prime Minister speaking with so much focus on business. The government has urged us to invest and build the infrastructure, they will provide every possible help for business to prosper. This is the best time to take risk and invest," he had said.

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