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MNCs Vital To Help India Become Manufacturing Hub

Capital Market 

MNCs have a vital role to play in helping make India the 2nd manufacturing hub and a significant part of the global value chain and supply chains in the current challenging situation. This was stated by Mr Amitabh Kant, CEO, NITI Aayog while addressing the Plenary Session on Enabling Policy Environment for MNCs in India at the National MNCs' Conference 2020 organised by the Confederation of Indian Industry. He mentioned that India is the only country to attract 38 billion USD worth of FDI during the COVID period this year.

It was during such challenging times that the Government undertook reforms in key sectors such as agriculture marketing and mining. The recent rationalization of labor laws, disinvestment and asset monetization for attracting more investment particularly in infrastructure, called for greater participation of MNCs in the private sector, he said. He agreed that in order to make advanced manufacturing which is export oriented in India a reality, increased investment in R&D and technology innovation, progressive Intellectual Property Rights and speeding patents' approval was needed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 24 2020. 15:54 IST