High job potential sectors to be opened up for FDI: Modi

Hinting at opening up of more sectors, Prime Minister Narendra Modi today said areas with high employment potential and strong local talent will be the focus to woo foreign investment and expressed confidence that reforms measures like GST and land acquisition bills will be passed in "a matter of time".
On the land bill, which the government wants to push early but has now been referred to a parliamentary committee, he said the government will accept any suggestions that benefit "Gaon, Garib, Kisan (village, poor and farmer)".
In a wide-ranging interview to PTI, Modi asserted that measures already taken in past one year have increased the attractiveness of India as an investment destination and investor confidence has improved.

He also dismissed suggestions of a differences between finance ministry and Reserve Bank saying the Central bank has its functional autonomy which the government "always respect and preserve".
"Wherever there is high employment potential and wherever we have strong local talent, for example, in research and development: those will be the areas of focus for FDI.
"We have created the National Infrastructure Investment Fund. This is a major step which will increase the flow of foreign investments into all infrastructure sectors, without needing separate sector-by-sector approaches," he said.

Asked whether obstacles to reforms measures like Goods and Services Tax (GST) Bill and amendment to Land Acquisition Bill was hurting the economy, the Prime Minister said both the GST and the proposed Land Acquisition Bill are beneficial for the country.

"The core essence of these Bills should be appreciated by all the parties keeping aside political motives. Long term interest of the nation should be foremost.
"The fact that the States have agreed to the GST design, shows the maturity of our federal system and the GST Bill has already been passed by the Lok Sabha. It is a matter of time before these laws are passed," he said.